HOUSTON—Heritage Plaza is expected to lose a sizable tenant after Rosetta Resources' acquisition by Noble Energy is finalized next week, with Rosetta vacating 108,565 square feet on roughly six floors as soon as Aug. 31. However, published reports say the 1.2-million-square-foot office tower's ownership isn't sweating the vacancy.
“From an ownership perspective, we're not concerned,” Paul Frazier, EVP with Brookfield Office Properties, told the Houston Business Journal on Wednesday. “The Rosetta lease is a firm lease throughout the term. They moved in a couple years ago and they signed a long-term deal.”
Frazier added that “not quite 10 years” remain on the lease. “One can reasonably assume that they are going to try to sublease it, but we haven't seen any indication of what their plans are,” the publication quoted Frazier as saying. Heritage Plaza, part of a roughly 6.5-million-square-foot Houston office portfolio owned and managed by Brookfield, is currently 97% leased.
Houston-based Noble, which is paying $2.1 billion to acquire Rosetta, plans to close the smaller firm's Heritage Plaza offices and lay off at least 65 of its employees, the Houston Chronicle reported earlier this week. Those remaining with Rosetta will relocate to Noble's northeast Houston offices.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more information visit Asset & Logo Licensing.
