HOUSTON – (Realty News Report) – Coterra Energy Inc. leased 122,000-SF in the Three Memorial City Plaza building, which is undergoing a $20 million redo.
New Headquarters for Coterra Energy
Houston-based Cabot Oil & Gas, a tenant in Three Memorial Plaza since 2008, merged with Denver-based Cimarex Energy in October 2021 to form Coterra Energy Inc. As part of the merger, the company has begun relocating employees to Houston from other offices as well as new hires from the Houston market across all corporate functions. Coterra’s new headquarters will occupy six floors of the building.
The brokers in the lease transaction representing the landlord, MetroNational, were Brad MacDougall and Warren Alexander.
Jim Bailey of Cushman & Wakefield, Inc. and Lucian Bukowski of CBRE represented, Coterra Energy Inc.
“We could not be more thrilled that our dramatic renovation comes at an opportune time for Coterra Energy to attract new talent from outside the state as it builds an expanded team and relocates its Denver office to the new headquarters,” said Brad MacDougall, Director of Office Leasing, MetroNational.
The building is located near Bunker Hill Road and Interstate 10, which is also known as the Katy Freeway. Interstate 10 is the backbone for Houston’s Energy Corridor, a major office submarket with a worldwide reputation.
“This is an opportunity for Coterra Energy to relaunch our company with a newly visioned workspace for our Houston headquarters,” said Chris Clason, Senior Vice President and Chief Human Resources Officer, Coterra Energy Inc. “We could have moved anywhere in Houston, but our employees love this location and are excited about the plans for the reimagined complex and Coterra offices.”
Major Renovation at Memorial City
MetroNational just announced a significant renovation of of Three Memorial City Plazas’ nearly 1 million SF office complex.
Developed as a trophy asset by MetroNational in the 1980s and 1990s as Class A office towers, Memorial City Plazas encompasses One Memorial City Plaza, the 12-story tower at 800 Gessner; Two Memorial City Plaza, the 18-story tower at 820 Gessner; and Three Memorial City Plaza, the 14-story tower at 840 Gessner.
The redevelopment project “signifies our company’s ongoing commitment to invest and redevelop Memorial City for the long-term,” said Jason Johnson, President of MetroNational. “This is going to be a year of vibrant transformation and innovation across our entire portfolio and reimagining the workspace experience at Memorial City Plazas is just the first step.”
New amenities will include a hub for meetings, and networking opportunities will be The Porch, a new covered outdoor dining patio, with open greenspaces for frequent food truck activations and events, as well as an indoor specialty coffee shop.
Construction is underway, with all three towers slated for completion in Q4 2022. Ziegler Cooper will serve as the architect of record for both the interior and exterior renovations, and Design Workshop has been chosen as the landscape architect.
MetroNational has a 90 percent occupancy throughout its 3.2 million SF office portfolio. To date in Q1 2022, the company has leased 280,000 SF of office space.
In 2014, when energy prices were at their peak, it was announced two new office buildings were being built in west Houston’s Memorial City project, for the U.S. headquarters of Air Liquide, the French industrial gas manufacturer. The two buildings, with a total of 600,000 SF, were developed by Metro National at 9811 and 9807 Katy Freeway (Interstate 10).
Feb. 3, 2022 Realty News Report Copyright 2022.
Image: Courtesy MetroNational
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File: Energy Firm Leases Space in Memorial City
File: MetroNational. Energy Firm Leases Space in Three Memorial City Plaza. CBRE. Lucian Bukowski. Jim Bailey of Cushman & Wakefield,