Greenway Plaza's Mega Renewal
Transocean is sticking around in Greenway Plaza, signing a giant 255k SF lease to continue fully occupying 4 Greenway. Cousins CEO Larry Gellerstedt says the deal was great for his firm's books—Greenway's 90% occupied and its weighted average lease term in Houston is seven years with no lease greater than 100k SF expiring until December 2018. Cousins' rents are outperforming its original underwriting expectations, he says. Transocean's HQ has been in Greenway since '01; it's the fourth largest tenant in Cousins' Houston portfolio. Its new lease runs through January 2023. Cousins' Bob Boykin, Warren Savery, Bubba Harkins and Will Hightower repped the landlord, and Savills Studley's Jay Bonano repped the tenant.