Office Rehab Looks to Nab Energy Tenants
The 324,000-square-foot office building has large floorplates within three floors and is positioned to serve tenants of all sizes after its recent renovation with upgraded building systems.
HOUSTON—Energy-related tenants continue to demand space along the Energy Corridor and Republic Square, a campus located at 13501 Katy Fwy., fits the bill. With additional frontage on Memorial Drive, the campus is adjacent to both BP’s Westlake campus and Terry Hershey Park.
The grounds include a lake, a 324,000-square-foot office building, and multiple sites for additional office, retail, hospitality and multifamily opportunities. The office building has large floorplates within three floors and includes structured parking. It is positioned to serve tenants of all sizes after its recent renovation including upgraded building systems.
Third Palm Capital is in the process of planning for the property’s long-term future and has engaged NAI Partners as the exclusive leasing agent. The NAI Partners office project leasing team of Randy Nerren, Jacob Aldridge and Zach Leger are leading the marketing and leasing, and assisting in the planning of the corporate campus facility.
“The ideal tenants for Republic Square would be companies who want large open spaces with ample natural light in a unique lakefront setting in the heart of the Energy Corridor,” Leger tells GlobeSt.com.
“We think our ideal candidates are engineering firms, oil and gas tech companies, oil and gas operators, and groups who want access to the oil majors. Our client has installed all new building systems and is renovating the common areas of the building. We’re installing a fitness center and other amenities that tenants in today’s office world require. The building’s systems are all brand new and state-of-the-art.”
Nerren says Republic Square caters to both small and large office users, and can accommodate significant upside growth in the future.
According to a recent research snapshot by NAI Partners, the Energy Corridor is gradually on the mend. Houston’s west side is continuing to see positive forward movement, underscored by the sale of Eldridge Place, a three-building 824,632-square-foot office complex purchased by Granite Properties for $78.4 million from TIER REIT. It has been reported that Granite plans to spend $20 million on renovations to the complex.
Additional signs of optimism in the Energy Corridor include the 525,000-square-foot lease by McDermott International in December and Transocean‘s 300,000-square-foot lease in October 2018.