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Houston

Former Enron subsidiary inks huge office lease renewal

EOG Resources has nearly doubled its office space in Heritage Plaza since 2007

EOG Resources' Ezra Yacob and Heritage Plaza at 1111 Bagby Street in Houston (Getty Images, EOG Resources, W0lfie/CC BY-SA 2.5 - via Wikimedia Commons)
EOG Resources' Ezra Yacob and Heritage Plaza at 1111 Bagby Street in Houston (Getty Images, EOG Resources, W0lfie/CC BY-SA 2.5 - via Wikimedia Commons)

After making a hardline back-to-office push in April, EOG Resources inks one of Houston’s largest office lease renewals this year.

The Houston-based oil company — formerly known as Enron Oil & Gas Company before its separation from Enron in 1999 — just signed a renewal lease at Heritage Plaza that’s almost twice the size of the original lease it signed in 2007, according to the Houston Chronicle.
https://www.houstonchronicle.com/business/real-estate/article/EOG-Resources-recommits-to-downtown-Houston-in-17455348.php

When EOG first settled at Brookfield Properties’ 52-story office tower at 1111 Bagby Street, the company occupied about 200,000 square feet. With the latest renewal, the firm is set to occupy more than 375,000 square feet of space, Brookfield said.

Brookfield Properties has overseen several other large-scale efforts to upgrade existing office properties including a skybridge connection to the C. Baldwin hotel in the Allen Center campus. Skybridges were also a feature of Brookfield’s Houston Center development, which is still under construction but already landed two big time tenants.
https://therealdeal.com/texas/2022/09/14/brookfield-signs-two-more-to-houston-center-campus-amid-renovation/

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EOG Resources is one of the rare downtown firms requiring employees to come into the office full time as it transitioned from a hybrid schedule to a full-time.

Though leasing volume in the Bayou City remains below pre-pandemic levels, gas and oil companies like BW Energy USA Management and Cheniere Energy — and now EOG — have all increased their office space by signing big-time leases in renovated facilities.
https://therealdeal.com/texas/2022/04/18/company-relocations-disrupting-houstons-office-space-market/
https://therealdeal.com/texas/2022/09/21/bw-energy-bucks-office-reduction-trend-triples-space/
https://therealdeal.com/texas/2022/06/28/hines-texas-tower-lands-big-time-natural-gas-tenant/

Meanwhile, homebuilder Perry Homes and oilfield services giant Baker Hughes have both shrunk their Houston office space to adjust for hybrid work schedules. Betchel even left its home of 40 years to move into a lease of half its size.
https://therealdeal.com/texas/2022/08/25/perry-homes-downsizes-hq-for-hybrid-work/
https://therealdeal.com/texas/2022/08/19/baker-hughes-shrinks-hq-with-move-to-houstons-energy-corridor/
https://therealdeal.com/texas/2022/07/13/bechtel-is-moving-and-reducing-its-houston-office-space-by-half/

— Maddy Sperling

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LeasesOffice Space