Camden Relocates HQ to 104 KSF at Houston Tower
The company will move to its new offices in the third quarter of next year.
Camden Property Trust has signed a 104,013-square-foot, long-term lease at Williams Tower, Invesco Real Estate’s 1.4 million-square-foot office building in Houston. The company will relocate its headquarters to floors 25 through 29 of the high-rise in the third quarter of next year.
Avison Young worked on behalf of the tenant, while CBRE represented Invesco.
Camden is currently headquartered at 11 Greenway Plaza, another Houston high-rise. The firm renewed its 86,733-square-foot lease at the building in 2013, according to CommercialEdge data. The contract is set to expire at the end of the year.
Tallest building outside the CBD
Invesco acquired the 64-story tower in March 2013 for $412 million—or $277.93 per square foot—from Hines, the same source reports. The company financed the purchase with a $185.4 million loan from Prudential Financial.
Williams Tower came online in 1983 and is Houston’s tallest building outside of the central business district. The high-rise features floorplates averaging 23,500 square feet, as well as almost 9,000 square feet of retail space. The LEED Platinum-certified tower also has 3,100 parking spaces, 39 passenger elevators and a conference center.
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Tenants include Ecopetrol USA, CBRE, Industrial and Commercial Bank of China and Morgan Stanley, CommercialEdge data shows.
The tower is at 2800 Post Oak Blvd., in the Galleria submarket, and less than 9 miles from downtown Houston. George Bush Intercontinental Airport is within 28 miles.
Avison Young Principals Anthony Squillante and Dustin Devine worked on behalf of Camden. CBRE Senior Vice President Warren Savery and Senior Associate Nina Seyyedin represented the landlord.
Houston’s office sector still faces headwinds
Houston’s office vacancy rate clocked in at 22.5 percent as of May, considerably above the 17.8 percent national average and the second-highest value registered in the South, according to a CommercialEdge office report. The metro’s rents averaged $29.56 that month.
In one of the metro’s larger leasing deals signed in the first five months of the year, Blue Cross Blue Shield of Texas committed to 132,000 square feet at the Westbelt Office Center, a 134,707-square-foot building in Houston. The company will occupy the space for at least 11.5 years.
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