Wednesday , 26 February 2020
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Houston Center Update: Mitsubishi Renews Its Lease

Rendering of redesigned green space at Houston Center.

HOUSTON – (Realty News Report) – Mitsubishi International Corporation renewed its lease at LyondellBasell Tower, a 46-story office building in downtown Houston.

Mitsubishi will lease 45,838 SF of office space on the 34th and 35th floors in the Class A building. In addition to the lease extension, MIC will embark on interior renovations to the space and is expected to conclude in April 2020. Houston-based Ziegler Cooper Architects will lead the redesign.

The tower, 1221 McKinney St., is part of the Houston Center, a large downtown office complex in downtown.  Brookfield Properties, owner of the tower, has been spending millions to renovate its downtown buildings. The redevelopment trend has been sweeping though downtown as landlords have launched large-scale renovations in order to keep their buildings competitive as new skyscrapers come into the market.

“Brookfield Properties exemplifies excellent customer service and we are proud to continue our long-term partnership with them,” said Shota Kondo, General Manager of MIC Houston Branch. “Mitsubishi Corporation has a strong presence in Houston and as we continue to grow, choosing a high caliber office space is of the utmost importance. Given the ongoing renovation at Houston Center, our renewal at LyondellBasell Tower is a vote of confidence in Brookfield Properties’ investment in the campus.”

Mitsubishi was represented in lease negotiations by Tim Relyea and Brooke Wommack of Cushman and Wakefield. Brookfield Properties was represented by Doug Little, David Baker, Kelli Gault, and Jack Scharnberg of Transwestern, and Clint Bawcom and Tyler Merritt of Brookfield Properties.

“Mitsubishi International Corporation’s recommitment to Houston Center speaks volumes of Brookfield Properties’ capital investment and confidence in the downtown Houston market,” said Travis Overall, Executive Vice President of Brookfield Properties. “Upon completion, Houston Center will be a vibrant mixed-use destination for tenants and visitors alike.”

The 1,061,000-SF LyondellBasell Tower was built in 1978.

In January 2019, Brookfield Properties announced plans for a major redevelopment of Houston Center, including a new arrival experience along McKinney Street with a new central plaza and greenspace, monumental stair connection to landscaped terraces, two-story glass façade, and re-clad skybridges to foster street-level restaurant and retail activity. Construction began in February 2019 and is expected to be complete later this year.

In addition to Houston Center, Brookfield Properties’ value in placemaking can be seen through their ongoing renovations at Allen Center, Heritage Plaza, and Total Plaza.

Jan. 27, 2020 Realty News Report  Copyright 2020

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