HOUSTON – (Realty News Report) – Transocean has leased the entire 300,000-SF Enclave Place building, which has been vacant since construction was completed in 2015 at 1414 Enclave Parkway in the Energy Corridor.
The building’s owner, Piedmont Office Realty Trust of Atlanta, was represented by Damon Thames and Connor Saxe of Colvill Office Properties. Transocean was represented by David Bale and Louie Crapitto of JLL.
“We are thrilled that Enclave Place has been chosen as the site for a new US headquarters facility and we look forward to welcoming the building’s inaugural tenant when the lease commences next July,” said Joe Pangburn, Piedmont Senior Vice President – Southwest Region.
The 17-year Transocean lease is one of the largest leases signed in years for an office building in the Energy Corridor, a beleaguered submarket in west Houston. As energy firms laid off thousands of employees as oil prices fell from 2014-2016, an excess supply of office space grew in Houston.
Transocean occupies 255,413 SF in the 4 Greenway building in a lease that expires in 2023.
Transocean also occupies a 156,000-SF building at 1311 Broadfield in the Energy Corridor. Piedmont’s predecessor company, Wells REIT, owned that building and was Transoceans’s landlord there over a decade ago. Transocean’s lease in the 1311 Broadfield building, which is in Wolff’s Park 10 development, expires in 2021.
The 1414 Enclave Parkway building is an 11-story structure designed by Gensler.