HOUSTON – (Realty News Report) – Cadence Bank is relocating from Williams Tower to Park Towers on the West Loop, signing a long-term lease for 82,215 square feet, Transwestern announced.
Park Towers, situated near Memorial Park, was among the earliest significant office developments along Loop 610 in the area that evolved into the Galleria and Uptown districts. The campus consists of two 18-story office towers, each with approximately 273,000 rentable square feet, bringing the combined rentable area to about 545,000 square feet.
A major $16 million renovation of the Park Towers complex, designed by Ziegler Cooper Architects, was completed in recent years, modernizing building systems and common areas and enhancing the tenant amenity package.
Transwestern Real Estate Services represented the landlord, Regent Properties, in the transaction. The Transwestern leasing team included Managing Director Doug Little, Executive Vice President David Baker, Vice President Kelli Gault and Associate Jack Scharnberg. CBRE brokers Weldon Martin and Jon Lee represented Cadence Bank in the lease negotiations.
Cadence Bancorporation, the bank’s holding company, will also relocate its headquarters from Williams Tower — the 64-story Galleria landmark often still referred to by locals as Transco Tower — to the new Park Towers space. The move consolidates Cadence’s office operations in a refreshed, amenity-rich campus on the West Loop.
Paul B. Murphy Jr., Chairman and CEO of Cadence Bancorporation, described the relocation as a strategic decision to support a more flexible, collaborative workplace. “Our strategic decision to move to Park Towers offers us enhanced efficiencies, more opportunities for collaboration, greater visibility and cost savings,” Murphy said. “We’ll embrace a more dynamic and agile office, giving our associates more flexibility in how they work and fostering teamwork with more collaborative spaces, both formal and informal. The new space will be much more reflective of our culture at Cadence.”
Regent Properties emphasized tenant experience and upgraded amenities as core priorities for Park Towers. “Our focus at Regent Properties and specifically at Park Towers is always on delivering best-in-class amenities coupled with a tenant experience that employees value,” said Matthew Benbassat, Chief Operating Officer at Regent Properties.
The lease comes during a period of softness in the Houston office market. Vacancy rates in the region rose sharply following the pandemic and a downturn in the energy sector, prompting landlords and tenants alike to reconsider space needs, amenity offerings and lease structures.
This long-term commitment by Cadence to Park Towers represents a notable corporate relocation within Houston’s major office submarkets, highlighting demand for modernized space and workplaces designed to support hybrid and collaborative workstyles.
Dec. 17, 2020 Realty News Report Copyright 2020
File: Cadence Bank Leaving Williams Tower