Weatherford International to Occupy Entire Building
August 21, 2023
HOUSTON – Transwestern Real Estate Services (TRS) announces it has negotiated a 125,120-square-foot lease for Everwood Real Estate Partners with Weatherford International plc (NASDAQ: WFRD), a global energy services company, at 15450 Diplomatic Plaza Drive in North Houston. Weatherford will occupy 100% of the Class A freestanding distribution building.
Transwestern’s John Ferruzzo, Craig Bean and Nick Peterson represented the landlord, Everwood Real Estate Partners, and CBRE’S Jim Stark and Wyatt McCulloch represented the tenant in lease negotiations.
“Our team identified Weatherford as an active prospect in the market early on in our process and quickly determined that 15450 Diplomatic Plaza was a solid fit for their North Houston requirement,” said Bean. “This deal is another example of the strong leasing activity we’ve seen lately in the North Far Houston submarket, and the Transwestern team was thrilled to be a part of it.”
According to Transwestern research, the North Far submarket has seen nearly 3.8 million square feet of absorption in the last four quarters. Additionally, due to demand, the submarket continues to add new space. As of the second quarter of 2023, North Far was one of the leading submarkets with new development in Greater Houston, with almost 4.5 million square feet under construction.
Weatherford plans to consolidate several of its Houston locations into the newly renovated distribution center. The oil and gas company operates in 75 countries and has 345 locations worldwide.
“We took a calculated risk early in the life of Everwood Real Estate Partners by acquiring a completely vacant distribution building from an institutional investor,” said William Peeples, Founder and Managing Partner of Everwood. “It is thrilling that a company the caliber of Weatherford would choose our building, and we believe it is a testament to our proactive leasing strategy and hands-on asset management. This early win for Everwood bolsters our conviction around infill industrial assets across the Sun Belt.”
Everwood, a commercial real estate investment and development firm formed in August 2022, purchased the vacant building on March 31, 2023, and recently completed exterior and interior upgrades. The tenant plans to complete an extensive interior build-out to suit its needs prior to full occupancy.
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About Transwestern Real Estate Services
Transwestern Real Estate Services (TRS) adds value for investors, owners and occupiers of all commercial property types through a comprehensive perspective and by providing solutions grounded in sound market intelligence. Part of the Transwestern companies, the firm applies a consultative approach to Agency Leasing, Asset Services, Tenant Advisory + Workplace Solutions, Capital Markets, and Research & Investment Analytics.
The privately held Transwestern companies have been delivering a higher level of personalized service and innovative real estate solutions since 1978. Through an integrated, customized approach that begins with good ideas, the firm drives value for clients across commercial real estate services, development, investment management, and opportunistic endeavors for high-net-worth investors. Operating from 33 U.S. offices, Transwestern extends its platform capabilities globally through strategic alliance partners whose unique geographic, cultural, and business expertise fuels creative solutions. Learn more at transwestern.com and @Transwestern.