Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Parker Drilling Co. is moving its international headquarters to 75,000 sf of the 912,011-sf Five Greenway Plaza. The long-term, class A office lease will begin in summer 2009.

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

Preston Young, co-managing partner with Stream Realty Partners LP’sHouston’s office, says WorleyParson’s announced departure spurred discussions among Parker Drilling’s management for the space. “There hasn’t been any space available in this building of this size in this submarket for more than 10 years,” Young tells GlobeSt.com. “WorleyParsons’ departure is creating the first opportunity for new tenants to take advantage of it.” He says Parker Drilling’s final terms included standard concessions and a tenant-improvement allowance.

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

Following WorleyParsons’ departure to 6330 W. Loop South, Five Greenway Plaza will drop from 100% to 80% occupancy, including Parker Drilling’s lease. But, Young says the space most likely won’t be vacant for long. “This building has been favorably received in the market,” he says. “Our plan is to have the entire space leased up by the time WorleyParsons leaves.”

Paul Coonrod, a Stream senior associate in Houston, worked with Young to represent the New York City-based building owner, MS Crescent Greenway Plaza SPV LLC. David Anderson and Anthony Fritsche of Houston-based Fritsche Anderson Realty Partners LLC represented Parker Drilling.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.