HOUSTON-EnerVest, Ltd. has inked an early lease renewal and expanded its footprint in First City Tower in downtown. The oil and gas company signed a long-term lease for 117,316 square feet, an increase of 36,721 square feet.
EnerVest has been a tenant in First City Tower since the early 1990s. The company started out with just 5,000 square feet, according to Chip Colvill of Colvill Office Properties. He and Michael Anderson represented the landlord, FC Tower Property Partners LP, an affiliate of JMB Realty of Chicago, in lease negotiations. EnerVest was represented by Tim Relyea of Cushman & Wakefield of Texas Inc.’s Houston office.
“EnerVest is just a great story of a growing company and another example of the growth we’ve seen in the energy sector,” Colvill says, adding that the company currently occupies space on the 4th, 8th and 9th floors. When it moves into its expanded space later this year, it will grow to the 10th, 11th and 12th floors.
“First City Tower’s core location downtown and its full array of amenities make it our first choice for a headquarters,” says John B. Walker, EnerVest president and chief operating officer. The company, which currently operates more than 18,000 wells in 12 states, plans to close its $1.5 billion EnerVest Energy Institutional Fund XII LP this fall. The fund will be the company’s largest institutional equity fund in its 18-year history.
“EnerVest has been tight on space for a while, so they’re anxious to get into the new space,” Colvill tells GlobeSt.com. Although he’s not sure how many other buildings EnerVest considered, he notes the company made it clear it didn’t want to move if its space needs could be accommodated in First City Tower.
With the EnerVest expansion, First City Tower is 95% leased. The company is the third largest tenant in the 1.3 million-square-foot, 49-story office building. Law firm Vinson & Elkins and Waste Management are the first and second largest tenants in the class A building, respectively.
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