Parker Drilling Reserves 75,000 SF in Greenway

HOUSTON-Parker Drilling Co. is moving its international headquarters to 75,000 sf of the 912,011-sf Five Greenway Plaza. The long-term, class A office lease will begin in summer 2009.

The oil and gas drilling company is taking part of the space that will be vacated by WorleyParsons later this year. Parker Drilling will be moving from 1401 Enclave Pkwy., just outside Beltway 8. The move will put Parker Drilling’s new headquarters about 14 miles east of its current location and inside the Interstate 610 loop. The high rise’s quoted lease rate is $20 per sf net.

Preston Young, co-managing partner with Stream Realty Partners LP’sHouston’s office, says WorleyParson’s announced departure spurred discussions among Parker Drilling’s management for the space. “There hasn’t been any space available in this building of this size in this submarket for more than 10 years,” Young tells GlobeSt.com. “WorleyParsons’ departure is creating the first opportunity for new tenants to take advantage of it.” He says Parker Drilling’s final terms included standard concessions and a tenant-improvement allowance.