Houston Petroleum Firm Expands Space with Long Term Lease
- Feb 28, 2008
Following a record year for the Houston office market, BHP Billiton Petroleum has expanded its space with the signing of a long-term lease through 2021 for almost 450,000 square feet in the city’s Galleria submarket. Financials on the deal were not disclosed. BHP Billiton’s lease will total 444,145 square feet in the Four Oaks Place, which is a four-building Class A office complex with 1.8 million square feet, located at the northern end of Post Oak Boulevard in Houston’s Uptown Galleria submarket. The building is owned by TIAA-CREF and leased and managed by Transwestern. BHP has been located in Four Oaks Place since 1993. With this new lease, the company has added 103,000 square feet to its existing space. The company will now occupy space in both the BHP Tower at 1360 Post Oak Boulevard and Central Tower at 1330 Post Oak Boulevard at Four Oaks Place. With this lease, Four Oaks Place will be 98 percent occupied. “The location was good because it is central to their employees and with the completion of the 610 Loop, it has greatly enhanced access to the area,” Eric Anderson, an office broker with Transwestern–which represented TIAA-CREF in the negotiations–told CPN. “They went long term because the complex is 1.8 million square feet and it offers them great opportunities to expand over time since they occupy only about 28 percent of the complex. They also value the vast number of amenities the complex offers such as auditorium, conference center, cafeteria, two delis and the Post Oak Grill, as well as the extensive security to name a few.” The Uptown Galleria submarket posted another healthy quarter to close out 2007, with 183,455 square feet of black absorption ink during 4Q07, driving the total tally for the year to a respectable 1.2 million square feet, according to a report by Grubb & Ellis Co. Eric Anderson and David Baker of Transwestern represented the owner, TIAA-CREF. BHP Billiton Petroleum was represented by Lou Cushman and Kevin Ray with Cushman and Wakefield of Texas Inc.