IHI E&C, a wholly-owned subsidiary of IHI Corp., a Houston-based engineering, procurement and construction company specializing in the energy, petrochemical, refining, chemical and natural gas industries, retained Savills Studley to assist in the consolidation and potential relocation of its Houston offices. IHI E&C has grown significantly in recent years and through the help of Savills Studley, expanded its Houston presence into two separate locations. IHI E&C preferred a single location to provide for reduction of redundant costs, better workflow and more flexibility for further growth. Increased visibility was also a priority since the IHI name was newer to the energy industry.
To address IHI E&C’s top priorities, Savills Studley needed to secure a lease that provided flexibility for its contract driven workforce which is prone to expand and contract significantly. Savills Studley studied all of the impacts of numerous new developments and second generation buildings including a consolidation within its main location on Eldridge Parkway.
Given the swiftly declining office market resulting from depressed oil prices, Savills Studley secured a long term relocation for 158,050 square feet at West Memorial Place II, Skanska’s third commercial development project in Houston. The lease provided for record breaking economic terms not seen in the prior five years in the Energy Corridor marketplace. IHI E&C will be the first tenant in the 385,000 square-foot building and will occupy space on floors three through eight of the new facility beginning January 2017.
West Memorial Place II will complete the West Memorial Place campus, and will achieve LEED® Platinum certification which was a goal of IHI E&C. IHI E&C obtained building top signage to increase its brand awareness.. Through the efforts of Savills Studley, IHI E&C is well positioned to compete effectively for recruiting and retention of its employees at an extremely beneficial cost structure.
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