Tuesday , 23 July 2019
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Oil Out; Tech In — Some Positive News for Greenway Plaza

The 5 Greenway Plaza building had almost 800,000 SF of sublease space, more than any other building in Houston after OXY announced its outward relocation last summer.

HOUSTON – (Realty News Report) – A trio of new tenants are further enriching an emerging tech and innovation ecosystem at Houston’s Greenway Plaza, the urban, 52-acre campus, operated by Parkway Property Investments, LLC  and located near the Southwest Freeway and Buffalo Speedway.

The announcement comes after Greenway Plaza digests a string of bad news about tenants leaving Greenway Plaza, a major Inner Loop office park with more than 4.9 million SF of office space in 11 buildings. Last summer, Occidental Petroleum placed close to 814,000 SF of sublease space on the market at 5 Greenway Plaza (746,070 SF) and 3 Greenway Plaza (67,525 SF).

Greenway Plaza’s new positive absorption comes from tech-oriented firms.

Houston-based ThoughtTrace, a leader in human-assisted artificial intelligence for contract analysis, has executed a 4,358-SF space in Phoenix Tower for its new U.S. headquarters and anticipates a first quarter 2019 move-in. The company, which also operates regional sales offices in Dallas/Fort Worth, Denver, Oklahoma City and Pennsylvania, helps enterprises review and validate critical information in existing contracts and legal documents. ThoughtTrace was represented by Allie Hubbard, Brandi McDonald and Christina Ott with Limestone Commercial and Parkway by Rima Soroka and JP Hutcheson.

DMC, a project-based engineering and software development firm based Chicago, is relocating their Houston office from the Upper Kirby area to Greenway Plaza in the third quarter of this year. Servicing manufacturing, testing and product development organizations throughout the world, DMC will occupy 6,403 SF in 8 Greenway Plaza. DMC was represented by William Padon of CBRE and Parkway by Rima Soroka and JP Hutcheson.

Last month, Detechtion Technologies, the global leading Industrial IoT and Mobility solution provider in the oil and gas industry, relocated its headquarters to a 12,000-SF space at 8 Greenway Plaza. Parkway was represented by Amanda Nebel and Eric Siegrist and Detechtion Technologies by Joshua Brown and Evan Roland of Newmark Knight Frank.

In addition to Detechtion Technologies, ThoughtTrace and DMC, the latest leasing activity at Greenway Plaza in the tech sector includes a recent renewal of nearly 8,000 SF by a commercial operations enterprise software provider – alongside approximately 30,000 SF of new leases for NextSeed, Joule Processing, SkillGigs and Marker Therapeutic.

Feb. 25, 2019 Realty News Report Copyright 2019

 

 

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