HOUSTON – (Realty News Report) – Gulf South Pipeline signed a long-term lease extension of its 98,616-SF headquarters office at Greenway Plaza, which is located in Houston’s Inner Loop near Buffalo Speedway.
Gulf South Pipeline, which transports natural gas from major shale fields, is located in Nine Greenway Plaza, a 31-story tower with 746,824 SF.
The lease extension comes as the Houston office market has been in soft patch with the vacancy rate around 25 percent. Most office market experts forecast vacancy to edge upward in 2022 as corporate office leasing remains muted. Over 60 million SF of office space remains available in the Houston area.
“Given the breadth of Class A offerings in Houston, it’s both encouraging and rewarding that a blue-chip tenant like Gulf South chose to extend its lease at Greenway Plaza,” said Eric Siegrist, Managing Director of Leasing over Greenway for Parkway Property Investments. “We feel it’s a testament to an unrivaled location and access to lifestyle and productivity enhancements that make this campus a preeminent business community in the Sunbelt region.”
The 52-acre Greenway Plaza, which has 11 office buildings with a total of 5 million SF, was originally developed by Kenneth Schnitzer’s Century Development in the 1970s. The upscale River Oaks community is north of Greenway Plaza and West University Place lies to the south.
Gulf South was represented by Vice Chairman Christopher Oliver and Executive Managing Director David Guion of Cushman & Wakefield of Texas, Inc.
Senior Director of Leasing J.P. Hutcheson and Director of Leasing Rima Soroka negotiated on behalf of Orlando-based Parkway.
Gulf South transports natural gas directly from the Barnett, Eagle Ford, Haynesville, SCOOP/STACK, and Woodford shale plays, and indirectly from other basins via third-party pipelines and the Perryville Exchange. Deliveries are transported to both on-system and off-system markets in the Gulf Coast area, as well as to off-system markets in the South Central, Midwestern, and Southeastern United States.
In June of 2020, Occidental Petroleum, a Houston-based firm, extended its 972,145-SF lease at the Five and Three Greenway Plaza buildings until 2031. Since 1987, Occidental has been a tenant in Greenway Plaza, which is near the Southwest Freeway.
Feb. 8, 2022 Realty News Report Copyright 2022.
File: Pipeline Firm Leases Space in Houston Tower
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File: (2) Greenway Plaza. Gulf South Pipeline Firm Leases Space in Houston Tower