THE WOODLANDS – (Realty News Report) – Western Midstream Partners has leased 133,948 square feet — the top five floors of 9950 Woodloch Forest Drive, a flagship office building in The Woodlands that previously housed Occidental Petroleum and Anadarko Petroleum.
The 31-story tower is one of two premier Class AAA office buildings recently rebranded as The Woodlands Towers at The Waterway.
As part of a $565 million transaction, The Howard Hughes Corporation acquired the two towers, formerly headquarters for Anadarko Petroleum Corp., totaling approximately 1.4 million square feet of office space from Occidental Petroleum in late 2019.
With Western Midstream’s new lease, 9950 Woodloch Forest Drive is now 35 percent leased.
Robert S. Parsley, Norman V. Munoz and Jillian Fredericks of Colliers International represented The Howard Hughes Corporation in the lease negotiations.
James P. Bailey, Jr., Chad Beck and Rich Claussen of Cushman & Wakefield represented Western Midstream Partners, LP.
“We are pleased to have signed a new lease with The Howard Hughes Corporation and to retain our corporate office in The Woodlands Towers. This provides us with compelling economics, flexibility, and stability for our employees and avoids unnecessary relocation costs,” said Craig Collins, Senior Vice President and Chief Operating Officer of Western Midstream.
Howard Hughes Corp., the developer of The Woodlands, plans to relocate its corporate headquarters from Dallas to the 9950 Woodloch Tower later this year.
The other former Anadarko office building, a 32-story tower at 1201 Lake Robbins Drive totaling 808,000 square feet, is leased to Occidental on a 13-year term.
Western Midstream acquires, owns, develops and operates midstream energy assets. The expected move-in date for Western Midstream to The Woodlands Towers at The Waterway, which offers frontage along Interstate 45, was anticipated for November 2020, with temporary space provided beginning in April 2020.
The Woodlands is a 28,000-acre master-planned community located roughly 27 miles north of downtown Houston.
March 19, 2020 Realty News Report Copyright 2020
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