X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Goodrich Petroleum Corp. is the first office tenant to take space in the newly renovated 801 Louisiana. The petroleum company signed a 10-year lease for approximately 36,765 square feet, which translates to the top three floors of the 105,000-square-foot class B office building.

“This is an opportunity for them to really achieve some efficiencies in their space, because they can design it from new. They’ll have building signage, which was attractive, and will have expansion options in the building, should they need it,” comments Colliers International’s vice president Stanley H. Voekel II, who teamed with Colliers co-chairman and principal Robert S. Parsley on behalf of the tenant.

Voekel tells GlobeSt.com that Goodrich Petroleum’s current location at the Esperson Building, also in the CBD at 808 Travis St., measures approximately 30,000 square feet. “They’d been there for about 10 years, and had grown substantially from when they moved in,” he explains. Goodrich Petroleum will relocate to its new space in September.

The Goodrich Petroleum lease brings the building, once known as 700 Rusk, to 45% occupancy. Colliers International principal Jay Kyle, who has the asset’s marketing assignment, tells GlobeSt.com that building owner TPMC Realty Corp. has put a great deal of money into gutting, then renovating the 1979 CBD building. The building was once home to Shell Oil Corp., but in recent years, had fallen on some tough times.

However, Kyle points out that the renovation, complete with new common interiors, lobby, elevators, mechanical systems and façade, is attracting a lot of interest. So is the $25 per square foot quoted asking rate.

“With the building remodel, everything’s like new,” Kyle remarks. “It’s a great location, a great value, right on the main (underground retail) tunnel and wedged between the Shell and Pennzoil buildings. Now that the renovation is pretty well completed, we’ve had a lot of activity, with pending deals.”

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

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 © 2021 ALM Media Properties, LLC. All Rights Reserved.