HOUSTON – (Realty News Report) – Coterra Energy Inc. has leased 122,000 square feet in Three Memorial City Plaza, a building currently undergoing a $20 million renovation.
New Headquarters for Coterra Energy
Cabot Oil & Gas, which had been a tenant at Three Memorial City Plaza since 2008, merged with Denver-based Cimarex Energy in October 2021 to form Coterra Energy Inc. Following the merger, Coterra began consolidating operations and relocating employees to Houston, including personnel moved from other offices and new hires from the local market across all corporate functions. The company’s new headquarters will occupy six floors of Three Memorial City Plaza.
The lease transaction was handled by Brad MacDougall and Warren Alexander on behalf of landlord MetroNational. Jim Bailey of Cushman & Wakefield, Inc. and Lucian Bukowski of CBRE represented Coterra Energy Inc.
“We could not be more thrilled that our dramatic renovation comes at an opportune time for Coterra Energy to attract new talent from outside the state as it builds an expanded team and relocates its Denver office to the new headquarters,” said Brad MacDougall, Director of Office Leasing at MetroNational.
Three Memorial City Plaza is situated near Bunker Hill Road and Interstate 10, also known as the Katy Freeway, which serves as the backbone of Houston’s Energy Corridor — a prominent office submarket with a global reputation.
“This is an opportunity for Coterra Energy to relaunch our company with a newly visioned workspace for our Houston headquarters,” said Chris Clason, Senior Vice President and Chief Human Resources Officer of Coterra Energy Inc. “We could have moved anywhere in Houston, but our employees love this location and are excited about the plans for the reimagined complex and Coterra offices.”
Major Renovation at Memorial City
MetroNational recently announced a major renovation of the nearly 1 million square foot Memorial City Plazas office complex, which includes One Memorial City Plaza, the 12-story tower at 800 Gessner; Two Memorial City Plaza, the 18-story tower at 820 Gessner; and Three Memorial City Plaza, the 14-story tower at 840 Gessner. Originally developed by MetroNational in the 1980s and 1990s as Class A office towers, the complex is being repositioned with a range of upgraded amenities and modernized spaces.
“This redevelopment signifies our company’s ongoing commitment to invest in and redevelop Memorial City for the long term,” said Jason Johnson, President of MetroNational. “This is going to be a year of vibrant transformation and innovation across our entire portfolio, and reimagining the workspace experience at Memorial City Plazas is just the first step.”
Planned new amenities include a central meetings hub and networking spaces called The Porch, a covered outdoor dining patio with open greenspaces designed for regular food truck activations and events, and an indoor specialty coffee shop. These additions aim to enhance tenant experience, foster collaboration, and create a campus-like atmosphere.
Construction is underway, with renovations across all three towers scheduled for completion in the fourth quarter of 2022. Ziegler Cooper is the architect of record for both interior and exterior work, and Design Workshop serves as the landscape architect.
MetroNational reports roughly 90 percent occupancy across its 3.2 million square foot office portfolio. In the first quarter of 2022, the company leased 280,000 square feet of office space, reflecting continued demand in its holdings.
In 2014, during a period of strong energy prices, MetroNational announced two additional office buildings in west Houston’s Memorial City project to house the U.S. headquarters of Air Liquide, the French industrial gas manufacturer. Those two buildings together total about 600,000 square feet and are located at 9811 and 9807 Katy Freeway (Interstate 10).
Feb. 3, 2022 Realty News Report. Copyright 2022.
Image: Courtesy MetroNational
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File: Energy Firm Leases Space in Memorial City
File: MetroNational. Energy Firm Leases Space in Three Memorial City Plaza. CBRE. Lucian Bukowski. Jim Bailey of Cushman & Wakefield.