June 13, 2017
Parkway, Inc. signed a 26-month lease extension with Apache Corporation for 524,000 square feet at Post Oak Central in Houston. The renewal extends Apache’s commitment through February 28, 2022, as well as preserves existing five-year and ten-year renewal options, which would supersede the terms of this amendment if exercised prior to December 31, 2017.
“We are pleased that we were able to reach an agreement with Apache with a renewal that is mutually beneficial to both parties,” said Parkway’s James R. Heistand. “This extension gives Apache at least two more years of term, while creating value for Parkway’s stockholders and adding stability to Post Oak Central for nearly five years.”
The Post Oak Central complex is comprised of three office towers, totaling 1.3 million square feet, on a 17-acre mixed-use complex in the Galleria area.
Cushman & Wakefield’s Tim Relyea and Scott Wegmann represented the tenant.