WorleyParsons Takes Down 246,000 SF

HOUSTON-Growth of its downstream hydrocarbon division is prompting WorleyParsons to relocate and expand its office. The firm has signed a 10-year lease for 246,000 sf, with move-in planned for late 2008.

The just-signed lease fills the balance of a 277,000-sf class B office building at 6330 W. Loop South in the Bellaire submarket. The WorleyParsons division is housed in 200,000 sf in the 879,244-sf Five Greenway Plaza, less than three miles to the northeast. The inbound tenant’s broker was Louis E. Cushman, vice chairman of Cushman & Wakefield Inc.

A WorleyParsons’ spokesman says the need to expand was the main reason for the move. Additionally, he says the fact that the office space would be built to meet the tenants’ needs was appealing.

The spokesman says WorleyParsons’ employees are scattered on different floors at Five Greenway. “The new space meets our needs because it will be completely revamped and tailored to suit our needs,” he tells GlobeSt.com. “Plus, we have the opportunity to pretty much have the entire building all to ourselves.” The building roster includes JPMorgan Chase, which occupies 9,297 sf.

According to Bonnie Kelley, senior vice president with CB Richard Ellis, the new tenant will be getting a completely renovated building. She says Los Angeles-based CB Richard Ellis Investors is putting $5 million into updating common areas as well as installing a new sprinkler system and roof. CBRE Investors acquired the building in June.

Kelley says WorleyParsons will take space that’s been leased to ConocoPhillips Co. since the mid-1980s. Its lease is set to expire in March. “The timing was very good on this, all the way around,” she says. The lease brings the building to 100% occupancy.