Rendering of the Texas Tower in downtown Houston. Architecture: Pelli, Clarke, Pelli
HOUSTON – (Realty News Report) – Texas Tower, the newest office tower rising on the Houston skyline, has added to DLA Piper law firm to its roster of tenants, according to the building’s developers, Hines and Ivanhoé Cambridge.
DLA Piper signed a lease for 31,000 square feet at the Texas Tower, the 47-story, one-million-square-foot office tower under construction in downtown Houston in the 800 block of Texas Avenue. The law firm will relocate to the building in January 2022 and will occupy the thirty-eighth floor.
The Texas Tower, which will be completed in the fall of 2021, is now 40 percent leased. The building is being constructed on the former site of the Houston Chronicle building – Block 58, which is bounded by Texas Avenue, Milam, Travis and Prairie streets.
Hines will move its own headquarters into the new building, taking 180,000 SF and Vinson and Elkins has leased 212,000 SF.
Hines and Ivanhoé Cambridge were represented by Michael Anderson with Colvill Office Properties, while DLA Piper was represented by Tim Relyea and David Guion with Cushman & Wakefield.
The tower is the only major office skyscraper under construction in downtown Houston. Skanska completed the Bank of America tower last year and it is almost fully leased.
Overall, the Houston office market has its soft spots, but new buildings have been leasing up briskly. The owners of older office buildings respond by spending millions to renovate.
It’s all part of what industry experts call the “Flight to Quality.” Corporate tenants, which compete to attract the best employees (or talent), strive to have prime office buildings that have offerings that make outstanding workplaces.
“We continue to see firms that value their employees as assets looking to relocate to new developments to ensure employee satisfaction, allowing these companies to attract and retain top employment talent,” said Chip Colvill of Colvill Office Properties, which leases a number of downtown buildings. “The new developments offer a higher quality environment, greater amenities, more efficient floor plans, better elevatoring, superior parking, etc. causing these new developments to be in high demand,” Colvill said in a recent interview.
Designed by Pelli Clarke Pelli, the Texas Tower will offer “a radical new approach to lobby and common-area design and activation,” Hines said in news release. In terms of sustainability, efficiency and wellness, the new building will be certified with LEED Platinum, WiredScore and WELL Building Standards.
“Our new offices will reflect the firm’s global brand and provide a highly efficient, modern environment that will complement our ongoing expansion in Houston and in Texas and our ability to serve our clients,” said Jack Langlois, managing partner of DLA Piper’s Houston office. DLA Piper, which currently has its offices at Wells Fargo Plaza, signed a lease for over 14 years at Texas Tower.
The developers’ description of the Texas Tower includes: “a lobby with cues from the hospitality sector; multiple food and beverage offerings; abundant spaces for networking; a full-service conference facility; public gardens on level 12; and a high-performance health club. Ten-foot, full-height windows will allow for an abundance of natural light … and a sophisticated underfloor HVAC system will put comfort choices in the hands of occupants.”
On an adjacent block that formerly housed the Chronicle parking garage, Hines is developing a 46-story residential tower. The 373-unit residential project is called The Preston. The rental apartment building will sit on a half-block bounded by Preston, Milam & Prairie streets on Block 42.
Jan. 14, 2020 Realty News Report Copyright 2020