Brookfield Properties manages the iconic downtown Houston tower.
EOG Resources Inc. has extended its lease at AEW Capital Management‘s Heritage Plaza, a Class A+ office tower in downtown Houston. The oil and gas company has been at the location since 2007 and will now occupy some 375,000 square feet at the high-rise.
Brookfield Properties is the leasing manager of the 1.1 million-square-foot tower located at 1111 Bagby St. AEW is the majority owner of the asset and purchased its stake from Brookfield in 2014, for $473.3 million, according to CommercialEdge data. The 52-story building’s current roster includes high-profile tenants, such as Deloitte, Blackstone, Brighoil Petroleum USA, Kroll and Lime Rock Resources, the same data provider shows.
The previous ownership implemented an improvement and redevelopment program for the fifth tallest building in the city. As a result, the downtown Houston landmark features luxury amenities such as a 10,000-square-foot fitness center, a sky lobby with floor-to-ceiling windows and an exterior patio on the 13th floor, as well as two conference rooms. The property is equipped with a skybridge, connecting the office tower with the C. Baldwin hotel and One Allen Center.
Houston’s office market is recovering
Completed in 1986, the iconic high-rise sits in Houston’s CBD, between Houston City Hall and 1600 Smith St., another landmark property. Heritage Plaza is an energy-efficient building, with LEED ED O&M Gold and Energy Star certifications, also holding a WELL Health-Safety rating.
The state of Texas has been attracting population from the West and East coasts of the country in recent years, a trend that was only accelerated by the pandemic. Houston’s office market is also benefiting from this in-migration, according to an Avison Young market report. Earlier this month, Invesco Group Services Inc. extended its lease at Eleven Greenway Plaza, a 745,900-square-foot office tower in Houston. This year, Exxon Mobil Corp. announced it will relocate its headquarters to Greater Houston.