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Deloitte to Stay at Heritage Plaza — Massive Deal Ends Speculation of Move to New Hines Tower

The design of Heritage Plaza was inspired by a Mayan temple.

HOUSTON –  (Realty News Report) –  The Deloitte accounting firm has renewed its lease in Heritage Plaza in downtown Houston, according to the building’s owner, Brookfield Properties.

Deloitte had been one of the major tenants in play in downtown Houston. Last year, the accounting firm had been mentioned as a possible tenant in the new Hines tower under construction on the former Houston Chronicle site on Texas Avenue.

Under the terms of the new agreement, Deloitte will lease 204,210 SF of office space on the thirty-ninth through forty-fifth floors of Heritage Plaza. Deloitte, which has nearly 2,300 employees in Houston, has been based at Heritage Plaza since 2007.

The 53-story tower, 1111 Bagby, was completed in 1987. The 1.2 million SF office building is located on a site adjacent to Brookfield’s Allen Center complex and is connected by skybridge to the DoubleTree/ C. Baldwin hotel in Allen Center.

In addition to the lease extension, Deloitte will renovate the space, including revamped common areas and conferencing rooms and upgraded technology.  The space will include designated areas where employees can collaborate or host an event, or focus on solo activities. Construction is slated to begin this summer and is expected to conclude in late 2020.

“At Deloitte, our people are at the center of our business and our new Houston office design will reflect that theme,” said Deloitte Houston Managing Partner Amy Chronis. “As our local practice continues to grow and thrive, our new space in Heritage Plaza will complement who we are as an organization, prioritizing collaboration, wellness, and technology.”

Travis Overall, Executive Vice President and Head of the Texas Region for Brookfield Properties, said: “This re-commitment to Heritage Plaza is a testament to the continued vitality of downtown Houston and confidence in Brookfield’s emphasis on placemaking and creating a thriving mixed-use environment.”

Brookfield Properties was represented in lease negotiations by Clint Bawcom and Jon Dutton of Brookfield Properties. The deal was signed late in 2018. The tenant declined to identify the tenant rep broker, a spokeswoman said.

A centerpiece for promotional photos of the downtown skyline, Heritage Plaza features a distinctive stepped top which was inspired by Mayan temples. M. Nasr & Partners was the architect. Construction began in 1984, when the Houston office market was awash in space and bulging with gross oversupply. According to an apocryphal tale from the time, Houston developer Kenneth Schnitzer, who built dozens of office buildings around town, including downtown, was furious that Heritage Plaza was breaking ground and adding to the oversupply. Schnitzer called the project “the single most irresponsible act” in the annals of Houston commercial development.

But Houston’s oversupply of office space was eventually burned off and the building went on to become the regional headquarters of Texaco for a number of years.

Jan. 14, 2019 Realty News Report Copyright 2019

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