Patterson-UTI Energy is trading its Greenspoint offices for a modern headquarters space in the new Remington Square II office park in northwest Houston.
The move will enable employees of the drilling services company to work in a mixed-use environment with the latest amenities and retail space nearby, according to NAI Partners, which represented the firm in the new lease.
Patterson-UTI will be the first tenant in the building, which totals a little more than 201,000 square feet. The company has leased 35,553 square feet in the building at 10713 W. Sam Houston Parkway North.
NAI Partners’ Dan F. Boyles Jr. and Liz Westcott-Brown represented the tenant. Ryan Bishop and Brad Fricks of Stream Realty, which also developed the building, represented the landlord, Sun Life Assurance Co. of Canada.
Patterson-UTI’s new space is a bit larger than its existing offices, which total 29,172 square feet on multiple floors that are not adjacent to one another at 450 Gears Road, according to NAI Partners.
The Greenspoint offices are in Paragon Center One, an eight-story building owned by Gemini Rosemont Commercial Real Estate of Santa Fe, N.M.
The Greenspoint office market will take another hit when Patterson-UTI moves out later this year.
Among the other companies that have left or reduced their space in Greenspoint recently are Exxon Mobil, Southwestern Energy, Noble Energy and FMC Technologies. The departures have contributed to a vacancy rate of 38.5 percent, including sublease space, for Class A space, and 25.5 percent for Class B space, according to commercial real estate firm Transwestern.
Patterson-UTI provides land contract drilling services to exploration and production companies in the U.S. and Canada. It also provides pressure pumping services through its Universal Pressure Pumping and Universal Well Services subsidiaries.
By: Katherine Feser
SOURCE: Houston Chronicle