Apache Signs 524,000-SF Lease for Uptown Houston Office Tower
Post Oak Central
HOUSTON – (Realty News Report) – Apache Corporation has signed a 60-month extension to its 524,342-square-foot lease at Post Oak Central, the Uptown Houston office complex that has housed the company’s headquarters for years.
The new lease term now runs through December 31, 2024, securing Apache’s presence at the campus for nearly seven more years.
Apache’s long-term headquarters plans have been uncertain at times. In 2012 the Houston-based energy company purchased 6.4 acres on Post Oak Boulevard adjacent to BLVD Place, and it filed a permit for a proposed 34-story tower. Those plans never moved forward amid industry challenges, and the parcel just south of San Felipe Road remains undeveloped.
For this renewal and extension, Apache was represented by Tim Relyea and Scott Wegmann of Cushman & Wakefield. Parkway Property Investments was represented by Eric Siegrist and Amanda Nebel.
“This extension anchors Apache at Post Oak Central for nearly seven years, enhancing the campus’ stability for the foreseeable future and validating the capital investment made to improve the user experience in and around the campus,” said James R. Heistand, president and CEO of Parkway, which is owned by a Canadian pension fund.
Apache has recently made headlines for its major energy discovery in West Texas known as Alpine High. The company’s lease renewal—one of several extensions it has executed—represents one of the larger office transactions in Houston in recent years.
Post Oak Central itself recently changed hands when the Canada Pension Plan Investment Board acquired Parkway Inc. in a transaction valued at $1.2 billion that closed last October. Parkway manages roughly 8.7 million square feet of Houston office space, including Post Oak Central as well as Greenway Plaza, San Felipe Plaza and CityWest Place.
Located just north of the Galleria, Post Oak Central comprises three office towers totaling about 1.2 million square feet on a 17-acre site along the west side of Post Oak Boulevard.
