HOUSTON – (Realty News Report) – CBRE arranged two leases totaling more than 14,000 SF at 1000 Louisiana, a 71-story skyscraper in downtown Houston.
DLR Group, a design firm providing architecture, engineering, planning, and interior design, leased 9,014 SF. Additionally, BVA Group, a litigation, valuation, and financial advisory firm, is relocating within the building and extending their term for 5,467 SF of office space
“We have continued to see good leasing activity, comparative to the market, at 1000 Louisiana. I believe a big reason for this is the commitment the landlord has made to maintaining amenities and services for their clients. For example, when Adair Downtown opened in January, we knew it would be a special amenity for tenants and in the current environment that expectation was well surpassed,” said Guion. “They have remained open, offering tenants to-go and in-person dining, showing our commitment to the tenants of 1000 Louisiana.”
Charles Daggett, Drew Morris, and Lizzie Prochazka with Savills represented DLR Group in the transaction. Bryant Lach with JLL represented BVA Group.
The building, which had been called Wells Fargo Plaza, is a 1.7 million SF office tower that opened in 1983. It was developed by Century Development, a Houston firm that was led by Kenneth Schnitzer and Richard Everett.
Richard Keating, formerly a partner of Skidmore Owings and Merrill, designed the building, which is one of the tallest towers in the southwestern U.S. The 1000 Louisiana building is the second-tallest building in Houston next to the 75-story JPMorgan Chase building.
The tower was originally called Allied Bank Plaza, then First Interstate Bank Plaza, then Wells Fargo Plaza.
In 2011, the building’s owner, Metropolitan Life Insurance Co., sold a 50 percent interest in the downtown building to New York State Common Retirement Fund.
As a whole, Houston’s office market has been experiencing rising vacancy rates, a result of the coronavirus and a decline in the energy industry.
A recent CBRE survey of 32 companies across 18 countries found the increase in remote work will certainly have an impact on office utilization, but it will not mean an end to the office, rather, a fresh start.
“The office of the future may be modified to support impromptu collaboration, creative ideation and social connections that are best served in person,” CBRE said. “With a renewed focus on the quality of both the workplace experience and design, it is clear the role of the office as a destination for employees is still important for companies to maintain.”
Oct. 13, 2020 Realty News Report Copyright 2020
File: Houston’s Second Tallest Skyscraper
File: (2) . CBRE, 1000 Louisiana. Century Development. 71-story. CBD. Downtown. Houston’s Second Tallest Skyscraper