Insight

Growing Energy Firm Leases 46,000 SF of Office Space

August 14, 2013

HOUSTON, TEXAS – August 14, 2013 – The Houston office of Cresa, North America’s largest tenant representation firm, recently closed a 45,848-square-foot lease for Argent Energy Trust, whose group operations are headquartered in Calgary, Alberta. The Trust owns, operates, and manages oil and gas properties located primarily in South Texas and Oklahoma, with drilling prospects focused in the Eagle Ford, Austin Chalk, and Wilcox formations. The new offices in 2 Houston Center, located at 909 Fannin Street in Houston’s Central Business District, will support the Trust’s growing U.S. based operations.

“The motivation behind leasing space in 2 Houston Center was primarily driven by Argent Energy Trust’s need to accommodate its rapidly growing labor force. The executive team challenged us to secure a lease that had financial appeal and offered the kind of flexibility necessary to accommodate its growing enterprise, both of which can be difficult to accomplish in a market as dynamic as Houston,” said André Granello, a Managing Principal with Cresa Houston. He continued, “2 Houston Center offered our client an opportunity to lease office space in a high-quality, amenity-rich complex, under very compelling terms.  I believe the landlord recognized the value of a partnership with a tenant that possesses such tremendous long-term growth potential, and therefore, was willing to be creative in structuring a deal that allowed our client to better manage some of the short-term challenges associated with this type of rapid growth.” 

The energy firm, which also leases space in 650 N. Sam Houston Pkwy E. in the Greenspoint submarket, was advised by André Granello and Rick Romano, and was supported in Project Management by Troy Malish. Debbie Wilson of CBRE represented the landlord, Crescent HC Investors, LP.

 

About Cresa

Cresa is an international corporate real estate advisory firm that exclusively represents tenants and specializes in the delivery of fully integrated real estate services, including: Transaction Management, Project Management, Corporate Solutions, Portfolio Strategies, Location Planning, Lease Administration, Capital Markets, Mission Critical Solutions, and Facilities Services. With more than 58 offices, Cresa is the largest tenant representation firm in North America. Through its partnership with Savills, one of the world's largest commercial real estate services firms; Cresa covers more than 173 locations in 40 countries. For more information, visit www.cresa.com.

 

About Argent Energy Trust

Argent is a "mutual fund trust" under the Income Tax Act (Canada). Argent's objectives are to create stable, consistent returns for investors through the acquisition and development of oil and natural gas reserves and production with low-risk exploitation potential, located primarily in the United States, and to pay out a portion of available cash to holders of the Trust's Units on a monthly basis.  Further information pertaining to Argent, the Units and the Debentures may be found on www.sedar.com or www.argentenergytrust.com.

 

Argent's units are traded on the TSX under the symbol AET.UN. The Debentures are listed on the TSX under the symbol "AET.DB".

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