Togetherness in Greenway Plaza
Iberiabank to pick up space as it moves to one full floor in tower
Iberiabank is consolidating to a larger space on a full floor within 11 Green way Plaza to accommodate growth in the Houston market.
The Lafayette, La.-based bank, which has about 100 local employees and seven area locations, will move to 24,600 square feet on the 27th floor. It will gain 3,500 square feet, representing just over 15 percent more space, compared with its office son parts of the 29 th and 30 th floors.
The bank, which employs 72 at its local Green way Plaza headquarters, will have room for more than 100 with the expansion. The new space, designed by Kirksey Architecture and built by Gallant Builders, will be completed at the end of March.
“The additional space became extremely efficient,” said Neil Tofsky of Senterra Real Estate Group, which represented the bank in the lease and is managing the build-out of the newspace.
Having a single tenant on the floor eliminated wasted space by minimizing the number of hall ways and duplicate conference rooms.
“We’ ve grown quite a bit in the last six years, so our expansion space is to accommodate the growth we’ve already had,” said Carmen Jordan, Houston market president of Iberiabank.
Neil T of sky and Kevin T of sky of Senterra Real Estate Group, along with Granville Jenkins of Swearingen Realty Group, represented Iberiabank in the lease. Warren Savery, formerly of Cousins Properties, represented the landlord.
Green way Plaza is among the Houston properties now owned by Parkway, a publicly traded real estate investment trust spun off by Cousins Properties after its merger with Parkway Properties last fall.
Iberia bank, founded in New Iberia, La ., nearly 130 years ago, locked into an11-year lease consolidation and extension after considering sublease space in an area of town that was not as centrally located as Greenway Plaza.
“We didn’ t want togo through the effort of moving for just three years and then have to make a decision at that time where we wanted to be,” Jordan said.
The Houston market had 11.1 million square feet of sublease space at year-end, according to CB RE, with much of it concentrated in the Energy Corridor and downtown.
“There’s very little sublease space in the Green way Plaza market, whichis beneficial to the different owners in the area,” Tofsky said.