HOUSTON – The Bracewell & Giuliani law firm has signed a 189,061-square-foot long-term lease renewal at Pennzoil Place, the twin trapezoidal towers that are considered the some of the most architecturally significant office buildings in downtown Houston, and in the entire state of Texas.
Developed by Hines Interest some 40 years ago, Pennzoil Place was dubbed the Building of the Decade in 1975 by famed New York Times architecture critic Ada Louise Huxtable due to its dramatic sculptural silhouette.
Pop artist Andy Warhol became part of Pennzoil Place lore when he visited Houston to photograph the cutting-edge project, which was designed by Philip Johnson and John Burgee.
The huge Bracewell & Giuliani lease was handled by Transwestern’s Senior Vice President David Lee, Senior Managing Director Doug Little and Vice President Ben Quinton negotiated the deal on behalf of the building owner, Chicago-based Metropolis Investment Holdings Inc.
“Bracewell & Giuliani’s long-term renewal represents a significant win for both Pennzoil Place and Metropolis,” said Lee. “The downtown Houston market is highly competitive, and we are very pleased Bracewell & Giuliani elected to recommit to Pennzoil Place as its Houston headquarters. The renewal of Bracewell & Giuliani in Pennzoil Place represents the largest office leasing transaction conducted in the Central Business District in 2015.”
Houston office leasing veteran Tim Relyea, executive vice chairman, and Brooke Wommack, associate, of Cushman & Wakefield represented the tenant.
Pennzoil Place, 711 Louisiana St., is located on a block bounded by Capitol, Rusk, Milam and Louisiana streets near the Theater District.
Pennzoil Place is only a few blocks from Hines’ newest addition to the Houston skyline, the 609 Main at Texas building. The 1 million square foot tower, slated to be finished in about a year, is a spec project and no tenant has been announced.
Hines also recently acquired the Houston Chronicle building, which is a couple of blocks from Pennzoil Place. The Chronicle will be torn down and replaced with new high-rise development. A timetable for the Chronicle block development has not been set, but Realty News Report is projecting a 2018 groundbreaking and a 2020 completion there.