Energy Corridor: DNV Leases Space

In Houston, Transwestern Real Estate Services reported DNV, USA signed a new 62,779-SF lease at The Offices at Greenhouse, a 208,809-SF Class A office building located at 19219 Katy Freeway in the Energy Corridor.

Transwestern’s Doug Little, Jack Scharnberg and Kelli Gault represented the landlord, Capital Commercial Investments, Inc. in the transaction.

DNV, a leading maritime assurance and risk management firm, is relocating from 1400 Ravello Dr. to accommodate its operational needs. Collin Grimes of JLL represented the tenant in negotiations.

“This lease demonstrates the appeal of our thoughtfully curated spaces, designed to support dynamic and forward-thinking companies,” said Rob Evans, Executive Vice President of Asset Management at Capital Commercial Investments.

Last year, Capital Commercial Investments purchased the building for $17.6 million with plans to enhance sustainability and the tenant experience. Work in progress includes adding EV charging stations to accommodate the growing number of electric vehicles, upgrading the outdoor patio area with shade structures and misters to create a more comfortable and inviting space for tenants to enjoy, and adding a fitness center to promote wellness and convenience for the building’s occupants

This lease brings occupancy at The Offices at Greenhouse to 74%, leaving 52,334 SF of office space available, including a 43,000-SF full-floor suite. As stated by Transwestern Research, the Katy Freeway/Energy Corridor submarket is one of Houston’s top-performing areas, with strong leasing activity and a 12.9% vacancy rate—well below the citywide average of 20.8%.

The Energy Corridor, located on the west side of Houston along Interstate 10, is home to hundreds of energy-related firms. The Energy Corridor brand is recognized around the globe.

The Offices at Greenhouse building, which was completed in 2014, was developed by Stream Realty Partners in partnership with J.P. Morgan Asset Management, on behalf the institutional investors it advises, and Wile Interests of Houston. The project was conceived as part of a 12-acre multi-use project located at the southeast corner of the Katy Freeway and Greenhouse Road.