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Galleria Tenant Works Out 10-Year Expansion Lease

HOUSTON-Pride International Inc. decides to stay put in San Felipe Plaza, swapping several subleases on the verge of expiring for a direct pact that includes a 14,000-sf headquarters expansion for an all-in total of 83,000 sf of class A space.

By Jennifer D. Duell | Updated on May 16, 2005

HOUSTON-Pride International Inc. has signed a 10-year, direct lease for 83,000 sf of headquarters space in San Felipe Plaza, where it previously occupied 58,000 sf in several subleases and 11,000 sf on a direct basis. The drilling company’s subleases are set to expire.

“Pride wanted to stay in a class A building and wanted contiguous space,” says Charles G. Fertitta Jr., senior vice president of the locally based Moody Rambin Interests Inc. “They are growing and wanted to reformulate their space.” He represented Pride International in the negotiations while Chicago-based Equity Office Properties had managing director of leasing, Steve Crawford, structure its terms for the 21-year-old high-rise at 5857 San Felipe St. in the Galleria.

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