Camden Moves Headquarters to 104 KSF in Houston Tower

Camden Property Trust has signed a long-term lease for 104,013 square feet at Williams Tower, Invesco Real Estate’s 1.4 million square foot office building in Houston. The company will relocate its headquarters to floors 25 through 29 of the building in the third quarter of next year.

Avison Young acted on behalf of the tenant, while CBRE represented Invesco.

Camden is currently headquartered at 11 Greenway Plaza, another Houston skyscraper. The company renewed its 86,733-square-foot lease at the building in 2013, according to CommercialEdge data. The contract is set to expire at the end of the year.

Tallest building in Houston outside the CBD

Invesco acquired the 64-story tower in March 2013 for $412 million, or $277.93 per square foot, from Hines, the source said. The company financed the purchase with a $185.4 million loan from Prudential Financial.

Williams Tower opened in 1983 and is the tallest building in Houston outside the Central Business District. The skyscraper features floors averaging 23,500 square feet, as well as nearly 9,000 square feet of retail space. The LEED Platinum-certified tower also features 3,100 parking spaces, 39 passenger elevators, and a conference center.

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Tenants include Ecopetrol USA, CBRE, Industrial and Commercial Bank of China and Morgan Stanley, according to CommercialEdge data.

The tower is located at 2800 Post Oak Blvd. in the Galleria neighborhood, less than 9 miles (14.5 km) from downtown Houston. George Bush Intercontinental Airport is 28 miles (45 km) away.

Avison Young principals Anthony Squillante and Dustin Devine acted on behalf of Camden. CBRE senior vice president Warren Savery and senior associate Nina Seyyedin represented the landlord.

Houston’s office sector still faces headwinds

Houston’s office vacancy rate was 22.5% in May, well above the national average of 17.8% and the second-highest in the South, according to a CommercialEdge office report. Rents in the metro area averaged $29.56 that month.

In one of the metro area’s largest leases signed in the first five months of the year, Blue Cross Blue Shield of Texas has committed to occupying 132,000 square feet in the Westbelt Office Center, a 134,707-square-foot building in Houston. The company will occupy the space for at least 11.5 years.