Global engineering firm Gulf Companies has signed a 52,148-square-foot lease at the 14-story Eldridge Oaks office building in Houston to host its new headquarters. The move is scheduled for April 2024 and marks a footprint downsize for Gulf, who currently occupies 115,000 square feet at 16010 Barkers Point Lane.
Houston’s office market has recently begun to show signs of increased leasing activity with vacancy rates 150 basis points lower on a year-over-year basis as of May 2021 according to Commercial Edge report. To accommodate this growth and attract tenants like Gulf Companies, planned improvements include outdoor amenities such as conference centers and food services along with updates to the first and second floor lobbies expected by fall 2021. Stream Realty Partners assisted the landlord in negotiations for these changes.
