Drilling Contractors Association Leases New Headquarters in Westchase
Lockton Place
HOUSTON – The International Association of Drilling Contractors (IADC) has signed a lease for 18,920 square feet to establish its headquarters in the new eight-story Lockton Place building at 3657 Briarpark Drive in the Westchase area.
Founded in 1940, the association plans to relocate from its current offices at 10370 Richmond during the third quarter.
JLL brokers Chad Barker and Matt Sanderson represented the IADC in the transaction. JLL colleagues Russell Hodges and Bubba Hawkins represented the landlords, Triten Real Estate Partners and USAA.
Lockton Place, a Class A office building totaling 186,000 square feet, is currently 93.5 percent leased. Lockton, a global insurance firm headquartered in Kansas City, is the building’s primary tenant. The project was designed by Ziegler Cooper Architects.
The property sits east of Beltway 8 and south of Richmond Avenue within the Westchase submarket.
“IADC’s lease is a positive signal for the Westchase submarket, which has experienced significant effects from the energy sector downturn. It also highlights the ongoing ‘flight to quality’ across the city’s office market,” said Russell Hodges of JLL.
JLL research shows the submarket’s average size for new leases in 2017 was 6,946 square feet, making IADC’s nearly 19,000-square-foot commitment notably larger than the typical transaction.
