Houston’s Partners Real Estate leases larger headquarters after doubling its size

Partners Real Estate is moving its Houston headquarters to larger offices in a nearly 1 million square foot building after nearly doubling in size over the past five years.

San Felipe Square

According to a press release, Houston-based Partners has leased 32,000 square feet in the San Felipe Plaza in the Galleria/Uptown submarket.

The full-service CRE company severed ties with NAI Global and began expanding significantly in 2022. Partners has brokerage, property management, development and investment arms and ranks third among brokerage firms from Houston.

This lease will move partners from its nearby subleased space on the 19th floor and part of the 17th floor at 1360 Post Oak Blvd. at Four Oaks Place. That space totals 24,000 square feet and the sublease expires in March 2025, according to Partners.

“We exceeded what was available in our current location and sought to identify a state-of-the-art space in our long-time home in the Galleria area that reflects our unwavering commitment to excellence,” Travis, COO from Partners. Rodgers said in a statement. “The expansion and move to San Felipe Plaza gives us the opportunity to enhance our physical environment and invest in a dynamic workspace that inspires innovation and collaboration. »

San Felipe Plaza is a 980,000 square foot Class A building. New York-based investment firm Sovereign Partners bought it from Parkway Property Investments at a deep discount last year.

Orlando-based Parkway purchased the building for approximately $156.5 million in 2005, Bisnow Previously reported. The company sold the 46-story building in February 2023 for about $104.5 million, a Parkway executive previously said. Bisnowalthough other sources have estimated the sale price closer to $83 million.

In April, Sovereign Partners brought on Partners Real Estate as its exclusive leasing agent for the building. The building was completed in 1984 and is currently undergoing renovation, Commercial Property Executive reported.

Renovations include the revitalization of common areas and the addition of outdoor recreational sports facilities, pickleball courts, an indoor golf simulator, a movie theater, an upgraded fitness center and conference facilities, according to a previous press release from Partners.

Dan Boyles and Griff Bandy of Partners represented Partners in the transaction.

Partners opened an office in Atlanta in March, marking its first store outside of Texas. The firm tapped John O’Neill, who left his role as president of Cushman & Wakefield’s U.S. multifamily capital markets in December, to lead the expansion as president and managing partner of Partners Real Estate.