Parkway Inks Lease Renewal at Houston’s Post Oak Central
- Jun 16, 2017
Parkway has signed a 26-month lease extension with Apache Corp. at Post Oak Central, a three-building, Class A office campus in Houston’s Galleria area. The tenant will continue to occupy 524,000 square feet at the property through February 2022.
Located on a 17-acre, mixed-use site at 1980, 1990 and 2000 Post Oak Blvd., the office complex comprises 1.2 million rentable square feet. Apache, an oil and natural gas exploration and production company, occupies the entire 396,432-square-foot Post Oak Central I and leases an additional 127,568-square-foot space at Post Oak Central III, according to Yardi Matrix.
Five- and Ten-Year Renewal Options
The new lease agreement preserves the tenant’s existing five- and ten-year renewal options, which would supersede the terms of this amendment if exercised prior to December 2017. Executive Vice Chairman Tim Relyea and Vice Chairman Scott Wegmann of Cushman & Wakefield represented Apache in the lease negotiations.
Completed between 1975 and 1981, the LEED Gold-certified complex features amenities including a fitness center, on-site management, retail banking, dry cleaner, conference center and on-site child care center. Post Oak Central is within minutes of a variety of entertainment options, and it offers easy access to Highway 59 and Interstate 10.
“We are pleased that we were able to reach an agreement with Apache with a renewal that is mutually beneficial to both parties,” said James Heistand, president & CEO of Parkway. “This extension gives Apache at least two more years of term while creating value for Parkway’s stockholders and adding stability to Post Oak Central for nearly five years,” he added.
Image courtesy of Parkway