HOUSTON – Apache Corp. signed a one-year 524,000 square foot lease extension with Apache Corporation at the Post Oak Central in the Uptown Houston area.
The lease extension indicates that Apache is not fast-tracking its plan to construct a new office tower on Post Oak Blvd. In 2012, Apache bought 6 acres on Post Oak, just south of San Felipe from Ed Wulfe’s BLVD Place development group.
The site, 1770 Post Oak Blvd., has been studied by Apache, which has been working with architects and construction planners about the new building proposal. The lease extension, announced Tuesday by Cousins Properties, pushes back the timetable for a new building.
“We have a terrific relationship with Apache and are pleased they have extended their lease at Post Oak Central,” said Larry Gellerstedt, President and Chief Executive Officer of Cousins. “Post Oak Central enjoys a market-leading location in the Galleria submarket of Houston, and we look forward to working with Apache and our other customers as we continue to enhance this first-class office environment.”
Apache, whose lease was scheduled to expire in December 2018, extended its term through December 2019 and maintained its original square footage.
With the downturn in the energy prices, the likelihood of a new Apache office tower being built has grown dimmer, at least for the near future.