HOUSTON, May 1, 2008 — Broadway Partners, a national private real estate investment and management firm headquartered in New York, announced today that Waste Management Inc. has signed a 10-year lease extension for 181,000 square feet at downtown Houston’s One City Centre.
Waste Management is a leading provider of waste and environmental services, serving customers throughout North America. The lease transaction agreement will extend the company’s presence at one of Houston’s premier office properties through 2020.
Representing the landlord were David Baker and Eric Anderson of Transwestern.
The lease extension fulfills one of the owner’s primary objectives that was established when Broadway Partners acquired One City Centre in early 2007. The property’s square footage of lease expirations for the next several years now has been reduced significantly, thereby enhancing its market value.
Greg Green, the Director of Leasing for Broadway Partners commented,”We’ve been very satisfied with our investment in One City Center and we’re pleased that such a well-established company such as Waste Management has chosen to make this kind of substantial long term commitment to the property.” He added, “We have leased approximately 235,000 square feet in 2008 alone. Occupancy has increased from 89% to over 95% since acquiring the asset in 2006. And most importantly following Waste Management’s extension, the asset now has extremely limited rollover during the next five years.”
One City Centre is a 31-story, 608,622-square-foot Class A office tower sitting in the heart of the Houston central business district (CBD). Located at 1021 Main Street, it faces Main Street Square, which was developed to anchor the CBD’s primary METRORail station at the crossroads of the downtown’s underground pedestrian tunnel system. Nearby amenities include Foley’s, The Shops at Houston Center, and many other retail and restaurant attractions.
