HOUSTON – (Realty News Report) – Gulf South Pipeline has signed a long-term lease extension for its 98,616-square-foot headquarters at Greenway Plaza, located inside Houston’s Inner Loop near Buffalo Speedway.
Gulf South Pipeline, which transports natural gas from major shale formations, occupies space in Nine Greenway Plaza, a 31-story tower totaling 746,824 square feet.
The lease extension comes as Houston’s office market faces a soft patch, with vacancy rates hovering around 25 percent. Most market observers expect vacancies to rise further as corporate leasing activity remained muted in 2022. More than 60 million square feet of office space is currently available across the Houston area.
“Given the breadth of Class A offerings in Houston, it’s both encouraging and rewarding that a blue-chip tenant like Gulf South chose to extend its lease at Greenway Plaza,” said Eric Siegrist, Managing Director of Leasing for Greenway at Parkway Property Investments. “This decision underscores the property’s exceptional location and the lifestyle and productivity amenities that make the campus a leading business community in the Sunbelt region.”
Greenway Plaza spans 52 acres and includes 11 office buildings with roughly 5 million square feet of space. The complex was originally developed in the 1970s by Kenneth Schnitzer’s Century Development. The upscale River Oaks neighborhood borders Greenway Plaza to the north, with West University Place to the south.
Gulf South was represented in the transaction by Vice Chairman Christopher Oliver and Executive Managing Director David Guion of Cushman & Wakefield of Texas, Inc.
Parkway’s negotiating team included Senior Director of Leasing J.P. Hutcheson and Director of Leasing Rima Soroka, representing the Orlando-based owner.
Gulf South Pipeline moves natural gas directly from key shale plays including Barnett, Eagle Ford, Haynesville, SCOOP/STACK, and Woodford, and indirectly from other basins through third-party pipelines and the Perryville Exchange. The company delivers gas to both on-system and off-system markets along the Gulf Coast and to off-system markets across the South Central, Midwestern, and Southeastern United States.
In June 2020, Occidental Petroleum, a Houston-based company, extended its 972,145-square-foot lease covering the Five and Three Greenway Plaza buildings through 2031. Occidental has been a Greenway Plaza tenant since 1987; those buildings sit near the Southwest Freeway.
Feb. 8, 2022 Realty News Report. Copyright 2022.
File: Pipeline Firm Leases Space in Houston Tower
Image: Parkway Property Investments
File: (2) Greenway Plaza. Gulf South Pipeline Firm Leases Space in Houston Tower