Wood Group Renews 226 KSF Office Lease in Houston

Cushman & Wakefield arranged the deal. The engineering firm will continue to occupy the entire Class A building.

Westgate III

Westgate III. Image courtesy of Cushman & Wakefield

Wood Group USA has signed a 226,287-square-foot lease renewal at Westgate III, an office property in Houston’s Energy Corridor. The global engineering firm will continue to occupy the full building, owned by Griffin Realty Trust, for the next decade.

According to CommercialEdge data, Wood Group USA began leasing the property in mid-2015 as its U.S. headquarters.

The four-story Class A office property is situated at 17325 Park Row on 5.9 acres, in proximity to Interstate 10, which provides access to the Greater Houston area. Completed in 2014, the LEED Gold certified building is part of Park Ten Business Center, a 550-acre business park that features 958 parking spots, according to the same data provider.

Cushman & Wakefield’s Chip Colvill and Cameron Colvill—now with Whitebox Real Estate—arranged the deal on behalf of the landlord. Representing Wood Group USA was Kevin Snodgrass, Trey Strake and Megan Madorsky, also with Cushman & Wakefield.

Houston has the highest office vacancy rate across all major U.S. markets in the nation this year, standing at 25 percent, a recent CommercialEdge report showed. The area also had among the three lowest sales prices, coming in at $160 per square foot.

Despite high vacancy rates and low selling prices, the area is still seeing a high volume of transactions in both leases and deals. Recently, Cousin Properties signed a 328,000-square-foot renewal to relocate its global headquarters to Briarlake Plaza in Houston.

You May Also Like