HOUSTON – (Realty News Report) – The Cushman & Wakefield commercial real estate services firm has arranged a full-building, 226,287-SF office lease renewal in Houston’s Energy Corridor on behalf of Wood Group USA, a global engineering firm.
Kevin Snodgrass, Trey Strake, and Megan Madorsky of Cushman & Wakefield represented Wood Group USA in the lease negotiation. Chip Colvill of Cushman & Wakefield and Cameron Colvill (formerly with Cushman & Wakefield and now with Whitebox Real Estate) represented the landlord, Griffin Realty Trust.
“We were very happy to work collaboratively with Wood Group and its excellent real estate team to solidify the company’s U.S. headquarters for the next decade,” said Scott Tausk, Executive Vice President of Griffin Realty Trust, a California-based firm with 79 properties, including office, warehouses and manufacturing buildings.
Built in 2014, Westgate III, located at 17325 Park Row, is a four-story Class A building that totals 226,287-SF. The property is located within the 550-acre Park Ten Business Center, one of the Houston’s most well-established business parks.
The Park Ten business park was developed by Wolff Companies decades ago. Company Chairman David S. Wolff, who has been called the “Father of the Energy Corridor” has been credited with coining the “Energy Corridor” name, considered in the industry as a brilliant stroke of land-marketing genius.
The Energy Corridor is known by name in the Middle East, Asia and around the world, has shown considerable strength in 2022, following the brutal oil price crash in the spring of 2020, which damaged the Houston real estate market amid the Covid pandemic.
Located in West Houston, the Energy Corridor contains a high-concentration of the world’s major energy firms, such as Shell, BP, and Citgo, along with thousands of petroleum engineers and professionals in the various sectors of energy related businesses, such as the Wood Group. Momentum is also building in the district for companies involved in the energy transition.
In other recent Energy Corridor activity, Houston-based Midway has launched a significant redevelopment of a 70-acre corporate campus in the Energy Corridor. Midway will transform the site into a mixed-use development – called Watermark District at Woodcreek – offering a new hotel, high-end retail, office space, and midrise residential to West Houston. Years ago, the property had been the home of ConocoPhillips, which moved its world headquarters into a new tower in the Energy Corridor a few years ago.
Today, over 60,000 people are employed in the Energy Corridor, which also has retail and residential. The Energy Corridor District includes more 2,000 acres that stretch along I-10 from Kirkwood Road to the west of Barker Cypress Road and extending south along Eldridge Parkway to the south of Briar Forest Drive,
Dec. 3, 2022 Realty News Report Copyright 2022
Photo: Courtesy of Cushman & Wakefield
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File: Energy Corridor Building Leased by Wood Group
File: Cushman & Wakefield, Energy Corridor Building Leased. Colvill. Wolff.