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West Memorial Place I. Image courtesy of CommercialEdge
MODEC International Inc. and SOFEC, a MODEC company, signed a 116,161-square-foot long-term national headquarters lease in Houston. The space is in the West Memorial Place I building, owned by Fuller Realty Partners.
Situated at 15375 Memorial Drive, West Memorial Place I is a 12-story Class A office property totaling 331,404 square feet. Completed in 2015, the building is part of a two-phase development by Skanska. Located on 12 acres, the two-building office complex is LEED Platinum- and Energy Star-certified.
Skanska sold West Memorial Place I and II, totaling 715,900 square feet, to a joint venture led by Fuller Realty in February of last year. The buildings, which traded for some $147 million, were 78 percent leased at the time of the sale.
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Located along Houston’s Energy Corridor, the soon-to-be headquarters is easily accessible via Interstate 10. The business district is also home to other headquarters of companies including PCL Construction, Wood Group, Technip USA and Kiewit Corp. Retail locations with dining, entertainment and shopping options are located throughout the Corridor.
West Memorial Place amenities include an on-campus bar and restaurant, conference center, training space, green space and 24/7 security as well as fitness centers and access to the Terry Hershey Hike and Bike Trail. Current tenants in building I include PHS, Crossmark, Siemens and Venari Resources, CommercialEdge data shows.
MODEC, an offshore floating system supplier and operator, and SOFEC, a majority-owned MODEC company that supplies mooring and fluid transfer systems, favored this headquarters location because of its campus setting and amenities. The relocation is scheduled for late 2024, the Houston Chronicle reported.
Fuller Realty Partners’ Johnny Knight, Stewart Smith and Aaron Ander represented the landlord in the deal, while Colliers‘ David Carter and Jay Kyle represented MODEC and SOFEC.
Houston’s preference for Class A office space
Office activity in Houston is faring well, with 2.6 million square feet of space leased in the first quarter of this year, according to a report by Avison Young. Most of these deals were for Class A properties. These assets continue to outperform the rest of the market, with some new construction being leased before its completion.
A recently topped-out 28-story Class A office tower in Houston had signed its first tenants when the project broke ground in January 2021. The Green, also developed by Skanska, will be partially occupied by Norton Rose Fulbright beginning in 2024. The building is scheduled for delivery later this year.
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