Houston will see one of its skyscrapers renamed after a leasing deal was completed.
A commercial property in one of Texas’ largest cities is to be renamed following on from an extension of an existing leasing deal for one of the companies who work there.
Houston’s 1 Houston Center is to be re-branded as the LyondellBasell Tower after an agreement to extend the plastics and chemical firm’s office leasing agreement in the oil city.
Presently LyondellBasell lease 358,100 square feet of commercial office space in Houston and the firm celebrated 25 years of using the one million square foot office space tower by sponsoring the skyscraper.
Located at 1221 McKinney Street, the 46 story commercial office takes on an entire city block in the Central Business District and has offered more than one million square feet of class A office space since it opened in 1978.
The landlords of the newly named LyondellBasell Tower are clearly as delighted as LyondellBasell to secure an agreement for the commercial tower, as the company were reputedly looking at different sites around Houston, which currently has a 16% office vacancy rate if a report by Grubb & Ellis Co is accurate.
However, LyondellBasell agreed to a new leasing arrangement for the Texas commercial property which although the terms have been kept secret, should be favourable for the leasing firm, such are the conditions in the Houston commercial office market.
Kevin Brown, the vice president of LyondellBasell said: “Houston Center is one of the foremost addresses in the Central Business District and we have a long history in this complex.”
Tags: Houston commercial property, Houston office property, houston office space, office space in Houston, Texas office space