Downtown Skyscraper Gets Leasing Activity Bump After A $15M Renovation, Considers Coworking
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On the heels of a $15M capital improvement campaign, 1415 Louisiana inked 84K SF in office leasing in 2018. The largest lease of the year was a 28K SF deal to a Houston-based oil and gas company.
“We are excited the ownership has moved forward with these extensive renovations at 1415 Louisiana, making the building a solid option for tenants looking to relocate in the Central Business District," Colvill Office Properties CEO and President Chip Colvill said. "We have seen a substantial uptick in leasing activity resulting from these renovations."
The renovations at the 520K SF office tower include:
- A new contemporary main lobby, which features Italian stone, new building entry and canopy, tunnel makeover, newly finished main-floor elevator cabs and updated lighting and monument signage.
- The addition of Strato 550 Restaurant and Conference Center, which takes the entire 43rd floor and will offer Mediterranean-influenced cuisine. The restaurant will be open to the public for lunch, weeknight cocktail hour and private events.
- Terra, a new lobby-level coffee bar operated by Compass, offers high-quality roasted coffee, pastries, breakfast and lunch options.
- Speculative office suites between 4K SF and 6K SF ready for immediate occupancy on the 23rd floor.
- An 8K SF fitness center on the third floor.
1415 Louisiana may also be the next Downtown office tower with coworking space, a growing trend in Houston. Spaces will occupy 63K SF in Midway's GreenStreet mixed-use development, and Bond Collection signed a 26K SF lease at Pennzoil Place, 711 Louisiana St.
Wedge Commercial Properties, 1415 Louisiana's owner, is considering coworking space to serve as both incubator space for new tenants and flex space for its existing tenant base, Wedge President Greg Armstrong said in a release. The 43-story skyscraper has about 135K SF of contiguous office space available.
“Our extensive renovations, amenities and above-market parking ratio have proven to be very attractive to coworking operators that provide densely designed, collaborative office spaces to users looking for extensive amenities and easy parking alternatives," Armstrong said.
Colvill Office Properties' Connor Saxe and Vince Strake represented the leasing efforts, and Hines manages the facility.