Phoenix Tower Welcomes New York Life as Newest Tenant

By Georgiana Mihaila, Associate Editor After undergoing extensive renovations, the 34-story Phoenix Tower recently announced the addition of insurance company New York Life to its list of tenants. New York Life—the largest mutual life insurance company in the United States, with more [...]

After undergoing extensive renovations, the 34-story Phoenix Tower recently announced the addition of insurance company New York Life to its list of tenants.

New York Life—the largest mutual life insurance company in the United States, with more than $325 billion in assets under management—has signed a long-term lease for 33,394 square feet. With the new lease, the office building set at 3200 South West Freeway has an occupancy rate of 82 percent. Real estate firm Hines serves as both property and leasing manager.

Completed in 1984 and located adjacent to Greenway Plaza in suburban Houston between the Central Business District and the Galleria, Phoenix Tower is a 34-story tower clad in bands of silver and blue-green reflective glass. The building contains 618,578 square feet of office space. Amenities include a high-performance fitness center, state-of-the-art conference rooms, Wi-Fi connectivity at a popular delicatessen overlooking the scenic horizon, 24-hour access monitoring with on-site security staff and an expansive outdoor garden terrace complete with a reflecting pool and Nicklaus Design putting green.

Due to the extended renovation work, Phoenix Tower now features a renewed appearance, with a new exterior cladding that also provides improved energy efficiency for this ENERGY STAR and LEED Gold building.

The insurance company was represented in lease negotiations by Chip Horne of Cushman & Wakefield Inc. Tyler Garrett and Paula Bruns of Hines represented building owner FSP Phoenix Tower L.P.—whose equities are entirely owned, directly and indirectly, by FSP Phoenix Tower Corp., a corporation sponsored by Franklin Street Properties Corp. FSP and its affiliates own and operate approximately 1.5 million square feet of Class A office space in greater Houston, including The Offices at Park 10, Energy Tower I and Eldridge Green. FSP, based in Wakefield, Mass., focuses on suburban office buildings, with select investments in certain CBD properties.

Image courtesy of Hines