Cushman & Wakefield is renewing its 30K SF lease in the Galleria area and expanding its presence in Houston with a new lease in the Texas Tower downtown.
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The firm has announced it will continue to operate out of the 26th and 27th floors of Four Oaks Place in the Galleria area, its home since 2004. It also plans to occupy 6,500 SF on the 40th floor of Texas Tower, with plans to move in during the first quarter of 2023.
Establishing a presence in two prominent Houston submarkets will provide greater accessibility to clients, Houston Managing Principal Clint Bawcom said in a release.
“In addition to the client-centric benefit, the two offices offer excellent flexibility to our employees, providing a multitude of amenities, including conference/meeting facilities, health and wellness centers, access to outdoor greenspaces, plus the workplace flexibility benefit,” he said.
In addition to new digs downtown, Cushman & Wakefield said it plans a “major transformation” of its Galleria space in early 2023, including the creation of a collaborative workspace for its employees.
Hines and Ivanhoé Cambridge developed the 47-story, 1M SF Texas Tower, the city's newest downtown high-rise. It opened in December 2021 and is considered Class-AA, according to a press release from Hines.
Hines also announced a lease agreement with Sixth Street Partners, a global investment firm that will occupy 5,800 SF on the tower's 29th floor.
“Leasing velocity remains strong as Texas Tower continues to attract industry-leading companies seeking a distinct destination for their employees to collaborate and build community,” Hines Senior Managing Director John Mooz said in the release.
On the back of that demand, Hines said it plans to build out an additional 40K SF of fully furnished spec suites at Texas Tower. The Gensler-designed space is set for completion in Q2 2023.
Hines runs its own 180K SF global headquarters out of the Texas Tower. Other tenants include Vinson & Elkins, McGuireWoods and DLA Piper law firms, as well as Cheniere Energy.
The new leases come as Houston’s Central Business District’s office vacancy reached 32.3% at the end of the third quarter, slightly above Houston’s overall office vacancy of 30.1%, according to Cushman & Wakefield.
