Partners Real Estate is moving its Houston headquarters to a bigger office space in an almost 1M SF building after nearly doubling in size over the past five years.
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Houston-based Partners leased 32K SF in the Galleria/Uptown submarket’s San Felipe Plaza, according to a news release.
The full-service CRE firm severed ties with NAI Global and began significantly expanding in 2022. Partners has brokerage, property management, development and investment arms and ranks as Houston’s third-largest brokerage.
This lease will move Partners from its nearby subleased space on the 19th floor and part of the 17th floor of 1360 Post Oak Blvd. at Four Oaks Place. That space totals 24K SF and the sublease is up in March 2025, according to Partners.
“We have outgrown what was available to us in our current location, and we sought to identify a state-of-the-art space in our longtime home in the Galleria area that reflects our unwavering commitment to excellence,” Partners Chief Operating Officer Travis Rodgers said in a release. “Expanding and relocating to San Felipe Plaza gives us the opportunity to upgrade our physical environment and invest in a vibrant workspace that inspires innovation and collaboration.”
San Felipe Plaza is a 980K SF, Class-A building. New York-based investment firm Sovereign Partners bought it from Parkway Property Investments at a significant discount last year.
Orlando-based Parkway bought the building for about $156.5M in 2005, Bisnow previously reported. The firm sold the 46-story building in February 2023 for about $104.5M, a Parkway executive previously told Bisnow, though other sources have estimated the sales price closer to $83M.
Sovereign Partners in April tapped Partners Real Estate as the exclusive leasing agent for the building. The building was originally completed in 1984 and is now undergoing renovations, Commercial Property Executive reported.
Renovations include revitalizing common areas and adding exterior recreational sports facilities, pickleball courts, an indoor golf simulator, a movie theater room, an upgraded fitness center and conference facilities, according to a previous press release from Partners.
Partners’ Dan Boyles and Griff Bandy represented Partners in the transaction.
Partners opened an Atlanta office in March, marking its first shop outside of Texas. The firm tapped John O’Neill, who left his role in December as Cushman & Wakefield's U.S. multifamily capital markets president, to lead the expansion as president and managing partner of Partners Real Estate.
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