HOUSTON – (Realty News Report) – CBRE has arranged two leases totaling more than 14,000 square feet at 1000 Louisiana, the 71-story skyscraper in downtown Houston.
DLR Group, a multidisciplinary design firm offering architecture, engineering, planning and interior design services, signed for 9,014 square feet. BVA Group, a firm specializing in litigation, valuation and financial advisory services, is relocating within the same building and extending its lease for 5,467 square feet of office space.
CBRE’s Marilyn Guion and Warren Savery serve as the exclusive leasing agents for 1000 Louisiana.
“We have continued to see solid leasing activity at 1000 Louisiana that aligns with broader market trends. A major factor is the landlord’s ongoing investment in building amenities and tenant services,” Guion said. “When Adair Downtown opened in January, it quickly proved to be a standout amenity. In the current environment it exceeded expectations by remaining open and offering both to-go and in-person dining, demonstrating a real commitment to tenants.”
DLR Group was represented in the transaction by Charles Daggett, Drew Morris and Lizzie Prochazka of Savills. BVA Group was represented by Bryant Lach of JLL.
Opened in 1983, the 1.7 million-square-foot tower—formerly known as Wells Fargo Plaza—is one of the largest office buildings in the region. Developed by Houston-based Century Development under the leadership of Kenneth Schnitzer and Richard Everett, the building was designed by Richard Keating, formerly a partner at Skidmore, Owings & Merrill.
At 71 stories, 1000 Louisiana is among the tallest towers in the southwestern United States and is the second-tallest building in Houston, behind the 75-story JPMorgan Chase tower. Over the years the building has operated under several names, including Allied Bank Plaza and First Interstate Bank Plaza, before becoming Wells Fargo Plaza.
In 2011 Metropolitan Life Insurance Co. sold a 50 percent interest in the downtown building to the New York State Common Retirement Fund.
Houston’s office market has faced rising vacancy rates in recent years, influenced by the COVID-19 pandemic and pressures in the energy sector. A CBRE survey of 32 companies across 18 countries found that while remote work will change office utilization, it does not spell the end of the office. Instead, it signals an evolution in how office space is used.
“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 renewed emphasis on workplace experience and thoughtful design, the office remains an important destination for companies and employees.”
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