Houston Law Firm To Leave Troubled One Riverway, Signs New Uptown Lease
A Houston law firm will take space at 5POP, a Class-A, 28-story Uptown Houston office building, solidifying plans to leave its current debt-plagued location behind.
Houston-based litigation firm Thompson, Coe, Cousins & Irons leased 61K SF, or three full floors, in CP Group’s 5POP at 4400 Post Oak Parkway, CP Group announced.
The firm currently leases 11% of One Riverway, a building about 2 miles away that had its $80M loan moved to special servicing this month after a struggle with occupancy.
Thompson, Coe, Cousins & Irons plans to vacate at the end of its lease in January 2024, which could further decrease the 63% occupancy recorded at One Riverway at the end of 2022, according to Morningstar Credit.
Including the law firm’s new lease and some renewals, CP Group announced four leases totaling 88K SF in the 567K SF 5POP. Hightower Holding, a financial advisory firm, extended its 16K SF lease. Gibraltar and Anthony Fritsche of Fritsche Anderson represented Hightower Holding.
Thrivent, a financial advisory firm, signed a 3K SF lease in one of the newly completed spec suites as part of CP Group’s worCPlaces flexible workplace offering. Capital Star Oil and Gas, a Houston-based upstream oil and gas company, renewed and expanded its lease for 7K SF.
Transwestern Real Estate Services represents 5POP in leasing.
5POP will soon complete a $12M renovation, which includes a redesign of the building’s exterior entrances, upgrades to the two-story lobbies on either side of the building and the addition of a lobby café, a concierge desk and a restaurant, according to CP Group. Existing amenities include a fitness center and on-site security.
CP Group and Rialto Capital acquired the building, formerly known as 5 Post Oak Park, in 2021 with plans to upgrade the property, which was built in 1982. This included implementing worCPlaces by CP Group, a program that offers suites featuring customizable, flexible work environments, company branding on suite entry, hybrid meeting spaces and flex office.
