Cushman & Wakefield of Texas Inc. vice chairman Louis E. Cushman tells GlobeSt.com that the space at 585 N. Dairy Ashford in the far west submarket will be Worley'Parsons' headquarters for its upstream operations. The space will also aid in partial consolidation efforts.
"They've been in acquisition mode, and this lease, to some extent, represents consolidation of some of those entities that were acquired," says Cushman, who represented WorleyParsons in the transaction with building owners Trammell Crow Co. and Principal Real Estate Investors.
The company will occupy the top five floors of the 12-story building, which is located at 585 N. Dairy Ashford in the far west submarket. WorleyParsons will also have a reception area and conference facilities on the ground floor.
Cushman, who partnered with C&W associate Courtney Estenson on behalf of the tenant says WorleyParsons considered a variety of assets along Interstate 10-Katy Freeway. Ultimately, Energy Center II was selected because of the owners' aggressive lease terms, accommodation for future expansion, good visibility and an amenity package that includes a fitness center and deli. "This is a high-quality building with a very proven landlord," Cushman adds.
A year ago, WorleyParsons signed a 10-year lease to take 246,000 square feet at 6330 W. Loop South in the Bellaire submarket for its downstream hydrocarbon division's headquarters. Cushman says WorleyParsons has been juggling some of its operations scattered in buildings throughout Houston, but isn't looking for any more space right now.
Energy Center II, a joint venture of Trammell Crow Co. and Principal, broke ground in July 2007 and was completed in 2009. The developers are applying for LEED Gold certification. The building sits next to Energy Center I, which was completed in early 2008 and is the largest speculative office building project in Houston to receive LEED Silver certification. Steve Rocher, vice president with CB Richard Ellis' Houston office, has the marketing assignment for the project and represented the building owners in the WorleyParsons lease.
The development is part of Trammell Crow and Principal's $1 billion investment plan in speculative class A office developments. Energy Center was the first project to be developed under the plan.
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