With only one lease over 100k SF and none reflecting businesses new to the area, the list of top 10 offices leases in Q2 reflects the pace of the market. Despite the glut in sublease space, only one of the 10 largest leases was a sublease. The locations are telling as well, as the majority of the leases are in Houston's outlying markets. Here's the roundup of Houston's biggest deals of the quarter.
1. American Bureau of Shipping
Size: 326k SF pre-lease
Building: CityPlace 2
Submarket: Springwoods Village/The Woodlands
ABS will join the 60-acre suburban district near Exxon Mobil's new home. More than 4M SF of planned office space is in the works at CityPlace. ABS signed an 18-year lease.
2. Tudor Pickering & Holt
:quality(75))
Size: 89k SF renewal
Building: Heritage Plaza
Submarket: CBD
Energy investment banking firm Tudor, Pickering & Holt feels right at home at 1111 Bagby, extending its lease another seven years.
3. Undisclosed
:quality(75))
Size: 43k SF new lease
Building: Grandway West II
Submarket: Katy
The undisclosed tenant in Katy will occupy 43k SF at Grandway West, a 60-are development with multiple two- and three-story office buildings ranging from 85k to 125k SF.
4. Patterson-UTI Drilling
:quality(75))
Size: 35k SF new lease
Building: Remington Square II
Submarket: Northwest
The Northwest submarket is seeing more action than expected during the downturn. Patterson-UTI will enjoy the benefits of improved mobility in the area over the course of its 11.5-year lease.
5. Asset Plus
:quality(75))
Size: 29k SF sublease
Building: 950 Corbindale Road
Submarket: Katy Freeway East
The four-year deal for the property management firm is the only sublease backfill on the list.
6. Aetna
:quality(75))
Size: 26k SF renewal
Building: 3 Sugar Creek Center
Submarket: Sugar Land
The Connecticut-based heath plan provider renewed its lease for five years in the building that bears its name.
7. Undisclosed
:quality(75))
Size: 25k SF new lease
Building: Research Forest Lakeside - Bldg 4
Submarket: The Woodlands
Lease terms were not available.
8. Higman Marine Services
:quality(75))
Size: 24k SF new lease
Building: 1717 West Loop South
Submarket: Galleria
9. Charter Title
Size: 24k SF new lease
Building: 1717 West Loop South
Submarket: Galleria
Two large leases were signed at the new Amegy Bank tower, under construction in the Galleria submarket. The tower is being built across from the hot mixed-use development River Oaks District.
10. Texas Mutual
:quality(75))
Size: 23k SF new lease
Building: Air Liquide Center
Submarket: The Energy Corridor
The insurance company signed for 10.5 years at Air Liquide's new HQ in The Energy Corridor.
Special thanks to Rachel Alexander at JLL for providing the data.
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