HOUSTON – (Realty News Report) – Cadence Bank is leaving Williams Tower and has signed a long-term, 82,215-SF lease at the Park Towers office building on the West Loop, according to Transwestern.
The Park Towers office project, located near Memorial Park, was one of the first major office developments along Loop 610 in what eventually became known as the “Galleria Area” and then “Uptown.”
Park Towers has two 18-story office towers that each contain 273,000 rentable SF. The total rentable square feet for both towers is about 545,000 SF. A massive $16 million redo of the buildings, planned by Ziegler Cooper Architects, was completed a few years ago.
Transwestern Real Estate Services Managing Director Doug Little, Executive Vice President David Baker, Vice President Kelli Gault and Associate Jack Scharnberg provided agency leasing services on behalf of the landlord, Regent Properties.
CBRE’s Weldon Martin and Jon Lee represented Cadence Bank.
“Our strategic decision to move to Park Towers offers us enhanced efficiencies, more opportunities for collaboration, greater visibility and cost savings,” said Paul B. Murphy Jr., Chairman and CEO of Cadence Bancorporation. “With this move, we’ll embrace a more dynamic and agile office, giving our associates more flexibility in how they work and fostering teamwork with more collaborative spaces, both formal and informal. The new space will be much more reflective of our culture at Cadence.”
The tenant’s holding company, Cadence Bancorporation will also be relocating their headquarters from Williams Tower, a 64-story Galleria tower that Houston natives still call Transco Tower, to occupy the new space at Park Towers.
“Our focus at Regent Properties and specifically at Park Towers is always on delivering the best-in-class amenities coupled with a tenant experience that employees value,” said Matthew Benbassat, Chief Operating Officer at Regent Properties.
The lease comes at a time of relative softness for the Houston office market. Overall vacancy rates increased sharply because the pandemic and a downturn in the energy industry.
Dec. 17, 2020 Realty News Report Copyright 2020
File: Cadence Bank Leaving Williams Tower