HOUSTON-After more than two years of consideration, Fulbright & Jaworski LLP has agreed to remain in Fulbright Tower in the Central Business District until 2024. The law firm, which is the second largest in the city, signed a 10-year lease renewal for 299,676 square feet of class A office space.
Completed in 1982, Fulbright Tower occupies a full city block within Houston Center, a 4.2 million-square-foot class A office complex with four office towers. Fulbright moved to the 52-story building in 1986. With the Fulbright lease renewal, Houston Center is currently 91% leased.
Fulbright was one of the first large law firms to see the enormous potential of Houston Center and the developing east side of downtown Houston, according to Debbie Wilson of Crescent’s vice president of leasing for Houston Center. “It was uncommon 25 years ago to move east of Main Street, even only four blocks,” she notes.
Wilson and Bob Boykin of Crescent represented the owner, Crescent 1301 McKinney LP. Jim Bailey and Tim Relyea of Cushman & Wakefield of Texas Inc.’s local office represented Fulbright & Jaworski.
Bailey tells GlobeSt.com that Fulbright’s space, although beautiful, was no longer efficient for today's law firm metrics. The firm’s lease did not expire for several years, but it began internal discussions as early as 2008 and dialogue with Crescent on a lease restructure and extension intensified early last year.
“Fulbright considered several options, but enjoyed the location and its relationship with Crescent has been positive,” Bailey says. “Ultimately we were able to negotiate a lease that will provide Fulbright immediate savings and the necessary funds to create new premises that are not only 15 to 20% more efficient, but technologically advanced.”
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