Park Towers (Houston)
Encyclopedia
Park Towers is a complex of two office buildings along the 610 Loop in Houston, Texas
, USA. It consists of two 18 story office towers, Park Towers North and Park Towers South, which each have 272621 square foot of rentable space, and one six story parking garage. The building, in proximity to Uptown Houston
, is owned by Post Oak Partners LLP; TPMC Realty Corp. provides leasing and management services. Cameron International Corporation
maintains its international headquarters in Park Towers South.
, Philadelphia Life, and Tenneco
rented space in the complex. By 1992 the buildings were vacant. Lynn Cook of the Houston Business Journal said in 1999 that "for more than a decade Park Towers has sat like a stark white elephant
."
In December Holliday Fenoglio Fowler secured financing to allow TPMC Realty Corp. to extensively renovate the buildings. TPMC stripped the buildings to their concrete and steel girders and then rebuilt the two towers. TPMC rebuilt the twin towers with glass curtain walls and expanded the floor plates to 22000 square foot. 60000 square foot of office space was added to the complex. By 2000 PentaSafe Securities Technologies announced that it was leasing 89000 square foot in the Park Towers. PentaSafe, the first tenant in the new Park Towers in August 2000, was acquired by NetIQ in 2002.
For five years after the renovation the occupancy rate remained at 72%. In 2003 37000 square foot in the complex was leased. Parkway Properties, Inc., hired by the owners of Park Towers to increase the occupancy rate, contacted General Electric
. After an 18 month search, in 2004 General Electric announced that GE Energy was moving 300 employees into 78225 square foot of space in the Park Towers South building. GE had an option on an additional 100000 square foot for expansion. GE stated that it chose the building because of the location, visibility, and the quality of the building. During that year the face rates at Park Towers was about $21 to $24 per square foot. After the GE lease, the south tower was 85% leased and the north tower was 95% leased. During that year other tenants of the Park Towers included Cooper Cameron, NetIQ Corp., Prudential Securities, and South Trust Bank. During the same year United HealthCare Services announced that it was taking 22300 square foot of space in Park Towers South and moving out of the 2000 West Loop South building across 610. Its move-in date was scheduled as September 1, 2004. Between January 1, 2004 and August 6, 2004 122000 square foot of space was signed into leasing.
In addition, in 2004 NetIQ Corp. renewed its lease of 115000 square foot of space in the building for 10 years. NetIQ's lease was scheduled to expire in 2005.
As of 2010 the buildings are 99% occupied, with the unused space consisting of unusable corridor space and janitor storage closet space.
Texas
Texas is the second largest U.S. state by both area and population, and the largest state by area in the contiguous United States.The name, based on the Caddo word "Tejas" meaning "friends" or "allies", was applied by the Spanish to the Caddo themselves and to the region of their settlement in...
, USA. It consists of two 18 story office towers, Park Towers North and Park Towers South, which each have 272621 square foot of rentable space, and one six story parking garage. The building, in proximity to Uptown Houston
Uptown Houston
The Uptown District of Houston is located 6.2 miles west of downtown and is centered along Post Oak Boulevard, Westheimer Road , and the Galleria...
, is owned by Post Oak Partners LLP; TPMC Realty Corp. provides leasing and management services. Cameron International Corporation
Cameron International Corporation
Cameron International Corporation , , is a Fortune 500 company and a global provider of pressure control, processing, flow control and compression systems as well as project management and aftermarket services for the oil and gas and process industries...
maintains its international headquarters in Park Towers South.
History
The buildings were built in 1972 and 1973. Throughout the complex's history HalliburtonHalliburton
Halliburton is the world's second largest oilfield services corporation with operations in more than 70 countries. It has hundreds of subsidiaries, affiliates, branches, brands and divisions worldwide and employs over 50,000 people....
, Philadelphia Life, and Tenneco
Tenneco
Tenneco is a $6.2 billion Fortune 500 company that has been publicly traded on the NYSE since November 5, 1999 under the symbol TEN...
rented space in the complex. By 1992 the buildings were vacant. Lynn Cook of the Houston Business Journal said in 1999 that "for more than a decade Park Towers has sat like a stark white elephant
White elephant
A white elephant is an idiom for a valuable but burdensome possession of which its owner cannot dispose and whose cost is out of proportion to its usefulness or worth...
."
In December Holliday Fenoglio Fowler secured financing to allow TPMC Realty Corp. to extensively renovate the buildings. TPMC stripped the buildings to their concrete and steel girders and then rebuilt the two towers. TPMC rebuilt the twin towers with glass curtain walls and expanded the floor plates to 22000 square foot. 60000 square foot of office space was added to the complex. By 2000 PentaSafe Securities Technologies announced that it was leasing 89000 square foot in the Park Towers. PentaSafe, the first tenant in the new Park Towers in August 2000, was acquired by NetIQ in 2002.
For five years after the renovation the occupancy rate remained at 72%. In 2003 37000 square foot in the complex was leased. Parkway Properties, Inc., hired by the owners of Park Towers to increase the occupancy rate, contacted General Electric
General Electric
General Electric Company , or GE, is an American multinational conglomerate corporation incorporated in Schenectady, New York and headquartered in Fairfield, Connecticut, United States...
. After an 18 month search, in 2004 General Electric announced that GE Energy was moving 300 employees into 78225 square foot of space in the Park Towers South building. GE had an option on an additional 100000 square foot for expansion. GE stated that it chose the building because of the location, visibility, and the quality of the building. During that year the face rates at Park Towers was about $21 to $24 per square foot. After the GE lease, the south tower was 85% leased and the north tower was 95% leased. During that year other tenants of the Park Towers included Cooper Cameron, NetIQ Corp., Prudential Securities, and South Trust Bank. During the same year United HealthCare Services announced that it was taking 22300 square foot of space in Park Towers South and moving out of the 2000 West Loop South building across 610. Its move-in date was scheduled as September 1, 2004. Between January 1, 2004 and August 6, 2004 122000 square foot of space was signed into leasing.
In addition, in 2004 NetIQ Corp. renewed its lease of 115000 square foot of space in the building for 10 years. NetIQ's lease was scheduled to expire in 2005.
As of 2010 the buildings are 99% occupied, with the unused space consisting of unusable corridor space and janitor storage closet space.
Tenants
- The Consulate-General of BrazilDiplomatic missions of BrazilThis is a list of diplomatic missions of Brazil, excluding honorary consulates. Brazil has a large global network of diplomatic missions, with representations in over 125 countries.-Europe:** Vienna ** Baku...
is in Park Towers North, Suite 1150 - The Houston Business Journal is in Park Towers North, Suite 1300.
- The Consulate General of RussiaConsulate-General of Russia in HoustonThe Consulate-General of the Russian Federation in Houston General'noe konsul'stvo Rossijskoj Federatsii v H'justone) is Russia's diplomatic office in Houston, Texas, United States. It is located in Suite 1300 at Park Towers South....
is in Park Towers South, Suite 1300 - It opened on August 4, 2004.
External links
- Park Towers Houston
- Park Towers, Houston - TMPC Realty Corporation
- 1233 Park Towers - EmporisEmporisEmporis GmbH is a real estate data mining company with headquarters in Frankfurt, Germany. The company collects and publishes data and photographs of buildings worldwide....
- 1333 Park Towers - EmporisEmporisEmporis GmbH is a real estate data mining company with headquarters in Frankfurt, Germany. The company collects and publishes data and photographs of buildings worldwide....