HOUSTON-Long-term tenant Bechtel has reupped yet again at the Lakes on Post Oak, signing a renewal for 565,916 square feet. As part of the agreement, landlords Crocker Partners and File Mile Capital will make common area improvements to 3000 Post Oak, one of the three buildings making up the 1.2-million-square-foot office complex in the Galleria submarket.
Also on tap is a new parking garage. Ziegler Cooper is providing architectural services and Balfour Beatty will construct the new parking garage.
According to CBRE's Cody Armbrister, who represented the seller with colleague Rima Shpolyansky, Bechtel – through previous entities, mergers, acquisitions and spinoffs -- has been at Lakes on Post Oak since it was completed in 1979. He tells GlobeSt.com that the most recent deal signed by the San Francisco-headquartered company is a long-term agreement.
In addition to 3000 Post Oak, Lakes on Post Oak consists of the 22-story 3040 Post Oak Blvd. and the 17-story 3050 Post Oak Blvd. The office complex, located on a 23-acre stretch, is 93% occupied.
Just because Bechtel was a long-term tenant didn't mean the deal was a slam-dunk, however. According to tenant representative Derrell Curry with Studley Inc. Bechtel had "multiple options in the market." Still, he notes that the landlord worked hard to keep the company at Lakes on Post Oak. “An aggressive offer from Crocker coupled with the abundant amenities of the Galleria, made remaining at the Lakes on Post Oak the most attractive and logical choice for Bechtel,” sais Curry, who worked with Mark O'Donnell of Studley on behalf of the tenant.
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