Offshore Energy Company Signs 100K SF Lease As It Moves HQ To North Houston
Offshore energy equipment and service company Deep Down will move its headquarters to 1310 Rankin Road in Houston.
The company, previously based at 18511 Beaumont Highway, leased 101K SF of both office and warehouse space at the Rankin Road site.
Deep Down signed a 10-year lease, starting May 5, 2022. It is paying just over $78K per month in rent, per a filing with the Securities and Exchange Commission. Rent is set to increase by 2% every year, though the lease includes rent abatement provisions for $509K its first year as part of a tenant improvement allowance.
Deep Down will use the facility to create offshore equipment, including steel flying leads and umbilical accessories.
“Moving to this facility will enable us to reduce our carbon footprint, further streamline our cost structure and attract high caliber talent as we reposition the company for future growth,” said Deep Down President and CEO Charles Njuguna in a release. “Being located close to the George Bush Intercontinental Airport in Houston will also make it easier for our national and international customers to stop by our facility as they travel into and out of Houston.”
Deep Down's new neighborhood is popular for industrial facilities, with Home Depot building over 1M SF in the North and Northwest submarkets and numerous warehouse and manufacturing buildings surrounding the new headquarters.