The oil and gas drilling company is taking part of the spacethat will be vacated by WorleyParsons laterthis year. Parker Drilling will be moving from 1401 Enclave Pkwy.,just outside Beltway 8. The move will put Parker Drilling's newheadquarters about 14 miles east of its current location and insidethe Interstate 610 loop. The high rise's quoted lease rate is $20per sf net.

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Preston Young, co-managing partner with Stream Realty PartnersLP'sHouston's office, says WorleyParson's announced departurespurred discussions among Parker Drilling's management for thespace. "There hasn't been any space available in this building ofthis size in this submarket for more than 10 years," Young tellsGlobeSt.com. "WorleyParsons' departure is creating the firstopportunity for new tenants to take advantage of it." He saysParker Drilling's final terms included standard concessions and atenant-improvement allowance.

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According to Transwestern's Q1 office market report, the class Avacancy is 9.9% in the Greenway Plaza submarket, with no new spacein the pipeline or under construction. Out of a 6.1-million-sfinventory of class A space in the submarket, 610,893 sf isvacant.

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Following WorleyParsons' departure to 6330 W. Loop South, FiveGreenway Plaza will drop from 100% to 80% occupancy, includingParker Drilling's lease. But, Young says the space most likelywon't be vacant for long. "This building has been favorablyreceived in the market," he says. "Our plan is to have the entirespace leased up by the time WorleyParsons leaves."

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Paul Coonrod, a Stream senior associate in Houston, worked withYoung to represent the New York City-based building owner, MSCrescent Greenway Plaza SPV LLC. David Anderson and AnthonyFritsche of Houston-based Fritsche Anderson Realty Partners LLCrepresented Parker Drilling.

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