With a looming lease expiration, Aker Solutions, a leading global provider of engineering and construction services, technology products and integrated solutions, has signed 133,341-square-foot lease at Pinnacle Westchase, 3010 Briarpark Drive, a Class A building just minutes away from its current location, 3600 Briarpark Drive. Aker Solutions has several other key locations in the Houston area that will remain.
A soft leasing market and a lease expiration provided Aker with the impetus and opportunity to relocate to premium office space.
“It’s markets like this that enable companies to upgrade their office space and drastically improve their work environment without taking on additional occupancy costs,” shard Studley’s Mark O’Donnell, executive vice president and co-branch manager of the firm’s Houston office. “The economy will turn around, and when it does, businesses want to be poised for it.”
“3010 Briarpark was designed to be a headquarters location for companies like Aker Solutions, so the building was an ideal fit,” said Adam Jackson, vice president at Stream Realty. “Aker places tremendous value on the efficiency of our 53,000-square-foot floorplate, which allows them to accommodate a substantial employee base across each floor.”
The efficient floorplates also allow Aker to take substantially less space, added Mr. O’Donnell. The lease includes rights to expand to most of the available space in the building and prominent monument signage.
Aker Solutions will be building out its offices on part of the second floor and the entire third and fifth floors and plans to move in by the beginning of December 2010.
Mr. O’Donnell represented Aker Solutions on this and its last three headquarters transactions. Stewart Lyman and Adam Jackson of Stream Realty represented Pinnacle Westchase in the negotiations.
Attorneys who represented the tenant were Priya Coffey and Kurt Nondorf of Jackson Walker, while the attorneys who represented the landlord were Brad Scarborough of Boyar & Miller.
Originally built in 1999, Pinnacle Westchase offers a true, multi-tenant, Class A office opportunity. Slated for extensive building renovations to be completed by year-end, the project will feature a fully redesigned building lobby with upscale finishes, such as travertine and marble flooring and additional first floor reconfiguration and upgrades. Moreover, the pyramid structure atop the building will be refinished.
Studley is the only global tenant advisory firm with a pure tenant representation delivery platform. Founded in 1954, Studley pioneered this conflict-free business model. Today, with 19 offices nationwide and an international presence through its London office and AOS Studley throughout Europe, Studley provides strategic real estate consulting services to top-tier corporations, law firms, nonprofits, government agencies and institutions of higher education. Information about Studley is available at www.studley.com
About Stream Realty Partners, L.P.
Stream Realty Partners, L.P. is a full service real estate investment, development and services company. Since its formation in 1996, Stream Realty has grown from its two original partners to a staff of over 300 real estate professionals that share one common goal: to provide an unequaled level of service to their clients. Stream's professionals combine significant expertise in all facets of the commercial real estate industry. Stream leases and/or manages over 60 million square feet of commercial buildings in Texas, the Southeast and the West Coast. For more information, visit Stream’s website at www.streamrealty.com.