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News release

HOUSTON

JLL Completes 16,579-Square-Foot Sublease at 717 Texas Avenue in Houston

Black Falcon Energy subleases space in Class A office tower from Contango Oil & Gas Co.


HOUSTON, Nov. 9, 2016JLL today announced the firm has completed a 16,579-square-foot sublease at 717 Texas Avenue, a Class A office building in Houston's downtown theater district.

JLL's Edward Prejean, David Bale and Diana Bridger negotiated the terms on behalf of the sublandlord, Houston-based Contango Oil & Gas Company. Cushman & Wakefield's Trey Strake represented the subtenant, Black Falcon Energy.

"Despite ongoing challenges, Houston's office market presents some users with the opportunity to backfill highly-desirable properties," said Prejean. "Black Falcon Energy has found an outstanding home for their business in one of the city's most sought-after locations."

Situated in Houston's CBD, 717 Texas Avenue is a 696,228-square-foot, LEED Certified Platinum office building. The property has 24 floors of office space above a 900-car, enclosed parking garage. The building's amenities include onsite banking, conferencing facilities and a Skyline Deli & Café.

According to JLL Research, Houston's CBD has approximately 27 million square feet of Class A office space. Despite increased leasing activity during the third quarter of 2016, the CBD saw total vacancy for Class A office buildings rise to 15.4 percent, up from 13.7 percent in the second quarter.

Currently, Houston has more than 12.2 million square feet of sublease space available. The average deal size of sublease transactions in 2016 has been approximately 6,200 square feet.

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate.  JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000.  On behalf of its clients, the company provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.