Cousins Properties Inks 328 KSF HQ Lease in Houston

Briarlake Plaza

Oil and gas company Apache Corp. has signed an early 328,000-square-foot lease renewal and expansion at Briarlake Plaza, Cousins Properties’ two-building office campus in Houston.

Apache Corp. plans to relocate its global headquarters at the property, where it currently occupies 210,000 square feet under an agreement that is set to expire in 2024. The new lease is set to expire in 2038.

According to the Houston Chronicle, Apache will downsize its Uptown Houston footprint, relocating from Post Oak Central, where the firm has been operating for more than 30 years. The company’s move from its former location, where it occupies approximately 525,000 square feet, will significantly reduce its Houston office footprint.

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Cousins acquired One Briarlake Plaza back in 2008, when Crescent Real Estate sold it for $129.3 million, according to CommercialEdge. The same data provider shows that the company acquired Two Briarlake Plaza in 2019, following the merge with TIER REIT, when Cousins assumed the ownership of all the firm’s existing assets across the U.S.

Adaptive leasing tactics

In a prepared statement, Apache Corp.’s SVP of Administration Mark Maddox said that the relocation will enhance the overall employee workplace experience by reducing drive times and offering access to an array of amenities.

According to a recent CommercialEdge report, Houston topped the nation for the highest office vacancy rate year-to-date as of October, among major markets.

Identified by CommercialEdge as LEED Silver certified, the two 19- and 20-story buildings total 835,510 square feet and comprise on-site dining amenities, fitness and conference centers, as well as access to various outdoor places.

Both buildings are located along the Memorial Corridor, at 2000 and 2050 West Sam Houston Parkway South, some 15 miles from downtown Houston, offering easy access to the area’s retail and dining options. Sequitur Energy Resources, Pelican Energy Partners, Atlas Oil Co. and Fieldwood Energy are among Briarlake Plaza’s tenants.