HOUSTON – An energy organization signed a large lease in the tallest tower in Texas – the 75-story JPMorgan Chase Tower in downtown Houston.
Indigo Resources Inc. and its sister company, M5 Midstream LLC, leased 67,710-SF in the tower, which was developed by Hines at 600 Travis.
Savills Studley executive vice president and co-branch manager Mark Russell represented the tenants. Clark Thompson of Houston-based Colvill Office Properties represented the landlord.
The deal is lease extension and expansion for the tenant companies. A significant player in the Haynesville Shale, Indigo Resources Inc. and M5 Midstream LLC share common management. Indigo Resources Inc. acquires and develops operated oil and gas properties, primarily in North Louisiana. M5 Midstream LLC focuses on the development of high quality greenfield midstream projects that meet the emerging needs of Indigo and of third-party customers.
“This transaction will expand Indigo and M5’s Downtown Houston footprint and facilitate recruitment and retention of top talent within both companies,” said Bill Pritchard, Executive Chairman of Indigo Resources Inc. “To secure these long-term objectives under favorable lease terms and without leaving our current address is a major success.”
The tenant will move into the newly renovated space at the end of first quarter 2017.
“This is a trophy space for a distinguished company,” said Savills Studley’s Russell, who has completed many lease transactions in the Chase building over the years. Russell formerly served as President of Prime Asset Leasing and asset manager for the Chase Tower years ago.
“Following cooperative negotiations with this sophisticated ownership group we were able to leverage and improve our client’s position in the marketplace,” Russell said. “The continued growth of this marquee tenant within the Chase Tower is a win for both the energy sector and downtown.”
The 1.7 million-SF Chase Tower is on a block bounded by Travis, Milam, Capitol and Texas Avenue, near the Theater District in downtown Houston. Designed by I.M. Pei, the tower was completed in 1981. Standing 1,002 feet tall, it is the tallest five-sided building in the world.
The skyscraper is in the heart of Hines territory. Catty-cornered from Chase Tower, Hines developed the famed Pennzoil Place high-rise – and on another corner, the 717 Texas Avenue building.
Across the street from the Chase Tower, Hines is demolishing the old Houston Chronicle building for a new project in the future. Hearst Corp. sold the Chronicle building in 2015 for $54 million and the newspaper left downtown for the suburbs, relocating to the former Houston Post facility on the Southwest Freeway.
Feb. 23, 2017 Realty News Report Copyright 2017