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JLL completes 19,000-square-foot lease at Lockton Place
HOUSTON, March 12, 2018 – The International Association of Drilling Contractors (IADC) has signed a new 18,920-square-foot lease at Lockton Place, 3657 Briarpark Drive in Houston. IADC will relocate its headquarters from 10370 Richmond Ave. in the third quarter of this year.
"We were looking for a new space to energize our employees' experience and further provide excellent service to our members," said Jason McFarland, IADC President. "The amenities and design of Lockton Place support connection and collaboration, which are key tenets of IADC's culture. Our new headquarters sets the stage for the start of another chapter of growth and innovation for the Association."
Founded in 1940, IADC represents the worldwide oil and gas drilling industry with a focus on advocacy and improving safety and environmental protection.
Lockton Place is an eight-story, 186,000-square-foot Class A office building located in Houston's Westchase District. Features of the building include a Wi-Fi enabled dining lounge, fitness center, dedicated parking structure, conference center and outdoor gathering space. With the completion of this transaction, the building is 93.5 percent leased.
"Not only is IADC's lease a beacon of light to the Westchase submarket, which has been heavily impacted by the energy downturn, it underscores the 'flight to quality' theme continuing to play out across the city's office sector," said JLL Senior Vice President Russell Hodges.
According to JLL research, the submarket's average new lease size in 2017 was 6,946 square feet.
JLL's Chad Baker and Matt Sanderson represented IADC in the transaction. Russell Hodges and Bubba Harkins, also with JLL, represented the landlord, Triten Real Estate Partners and USAA.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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.
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