Wood Group Renews Full-Building Lease In Show Of Confidence For Energy Corridor
Global engineering firm Wood Group USA renewed its full-building lease in Houston’s Energy Corridor, which houses its U.S. headquarters.
The lease at Westgate III, a four-story, 226K SF building at 17325 Park Row, is for 10 years, according to Cushman & Wakefield, which negotiated the agreement.
Wood Group's lease renewal, a sign of confidence in what some have characterized as a rocky office market that is getting rockier, comes amid some Energy Corridor buildings changing hands this year.
Three Westlake Park sold at a $67.4M loss in February after sitting vacant through the pandemic, Bisnow previously reported. Its former clients included BP and ConocoPhillips, the latter of which moved out in 2019 to relocate to an office a few miles away.
Around the same time, Skanska USA sold the 715K SF West Memorial Place I and II to Fuller Realty Investments for $147M.
Westgate III was built in 2014 within the 550-acre Park Ten Business Center and is LEED Gold-certified, according to the news release.
Kevin Snodgrass, Trey Strake and Megan Madorsky of Cushman & Wakefield represented Wood Group USA in the lease negotiation. Chip Colvill of Cushman & Wakefield and Cameron Colvill — formerly with Cushman & Wakefield and now with Whitebox Real Estate — represented the landlord, Griffin Realty Trust.
Wood Group USA has five other offices in Houston, according to its website, including the third floor of 15115 Park Row. The Aberdeen, Scotland-headquartered Wood Group has offices in more than 60 countries and employs about 35,000 people.
