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AUSTIN-Jones Energy Ltd., an oil-and-gas exploration company, is expanding its operations at the Reserve, an office complex in the southwest submarket. It leased an additional 5,272 sf of office space.

Jones Energy’s offices are in building five of the eight-building office park. The Reserve has a total of 84,442 sf. Mike Tipps and Bob Wynn, co-founders and principals of the Austin office of Colliers Oxford Commercial, handled the transaction for Jones Energy.

Founded in 1993, Jones Energy is active in developing shallow gas fields and re-examining deeper targets that have been bypassed. Its most noted discoveries in the Texas Panhandle include the Patten (Krider) fields in Hansford County and the Hoover NE (Chase) field in Gray County. Based in Austin, Jones Energy also has offices in the Texas communities of Albany, Spearman and Pampa.

The southwest submarket had a total vacancy in direct and sublease space of 9.5% at the end of the third quarter, according to Colliers Oxford’s market report. The average rent for all classes of space was $26.76 per sf.

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