Colliers Expands Lease at Park Towers, Market briefs

In Houston, Colliers, a commercial real estate services firm, has signed a long-term renewal and expansion of its offices in the Park Towers along Loop 610 in the Uptown Houston area.

Colliers leased 36,954 SF in the Park Towers, a Class A office property located at 1233 W. Loop South.

The landlord, Regent Properties, was represented by Transwestern Real Estate Services’ Transwestern Managing Director Doug Little, Executive Vice President David Baker, Vice President Kelli Gault and Associate Jack Scharnberg.

Park Towers is a 552,782-SF office property and consists of two 18-story buildings.

“Park Towers’ amenitized campus and its premier location within the highly sought-after Uptown submarket offers a strong opportunity for tenants who want to provide their employees with a best-in-class work environment,” said Little of Transwestern. “The property’s location, efficient floorplates, building signage and visibility were determinants in the tenant’s decision to renew and expand their lease.”

Colliers was represented by Jay Kyle, executive director and principal with Colliers, which has been located in the building for eight years.

“We chose Park Towers in 2013 because of its ease of access, efficiency, consistency with our brand and our excellent relationship with the landlord at the time,” said Pat Duffy, President of Colliers Houston. “Regent has proven to be an excellent successor landlord who understands the needs of Class A office users and was great to work with. We are very excited to continue our growth at Park Towers.”

In addition to Colliers, the Transwestern leasing team recently completed 44,000 SF of leases at Park Towers for Woodforest Bank, Clarkson Platou Shipping Services, iHeart Media and Ortec Consulting.

The Park Towers campus is in close proximity to the Uptown Park shopping center and Memorial Park.. Recently, Regent Properties finalized a deal with Starbucks Coffee to develop a drive-thru location on the corner of Post Oak Boulevard and Post Oak Park Drive.

“Our vision for Park Towers is to provide the Regent experience of enhanced first-class amenities paired with a Class A project and we are excited Colliers has recognized these offerings with their renewal and expansion,” said Matthew Benbassat, Chief Operating Officer of Regent Properties.

The Park Towers were constructed in the early 1970s, one of the first major office developments along Loop 610 in what eventually became known as the “Galleria Area” and then “Uptown.”

In 2016, a $16 million development of the project was reported for Park Towers.