Energy Provider Inks 62 KSF HQ Lease in Houston
The company downsized its office space by more than half.
Image courtesy of Yardi Matrix
Energy services company TETRA Technologies Inc. has signed a 61,975-square-foot headquarters lease at Spear Street Capital’s 10000 Energy Drive, an office campus in Spring, Texas.
Newmark brokered the deal on behalf of the ownership, while Flatrock Commercial Real Estate Group represented the tenant in the transaction. The deal ranks among this year’s largest new office leases in the city.
TETRA Technologies is relocating from its current headquarters at 24955 Interstate 45 North, where it occupied the entire 152,933-square-foot building, according to Yardi Matrix information.
October saw Houston’s office average listing rates clock in at $27.49 per square foot, down 9.0 percent year-over-year and lower than the $32.81 national average, according to the latest Yardi Matrix office report. Meanwhile, vacancy rates in the city dropped to 20.2 percent during the same month, reflecting a significant 420-basis-point change over a 12-month period.
A LEED Platinum-certified campus
The campus has been under Spear Street Capital’s ownership since 2019, when the company purchased the asset from Southwestern Energy, with the help of a $144.6 million acquisition loan issued by Blackstone Group, Yardi Matrix shows.
The 563,716-square-foot property came online in 2014, on a 13-acre site. Comprising two 10-story buildings, the LEED Platinum-certified campus features 40,000 square feet of indoor and outdoor conference space, a fitness center and a 1.1-mile nature path. These features align with current green building trends across the U.S., which are now able to quantify climate pledges into verifiable performances. TETRA Technologies will join Expand Energy in the tenant roster—which occupies the entire 272,967-square-foot North Tower.
Located just off Interstate 45 North, the campus is 28 miles south of downtown Houston. George Bush Intercontinental Airport is 17 miles away.
Newmark Executive Managing Director David Baker, Managing Director Elliott Hirshfeld and Director Kristen Baker served as exclusive leasing agents, representing Spear Street Capital in the deal. Flatrock Commercial Real Estate Group Principal Caleb Lawson worked on behalf of TETRA Technologies.
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