HOUSTON-Black Stone Minerals has decided to keep its headquarters in First City Tower, a 1.3 million-square-foot, class A building located at 1001 Fannin St.
The company, which is one of the largest fee mineral and royalty owners in the US, signed a six-year lease for 55,082 square feet including 13,119 square feet of expansion space. The renewal and expansion brings the 49-story First City Tower to 95% occupancy, according to Chip Colvill of Colvill Office Properties.
Colvill and Michael Anderson, also with Colvill Office Properties, represented the landlord, FC Tower Property Partners LP, an affiliate of Chicago-based JMB Realty. Trey Strake of Cushman & Wakefield of Texas Inc.’s local office represented Black Stone Minerals.
Colvill tells GlobeSt.com that Black Stone Minerals is just one of several oil and gas-related companies that have leased space in First City Tower in 2010. Earlier this year, EnerVest Ltd. expanded its footprint in the building, signing a long-term lease for 117,316 square feet. The oil and gas company took an additional 36,721 square feet.
Like Enervest, Black Stone Minerals has been a tenant in First City Tower since the early 1990s. The company was running out of space and its lease was also expiring next year, Colvill says, adding that negotiations began about six months ago.
“They’re really excited to have some elbow room,” Colvill tells GlobeSt.com. “They’ve been very successful in some of the oil and gas plays they’ve acquired, and they’re growing and hiring more people.”
Black Stone Minerals will move into its expansion space in January 2011. It will occupy space on the 20th and 21st floors.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
