HOUSTON-Two oil and gas firms, BreitBurn Energy and Fairways Exploration and Production, have signed renewal and expansion leases for 42,136 square feet and 39,586 square feet, respectively.
Both companies are involved in oil and gas exploration and production, according to Newmark Knight Frank Managing Principal Harry Holmes II. He represented both BreitBurn Energy and Fairways in lease negotiations.
“Both companies are expanding because they have successful exploration and drilling programs,” Holmes tells GlobeSt.com. “Credit tenants like these two companies deserve a lot of attention from landlords. Landlords really want to keep tenants like BreitBurn Energy and Fairways.”
BreitBurn Energy doubled its footprint at JP Morgan Chase Tower in downtown Houston. The firm now occupies floors five and 48 of the 75-story, class A building, which is located at 600 Travis St.
Holmes says BreitBurn Energy looked at a half a dozen other buildings in downtown before deciding to renew its lease at Chase Tower. “The company likes the building, as well as the owner and manager, Hines,” he says.
Allison Knight and Chrissy Wilson represented Hines in lease negotiations.
Similarly, Fairways Exploration and Production also doubled its footprint, but in a different building. The company, which now occupies two floors in Granite Tower @ 290, is the largest tenant in the 245,206-square-foot, class A office building
Holmes says Fairways evaluated the market for six months and narrowed down its options to four buildings in the Northwest submarket including its current home, which is located at 13430 Northwest Freeway.
Holmes notes that the decision to stay was not only based on the value of the space, but also the needs of the employees and the long standing relationship with the building owner, Granite Properties. Sandy Berak represented Granite Properties internally in lease negotiations with Fairways.
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