HOUSTON – (Realty News Report) — Lime Rock Management, an energy-focused private equity firm, has renewed its lease in the 52-story Heritage Plaza, a landmark skyscraper in downtown Houston.
A centerpiece for promotional photos of the downtown skyline, Heritage Plaza features a distinctive stepped top which was inspired by Mayan temples. M. Nasr & Partners was the architect.
Under the terms of the agreement, Lime Rock Management will lease approximately 57,000 SF of office space in Heritage Plaza, which is owned by Brookfield Properties, which owns a number of towers in downtown Houston.
Lime Rock Management was represented in lease negotiations by Kevin Kushner and William Padon of CBRE. Brookfield Properties was represented internally by Tyler Merritt and William Holliday.
In 2021, Brookfield Properties completed extensive renovations of Heritage Plaza, 1111 Bagby.
“We have spent the last five years transforming our Houston assets into best-in-class work environments that offer engaging amenities and useful retail destinations. We continue to see results across each building that prove Brookfield Properties is meeting the needs of current and future tenants,” said Travis Overall, Executive Vice President and Head of the Texas Region for Brookfield Properties.
Heritage Plaza was completed in 1987 at the tail-end of a Houston construction surge that began around 1980. (A broader view of Houston’s construction boom of the 1980s is detailed in Houston 2020: America’s Boom Town, a book by Ralph Bivins.)
Houston’s office inventory of the 1980s has been aging and slipping in its ability to compete against new downtown office towers by Hines and Skanska which have modern-market design and amenities. So in recent years owners of Houston’s downtown office towers have been undertaking significant renovations of their properties. Brookfield Properties, owner of the Houston Center and Allen Center office parks in downtown, have been a leader in the renovation trend.
The office building renovations also encourage employees to be more receptive to employers’ requests for them to return to the office, instead of working from home.
“We believe that providing a first-class experience for employees is key to our people-centered strategies and are very pleased with the upgrades and amenities offered at Heritage Plaza,” said Townes Pressler, Chief Financial Officer of Lime Rock Resources. “The landmark building, location, and offerings provide a high-quality work-life experience that keeps our team motivated and collaborative.”
Aug. 1, 2023 Realty News Report Copyright 2023
THE RALPH BIVINS PROJECT PODCAST
LISTEN: THE RALPH BIVINS PROJECT podcast with Edward Griffin of Griffin Partners
LISTEN: THE RALPH BIVINS PROJECT podcast with Bill Odle of TBG Partners
LISTEN: THE RALPH BIVINS PROJECT podcast with Cathy Treviño, chair of HAR
LISTEN: THE RALPH BIVINS PROJECT podcast with Rusty Tamlyn of JLL Capital Markets
LISTEN: THE RALPH BIVINS PROJECT podcast with Carlos Bujosa of Transwestern
LISTEN: THE RALPH BIVINS PROJECT podcast with Mike Spears of Lee & Associates Houston
File: Lease Signed at Landmark Skyscraper
Photo: Skyworks Photography Courtesy Brookfield Properties