logo redirect pin user minus plus fax mobile-phone office-phone data envelope globe outlook retail close line-arrow-down solid-triangle-down facebook globe2 google hamburger line-arrow-left solid-triangle-left linkedin wechat play-btn line-arrow-right arrow-right solid-triangle-right search twitter line-arrow-up solid-triangle-up calendar globe-americas globe-apac globe-emea external-link music picture paper pictures play gallery download rss-feed vcard account-loading collection external-link2 internal-link share-link icon-close2
United States
  • Global
  • United States
  • Angola
  • Argentina
  • Australia
  • Austria
  • Bahrain
  • Baltics
  • Belgium
  • Brazil
  • Bulgaria
  • Cambodia
  • Canada
  • Chile
  • Colombia
  • Czech Republic
  • Denmark
  • Egypt
  • Finland
  • France
  • Germany
  • Greece
  • Hong Kong
  • Hungary
  • India
  • Indonesia
  • Ireland
  • Israel
  • Italy
  • Japan
  • Jordan
  • Kazakhstan
  • Kenya
  • Korea
  • Kuwait
  • Latin America
  • Luxembourg
  • Mainland China
  • Malaysia
  • Mexico
  • Morocco
  • Netherlands
  • New Zealand
  • Norway
  • Oman
  • Pakistan
  • Panama
  • Peru
  • Philippines
  • Poland
  • Portugal
  • Romania
  • Russia
  • Saudi Arabia
  • Singapore
  • Slovakia
  • South Eastern Europe
  • Spain
  • Sweden
  • Switzerland
  • Taiwan
  • Thailand
  • Turkey
  • Ukraine
  • United Arab Emirates
  • United Kingdom
  • Venezuela
  • Vietnam
Log In
  • Global Intranet
  • myCBRE
  • Services
    • Business Segments

      Advisory Services

      Global Workplace Solutions

      Real Estate Investments

      • Advisory & Transaction Services
      • Capital Markets
      • Project Management
      • Property Management
      • Valuation & Advisory Services
      • Advisory & Transaction Services | Occupier
      • Client Strategy and Consulting
      • Facilities Management
      • Project Management
      • Development Services (Trammell Crow Company)
      • Flexible Space Solutions (Hana)
      • Investment Management (CBRE Global Investors)
    • Services for Investors
      • Appraisal Management
      • Debt and Loan Valuation
      • Federal Government Leases
      • Leasing & Advisory
      • Litigation Support
      • Net Lease Properties
      • Small Balance Lending
      • Corporate Capital Markets
      • Debt & Structured Finance
      • Going Concern Valuation
      • Investment Accounting & Reporting Solutions
      • Loan Portfolio Sales
      • Property Management
      • Telecom Advisory
      • Construction Risk Management
      • Energy & Sustainability
      • Host
      • Investment Banking
      • Loan Servicing
      • Property Sales
      • Valuations for Financial & Tax Reporting
    • Services for Occupiers
      • Business Transition & Move Management
      • Energy & Sustainability
      • Host
      • Location Analytics
      • Portfolio Services
      • Space Enablement
      • Client Strategy and Consulting
      • Expense Management Solutions
      • Labor Analytics
      • Location Incentives
      • Project Management
      • Workplace
      • Corporate Capital Markets
      • Facilities Management
      • Leasing & Advisory
      • Network Advisory
      • Real Estate Accounting
    • Asset Types & Specialties
      • Office
      • Aerospace and Defense
      • Data Centers
      • Golf & Resorts
      • Multifamily
      • Parking
      • Industrial & Logistics
      • Affordable Housing
      • Hotels
      • Land
      • Nonprofit
      • Self-Storage
      • Retail
      • Aviation Properties
      • Gaming
      • Manufactured Housing
      • Omnichannel
      • Senior Housing
    • Industry Sectors
      • Industrial & Logistics
      • Energy, Oil & Gas
      • Law Firms
      • Technology, Media & Telecom
      • Retail
      • Financial Services
      • Life Sciences
      • Data Centers
      • Healthcare
      • Student Housing & Education
  • Properties
  • Research & Insight
    • Latest National Research & Reports
      The Way Forward
      Weekly Insights
      Reopening the World's Workplaces
      COVID Resource Center
  • People & Offices
  • About CBRE
    • Careers
      Case Studies
      Corporate Information
      Corporate Responsibility
      Executive Leadership - Global
      Investor Relations
      Media Center
      Suppliers

Next

CBRE Recognized for Real Estate Industry’s "Best Use of Automation" by Realcomm
  • About CBRE
  • Media Center
  • CBRE Arranges 165,000 Square Foot Sublease at Heritage Plaza

CBRE Arranges 165,000 Square Foot Sublease at Heritage Plaza

November 16, 2016
  • Email
  • Share
  • Tweet
  • Share

Five subtenants taking over Noble Energy sublease

HOUSTON – November 16, 2016 – Despite challenging market conditions, CBRE and Noble Energy have successfully leased 165,000 square feet at Heritage Plaza (1111 Bagby), to five subtenants, all in 2016. 

“The sublease of the Heritage Plaza property resulted from the completion of our acquisition of Rosetta Resources and integration of its workforce to our north Houston headquarters,” said Robert Marlatt, Vice President Corporate Real Estate, Noble Energy.  “We appreciate that CBRE worked collaboratively – in a challenging market – and maintained a sharp focus on finalizing the sublease.”

CBRE’s Lucian Bukowski, Kevin Kushner and Wyatt McCulloch, represented Noble Energy, in negotiating five separate subleases to account for all of the space.

“To be successful in a market like this quality inventory/space needs to be priced appropriately and clients and their brokers need to be aligned on what are and are not acceptable deal terms. By coupling this with a willingness to subdivide larger spaces and being responsive, you can net a rewarding outcome,” Mr. Bukowski, Executive Vice President, CBRE said.

“CBRE and Noble worked together to develop and execute a plan to sublease the space,” Mr. Kushner, First Vice President, CBRE said. “Noble was responsive and decisive when it came to making decisions, which is critical to maintaining momentum on transactions amidst difficult market conditions. Noble is a terrific partner to work with.” 

According to CBRE Research, sublease space has grown to 12 million square feet, with 2.5 million square feet or 22 percent of the total being in the CBD.  However, there is some good news in Q3 as nearly 600,000 square feet of sublease space was absorbed as tenants took advantage of quality space at reasonable rates.  In Q3, sublease activity represented nearly 33 percent of the total square footage leased.  Remaining large blocks of sublease space in Houston include 801,990 square feet that Shell is subleasing at One Shell Plaza (910 Louisiana) in the CBD; 597,628 square feet that ConocoPhillips is subleasing at Energy Center Four (925 N Eldridge Parkway) in the Energy Corridor; and 559,094 square feet that BP is subleasing at Four WestLake Park (200 WestLake Park) also in the Energy Corridor.

“Subleasing space for clients is challenging in any market, but successfully subleasing multiple floors in this market is grueling,” Mr. McCulloch, Senior Associate, CBRE said.  “Our first deal involved multi-tenanting a full floor for a 3,500 SF subtenant, followed by three more partial-floor deals to sublease our first two floors. By building momentum on these smaller successes, we were able to land a larger subtenant to acquire the remaining space.”

In 2016, Bukowski, Kushner, McCulloch and Padon have transacted approximately 285,000 square feet of subleases across the Houston market.​

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com. ​​​​​

Contact

BeccaBogdanskyheadshot-2019-768x582
Becca Bogdansky
Corporate Communications
+1 602 735 5650
+1 720 933 0534
+1 602 735 5655
  • Corporate Information
  • Corporate Responsibility
  • Case Studies
  • Media Center
  • About Us
  • Careers
  • People and Offices
  • Global Leadership
  • Investor Relations
  • Contact Us
  • Global Web Privacy and Cookie Policy
  • Sitemap
  • Terms of Use
  • United States Privacy Policy
  • Our Response to SCHREMS II
  • Twitter
  • Facebook
  • LinkedIn