This Week in the Houston Office Market: 10/2/10

by CoyDavidson on October 2, 2010

Headline News from the Houston Office Market

Lincoln Property Co. acquires Energy Crossing I

Lincoln Property Co. purchased Energy Crossing I, a 239,166-square-foot office building at 15021 Katy Freeway in Houston, from M&I Bank. Energy Crossing I is a Class A, six-story office structure with a four-story, 900-space parking garage on 5.3 acres in the Energy Corridor submarket. Opus West Corp. completed the building last year. The property is 20 percent occupied with KBC Advanced Technologies Inc. and Electromagnetic Geoservices ASA. Lincoln acquired the property on behalf of a public pension fund. The sale included 5.5 acres of unimproved land next to the building that is designed for office space along with a 1.2-acre retail parcel.

Walton Street Capital places Galleria Towers on the Market

The three office buildings connected to the Galleria located at 2700 Post Oak Boulevard, 5051 Westheimer and 5065-5075 Westheimer have been placed on the market by Walton Street Capital LLC. The buildings known as the Galleria Office Towers, total nearly 1.1 million square feet. The buildings are 90 percent leased by tenants including Air Liquide, Merrill Lynch, Citigroup Global Markets, UBS, Banco Santanderm BBVA Bancomer and Southern Union who just recently signed a 193,000 square foot lease in Galleria Tower II. These office assets are part of the Houston Galleria, a mixed-used development that includes Houston’s top performing mall with 2.3 million square feet of upscale retail space and two Westin hotels.

BP Inks 92,000-SF Lease Renewal

British Petroleum has signed a short-term lease renewal for 92,000 square feet at Younan Properties Inc.’s Two Westlake Park. Two Westlake Park is a 17 story, 381,327 square foot Class A office building in the Houston’s Energy Corridor. BP has been a tenant in the building since 2005 and uses its space as a central command center for its drilling operations.

Southern Union to Relocate to Galleria II

Southern Union Co. has signed a 10-year lease for 193,000 square feet in Galleria Tower II located at 5050 Westheimer. The 320,359-square-foot office building lost a key tenant when Stanford Financial Group was shut down by federal regulators and vacated 160,000 square feet. The gas company will occupy floors six through seventeen to include the block of space vacated by Stanford Financial Group. The office building is connected to the Galleria, a mixed-use project comprised of three office towers totaling 1.1 million square feet, two hotels, 2.4 million square feet of retail space and more than 35 restaurants.

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