HOUSTON-Oasis Petroleum has signed a seven-year lease for 26,816 square feet in First City Tower. The local company, which focuses on the acquisition and development of unconventional oil and natural gas resources, is expanding by 13,290 square feet and relocating its headquarters from the second floor to the 15th floor of the 49-story building.
Oasis Petroleum has been a tenant in the 1.3-million-square-foot tower since 2007, according to Michael Anderson with Colvill Office Properties. He and Chip Colvill represented the building owner, FC Tower Property Partners LP, an affiliate of JMB Realty of Chicago, in lease negotiations. Chad Beck of Jones Lang LaSalle’s local office represented Oasis Petroleum.
Anderson tells GlobeSt. that Oasis Petroleum recently had an initial public offering and needs additional space to accommodate its future growth. Although the company did consider other downtown buildings, the building owner was able to terminate Oasis Petroleum’s lease early – it had about 18 months left on its initial term – and offer a new lease.
Oasis Petroleum will move into its new space in October, Anderson says. It will occupy the entire floor. The previous 15th floor tenant had closed its office, and FC Tower Partners terminated that lease to make the space available for Oasis Petroleum. The space had been “highly improved,” Anderson says, so Oasis Petroleum doesn’t have to make many changes.
With the expanded Oasis Petroleum lease, First City Tower is 94% leased. Located at 1001 Fannin St. in downtown, it was the first office building in Texas to achieve LEED-EB (Leadership in Energy and Environmental Design-Existing Buildings) Gold certification from the U.S. Green Building Council. The property includes the 1,348-car First City Tower parking garage and a retail concourse on the downtown tunnel system.
Other major tenants include Waste Management, Vinson & Elkins, EnerVest Management Partners, Liskow & Lewis, Black Stone Minerals Company, RBC Wealth Management, Raymond James & Associates, Morris Architects, Whitney Bank and the Houston Bar Association.
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