HOUSTON, TX – September, 2008 – (RealEstateRama) — Hines, the property and leasing manager for Phoenix Tower in Houston, on behalf of building owner FSP Phoenix Tower Limited Partnership (“FSPLP”), an affiliate of Franklin Street Properties Corp. (“FSP”) (AMEX: FSP), announced today that Express Energy Services Operating, L.P. has signed a long-term, full-floor lease for 25,113 square feet at Phoenix Tower. The 34-story, 629,000-square-foot office tower is located at 3200 Southwest Freeway.
The oilfield service provider was represented in lease negotiations by David Anderson of Fritsche Anderson Realty Partners LLC. Paula Bruns, a director of leasing for Hines, represented FSPLP.
“We welcome the opportunity to have Express Energy as a tenant in the building, and are looking forward to a long-term relationship with them,” said Paula Bruns. “Phoenix Tower is a well-located project in the Greenway area providing tenants with contiguous expansion space in a newly renovated office tower that offers great corporate image and identity.”
At the direction of FSPLP, Hines has been involved in an ongoing improvement program at the building including: the installation of new spandrel glass panels on the exterior to improve energy efficiency and the tower’s overall appearance; renovation of the building’s common areas; the addition of a conference facility; updated building entrances; and the addition of a Jack Nicklaus-designed putting green atop the building’s garage.
FSP and its affiliates own and operate approximately 1.5 million square feet of Class A office space in greater Houston, including The Offices at Park Ten, Energy Tower I, and Eldridge Green (CITGO’s corporate headquarters). FSP, based in Wakefield, Massachusetts, is focused on achieving current income and long-term growth through investments in commercial properties. FSP operates in two business segments: real estate operations and investment banking/investment services. The majority of FSP’s property portfolio is suburban office buildings, with select investments in certain central business district properties. FSP’s subsidiary, FSP Investments LLC (member, FINRA and SIPC), is a real estate investment banking firm and a registered broker/dealer. FSP is a Maryland corporation that operates in a manner intended to qualify as a real estate investment trust (REIT) for federal income tax purposes. To learn more about FSP please visit its website at www.franklinstreetproperties.com.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes more than 1,000 properties representing approximately 435 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 100 cities and 16 countries, and controlled assets valued at approximately $22.9 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.
George C. Lancaster
Senior Vice President, Corporate Communications
(713) 966-7666
(713) 966-7886 fax
Kim Jagger
Director, Corporate Communications
(713) 966-7848
(713) 966-7886 fax
