X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Less than a year after signing a lease for 141,263 square feet at Energy Center II office building, WorleyParsons takes down 54,518-square feet more through a just-signed, 10-year lease. With the transaction closed, the Australian engineering company now holds close to two-thirds of the 305,585-square-foot, class A office building.

Adam Saphier, Trammell Crow principal, tells GlobeSt.com that WorleyParsons had expansion on the radar even as the company was moving into its new headquarters at 585 N. Dairy Ashford last May. Energy Center II is a joint venture project between TCC and Principal Real Estate Investors, and was completed last spring. “That’s one of the things I think (WorleyParsons) liked about Energy Center II, is that there was additional space they could expand into,” Saphier remarks.

He goes on to say that the two leases, the original one signed early in 2009, and the more recent one, are co-terminus. The expansion now means WorleyParsons will occupy floors six and seven, in addition to the top five floors and a portion of the ground floor in the 12-story Energy Center II.

WorleyParsons Group Inc. was represented by Louis B. Cushman, vice chairman, and Courtney D. Estenson, associate, with Cushman & Wakefield of Texas, Inc. in the transaction. Trammell Crow Company was represented by Steve Rocher, CB Richard Ellis senior vice president.

Energy Center II is now 74% leased. Saphier says no other leases are outstanding, but things are starting to pick up. Office fundamentals have been weak for the past several months, he points out, but that’s changing.

“I’m not sure if brokers are coming back from summer vacation or people are becoming more confident when it comes to making long-term commitments or a combination of the two,” Saphier says, “but we’re thrilled to see more tenants poking around the property.”

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.