Three Eldridge exterior. Image courtesy of Granite Properties
Engineering construction company Fluor Corp. has signed a full-building, 12-year lease to occupy 308,186 square feet at Granite Properties’ Three Eldridge office property in Houston’s Energy Corridor. Cushman & Wakefield brokered the lease agreement on behalf of the tenant, while the landlord was self-represented.
Fluor is scheduled to relocate from 1 Fluor Daniel Drive in Sugar Land by the second quarter of 2024. It is expected that in two years’ time, around 1,600 employees will occupy the 13-story, Class A office building at the company’s new location.
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Three Eldridge Yard. Image courtesy of Granite Properties
Located at 737 N. Eldridge Parkway, the building is part of the three-building Eldridge office complex, which is surrounded by a variety of restaurants and retail establishments. The property offers connectivity to Interstate 10, Memorial Drive and North Eldridge Parkway. Three Eldridge is also within walking distance of Terry Hershey Park, providing access to public green space and trails.
Designed to achieve LEED Gold certification, Three Eldridge features a variety of amenities, including a lobby, conference and training center, as well as The Yard, an outdoor workspace area that is outfitted with seating options, Wi-Fi, and TVs.
Elevating the workplace: An upgraded office complex
In 2019, Granite purchased the Eldridge complex, and one year later, the owner implemented several upgrades to the property, including the installation of an air filtration system, hands-free entry doors and touchless fixtures in the restrooms.
McDermott, Bank of America, Petroleum Experts and The Cannon are among the tenants that have leases at the properties within the campus, CommercialEdge reveals.
Tenants can also take advantage of the Customer Connection Center, which is situated at Two Eldridge in the heart of the complex. The center encompasses a reception area, a coffee bar, a fitness center, as well as three MEET conference rooms, including a training facility and a phone room.
The Property Experience Team at Eldridge is responsible for planning a range of social activities, charity initiatives and professional development events as part of Granite’s signature tenant engagement program, TogetherWeConnect.
Three Eldridge lobby. Image courtesy of Granite Properties
Additionally, Eldridge offers Ready Collective, which is Granite’s flexible workspace solution, providing private office suites. These suites come with access to a private amenity center and can be rented on a monthly or yearly basis.
Executive Vice Chairmen Rick Kaplan and Chris Oliver, along with Executive Managing Director David Guion of Cushman & Wakefield represented Fluor Corp. in the transaction. Granite was represented in-house by Director Jon Dutton and Leasing Associate Andrew Elliott.
Relocations to Texas fuel surge in office jobs
According to the latest CommercialEdge office report, which is based on metro employment data from February, Texas markets are at the forefront of office-using job growth in the U.S. The report shows that the office sectors in Dallas and Houston have experienced a year-over-year growth of 5.9 percent, while Austin’s office sector has grown by 5.5 percent.
These figures represent the highest growth rates among the largest office markets in the country. Since the onset of the pandemic, there has been a significant influx of workers and firms relocating to Texas, resulting in the state’s top markets experiencing a surge in office-using job growth.
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According to the same source, workers in Texas are using office spaces more frequently than workers in other areas. Kastle’s Back to Work Barometer sampled 10 markets and found that during the week ending April 5th, Austin (63.6 percent), Houston (60.9 percent) and Dallas (53.7 percent) were the only three markets where office utilization exceeded 50 percent.
