Tower redone as fray for downtown tenants heats up
The Wedge Group has completed a $10 million upgrade at 1415 Louisiana, the latest downtown office tower to get a makeover as landlords try to lure tenants in a competitive market.
Renovations at the 43-story tower include a new building entry and canopy, a contemporary style lobby with Italian stone, and new flooring and wall finishes at the tunnel level. Lobby highlights include a custom glass wall by architectural glass artist Paul Housberg and a light display of interlocking circles suspended from the ceiling.
“We feel the renovation is positively impacting tenant retention and providing motivation for new tenants to lease space,” Bradley Trimble, of property manager Hines, said in an announcement. Hines oversaw renovations. Architect Ken Harry designed the improvements and Harvey Builders handled construction.
The 520,000-squarefoot building has been owned by Wedge Group, a private equity investment firm, since 1994. It also serves as Wedge Group’s headquarters and was named Wedge International Tower until last year.
Constructed in 1983, the building stood out on Houston’s skyline because of the green lights that used to outline its exterior.
Almost one-third of the building, about 170,000 square feet, is available for
lease. Colvill Office Properties’ Chip Colvill, Connor Saxe and Vince Strake are handling building leasing.
It connects by tunnel with a 12-story parking garage and has an on-site deli, conference facility and dining at The 43rd Restaurant.
Downtown’s top office buildings are 13.7 percent vacant, including sublease space, compared with an 18.7 percent vacancy rate for the overall Houston area, according to JLL. Downtown contains almost one-quarter of the 11.7 million square feet of sublease office space in the Houston area.
Hines’ new 609 Main building, which is half leased, will add just over 1 million square feet to the downtown office market when it opens next year.
Several companies, including United Airlines and three law firms, will leave behind space at other downtown offices when they move to 609 Main.
Hilcorp relocated from nearby Total Plaza to its new 500,000-square-foot building at 1111 Travis.
Ken Harry and Hines also teamed up recently on the renovation of 1001 McKinney for Cameron Management. The 24-story building, built in 1947 to house City National Bank, got a new art deco inspired awning at the main entrance, conference facilities and lobby updates.
Hines also redeveloped 811 Louisiana, formerly known as Two Shell Plaza. The improvements gave the 26-story building a modern look with new dark granite on the first three floors.
Earlier this year, Houston-based Midway and Lionstone Investments announced plans to renovate the historic Gulf Oil Building at 712 Main St. and adjacent 708 Main as an office and retail complex to be known as The Jones on Main.
Brookfield Property Partners is investing $48.5 million in a renovation of Allen Center, a 1970s-era office complex at Smith and Dallas streets. Plans call for creating a nearly 1-acre lawn between One and Two Allen Center for use by tenants and the public.
W.P. Carey is rebranding 500 Jefferson and 601 Jefferson as Jefferson Towers at Cullen Center.
Stream Realty Partners and DRA Advisors are renovating 600 Jefferson, which houses some of United Airlines operations.