HOUSTON-Invesco has signed a 10-year lease renewal for nearly 400,000 square feet at 11 Greenway Plaza. This deal is the largest lease renewal in the Houston region this year, according to Fort Worth-based Crescent Real Estate Holdings LLC.
Eleven Greenway Plaza is a one of 10 office buildings in Greenway Plaza, a 52-acre master-planned community along U.S. 59. In addition to office buildings, Greenway Plaza includes a luxury hotel, high-rise condominiums, an athletic/social club, retail, food court and transportation center.
“We’ve done 745,000 square feet of transactions this year in Crescent’s Greenway Plaza properties,” says Bob Boykin, vice president of Crescent. “Almost 200,000 square feet of that total is new transactions. This has been a big year for Greenway Plaza.”
Boykin represented the building owner, Crescent Crown Greenway Plaza SPV LLC, along with Warren Savery, Bubba Harkins. Invesco was represented by Mark O’Donnell, Peter Capuciati, Clark Dean and Kelly Givens of Studley CSG.
Although Invesco is headquartered in Atlanta, its Greenway Plaza office is its largest office worldwide. The company has been a tenant in the 745,946-square-foot building for more than 20 years, Boykin says, adding that the lease renewal takes effect January 2011. Nearly 60% of the 225 companies in Greenway Plaza have held leases for more than 20 years.
Boykin tells GlobeSt.com that Crescent worked with Invesco for more than six months to nail down the renewal, which includes some hefty perks. “We know they were looking at various options,” he says, adding that there are a number of buildings in the CBD that could have accommodated Invesco’s space requirements.
As part of the renewal, Crescent will help Invesco redesign and renovate a portion of its space and has pledged to redo the building’s lobby. “Invesco had grown and made some acquisitions, so they needed to restack their space and move some of their employees from one floor to another” Boykin explains, noting that Invesco currently occupies more than 20 floors in the 21-story building.
Boykin says Crescent will invest more than $1 million to update 11 Greenway Plaza’s lobby including wood wall covers, marble in elevators, new graphics and improved plantscaping. With the Invesco lease, 11 Greenway Plaza is about 88% occupied.
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