Motiva Enterprises Renews 221K SF Lease At One Allen Center With Landlord Brookfield Properties

The property involved in this transaction is an office asset located at 500 Dallas Street in Houston, Texas. It encompasses a total space of 221,000 square feet within Brookfield’s One Allen Center. The lease renewal signifies a major engagement within the Houston office market.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: Not specified
• Address: 500 Dallas Street
• Market: Houston
• Square Footage: 221,000
• Landlord: Brian Kingston - Brookfield Properties
• Tenant: Jeff Rinker - Motiva Enterprises
• Landlord's Representatives: Henry Harkins, Jenny Sealy & Kristen Rabel - CBRE; Tyler Merritt - Brookfield Properties
• Tenant's Representatives: Joseph Peddie & Tim Relyea - Cushman & Wakefield

This lease renewal by Motiva Enterprises represents the largest office lease in Houston for the first quarter, occurring amid a reduction in occupancy of 233,000 square feet in the broader market. The deal illustrates a trend where larger tenants have reduced their space by only 6.6% upon lease expirations in the past year, according to JLL.