The client is an independent oil and gas company focused on offshore exploration and production and headquartered in Houston, Texas. Since its formation in 2012, the client has occupied various spaces within Brookfield’s Allen Center complex in Downtown Houston.
Fueled by growth from a key acquisition and its IPO, the client needed a space solution which provided immediate operational efficiency along with long term expansion options. Due to limited space availability in its current location, achieving this would require the company to relocate from its current premises, despite significant term remaining on its lease at One Allen Center.
• Team assembly including architect, contractors, specialty vendors and legal counsel
• Created competition among landlords in the market, including Brookfield
• Site search and evaluation of all relocation options
• Space planning and design
• Construction and relocation cost estimates
• Business terms and lease document negotiations
• Construction management
• Move coordination
The client relocated to four (4) floors at Three Allen Center under a long term lease at the landlord’s economic “point of indifference". Total lease concessions were more than $20 million including allowances, rent forgiveness and other concessions. The construction process was meticulously managed and completed within budget and schedule, and employees were relocated to the new space with flawless execution. Key lease provisions were also secured, including termination rights, expansion and extension options, which will provide the client with long term flexibility as its growth plans materialize in the future.