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Commercial
Houston

Diamond Offshore leases 62K sf in Houston’s Energy Corridor

Marks 37% decrease in office footprint

Diamond Offshore CEO Bernie Wolford Jr. and 777 North Eldridge Parkway
Diamond Offshore CEO Bernie Wolford Jr. and 777 North Eldridge Parkway (Diamond Offshore, LoopNet)

The trend of companies downsizing in moves to the Energy Corridor of West Houston continues. 

Diamond Offshore Drilling has signed a headquarters lease for 63,000 square feet at the 12-story One Eldridge building at 777 North Eldridge Parkway, the Houston Business Journal reported. 

The company will occupy the ninth, 11th and 12th floors of the 245,000-square-foot building. It’s in a three-building complex that Granite Properties bought in 2019. Lonna Jenks of JLL and Eric Anderson of Transwestern represented Diamond Offshore in the deal, while Jon Dutton and Andrew Elliott represented the landlord.

The lease marks a downsize of roughly 37 percent for Diamond Offshore, as it currently operates in a 98,000-square-foot space at 15415 Katy Freeway. The company has been at that location for 33 years, and it plans to move its 160 employees to One Eldrige near the end of the year.

Collaborative workspace, convenient location and local amenities were among the attractions that the firm hopes will help retain employees, said Amy Roddy, senior vice president of human resources for Diamond Offshore.

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With the lease, the occupancy rate at One Eldridge will rise from just under 50 percent to 85 percent. 

Granite, which owns the Eldridge Two building as well, performed a $10 million renovation of the campus shortly after purchasing it. Upgrades include refreshed lobbies, an outdoor lounge called the Yard, a coffee bar, fitness center with virtual classes, three conference rooms and a restaurant on the way. The buildings are also LEED Gold-certified — a badge of sustainability achievement.

The Energy Corridor has seen an influx of leasing activity despite challenging market conditions among the city’s office sector.  In April, French company Technip Energies signed a 171,600-square-foot lease at West Memorial Place II, and Dutch geo-data company Fugro leased 75,000 square feet at 13501 Katy Freeway last month. 

—Quinn Donoghue 

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Companies and People
Diamond Offshore DrillingBernie Wolford Jr.
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HeadquartersRelocation