Parkway Properties Inks Lease at Houston Office Tower

9 Greenway Plaza underwent cosmetic renovations in 2018. Image courtesy of CommercialEdge

Parkway Properties has signed a renewal and expansion lease totaling 35,454 square feet at 9 Greenway Plaza, a 746,824-square-foot Class A office tower in Houston. Privately owned insurance brokerage company Stephens Insurance expanded their commitment and will occupy 1.5 floors. JLL negotiated on behalf of the tenant, while the landlord was represented in-house.

The company, together with its affiliates Stephens Inc. and Stephens Investment Management Group, will maintain its Houston headquarters at the property, where 50 employees are currently located, said Stephens Insurance’s President & Chief Executive Officer Miles Stephens, in prepared remarks. Other tenants at 9 Greenway Plaza include Revenew International, The Sterling Group, The ITEX Group and Flagstar Bank, among others, according to CommercialEdge.

The current owner picked up the property in 2013, in a $1.1 billion portfolio transaction incorporating 5.2 million square feet of space from seller Crescent Real Estate, the same source shows.

Built in 1978, the 31-story office building includes 15 passenger elevators, 24,195-square-foot floor plates, 3,000 square feet of retail space and 3,000 vehicle parking spots and underwent cosmetic renovations in 2018. Additionally, the tower also features a fitness center, a food court, on-site property management services, a restaurant and a bar on the first floor.

JLL’s team of Senior Presidents Don King and Anya Marmuscak represented Stephens Insurance. Parkway Properties’ Senior Directors of Leasing JP Hutcheson and Amanda Nebel represented the landlord.

Recent deals in Houston

9 Greenway Plaza is part of a 60-acre master-planned development comprising 11 office buildings, close to interstates 69 and 610 and to multiple bus stations. The property is 6 miles from downtown Houston, 14 miles from William P. Hobby Airport and within 28 miles of George Bush Intercontinental Airport.

As of September, Houston’s office vacancy rate reached 24.9 percent, one of the highest among all U.S. markets, a recent CommercialEdge report shows. Recent office leases in the metro included Audubon Engineering Co.’s 71,879-square-foot commitment at Azrieli Group’s 227,045-square-foot 8 West Centre office building. Additionally, NRG Energy signed a 245,000-square-foot lease at Brookfield Properties’ 3 Houston Center, a 51-story skyscraper totaling 1.2 million square feet.