HOUSTON – (Realty News Report) – M-M Properties has announced that TC Energy (formerly TransCanada) has extended its 320,000-SF lease at TC Energy Center, a 56-story tower with a gabled roofline that makes it a major landmark on the Houston skyline.
The length and terms of the new lease were undisclosed but it represents one of the most significant tenant commitments of 2020, a year in which office leasing has slowed to a crawl because of the pandemic.
“The extended lease at the project affirms TC Energy’s commitment to this landmark building and to Downtown Houston”, says Ken Moczulski, CEO of M-M Properties. “We are also committed to providing TC Energy with a dramatic, fully amenitized and modern office environment for their employees and our other tenants in the building”.
Moczulski is undertaking a major redevelopment of the red-granite wrapped tower, which was completed in 1983 by the late Mr. Gerald D. Hines, a legendary developer.
The tower, located at 700 Louisiana Street. was designed by architects Phillip Johnson and John Burgee. Johnson and Burgee also design Hines’ Pennzoil Place, located across the street, which transformed skyscraper architecture worldwide.
For the TC Energy Tower redevelopment M-M Properties tapped Sydness Architects, whose principal Jeffrey Sydness worked on the original design team for the building with Phillip Johnson. Syndness has been involved with the design of the improvement program, which include major interior changes. Ziegler Cooper Architects, also a tenant in the building, has also been involved in the new design and production work.
The building, which had recently been known as Bank of America Center until the bank relocated last year, had an enormous old-timey bank lobby with space for 35 tellers and a ceiling that soared over 100 feet high. That space is being redeveloped with more office space added.
And the original Western Union facility, which had been hidden from view since the early 1980s has been opened up, resurrecting the space for use by people.
The iconic, Philip Johnson designed tower was named for TC Energy in late 2019 following the firm’s expansion in the project. TC Energy currently occupies approximately 320,000 square feet in the 1.2 million square foot building. TC Energy was represented by Louis Rosenthal and Bruce Rutherford of JLL, M-M Properties was represented by John Spafford and Madeline Gregory of CBRE.
D.E. Harvey Buildings is handling the renovation construction, which is scheduled for completion in the third quarter of 2021.
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“TC Energy’s U.S. headquarters in Houston is home to roughly 1,200 members of our workforce and host of many more employees and guests throughout North America,” said Stanley Chapman III, TC Energy Executive Vice President and President, U.S. and Mexico Natural Gas Pipelines. “It will bring more energy and collaboration to the space for our employees and others downtown.”
TC Energy Center is in the the second phase of its $16 million dollar renovation program that will bring a large tenant conference center, coffee lounge and fitness center to the project. The improvements also include the addition of mezzanine space on levels 2 and 3 over the former banking hall with full height glass on the Rusk Street side of the building and new windows on the Louisiana Street side. Phase One of the program was completed earlier this year that included the activation of the former Western Union building at the Northeast corner of the project that included a reception area for TC Energy as well as unique, creative office space on the 2ndfloor and a future restaurant space on the ground floor.
When the building opened 36 years ago, long before innovations like online banking existed, the building was named (1) RepublicBank Center. Then as the bank institutional tenancy evolved, the building was renamed (2) NCNB Center and (3) NationsBank Center before becoming (4) Bank of America Center and then (5) TC Energy Center.
The building sits on a block bounded by Louisiana, Capitol, Smith and Rusk streets.
The M-M Properties company or its principals have engaged in real estate investment activities on behalf of investors, partners or for its own account across a portfolio of assets that has included over 29 million SF of office projects and almost 17,000 multifamily units with a cumulative transaction volume of approximately $8.5 billion.
Dec. 11, 2020 Realty News Report Copyright 2020
Photo credit: Mabrey Campbell
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