Challenge: Talisman Energy (Talisman) needed to immediately secure 15,000 square feet of Class A space in Houston’s The Woodlands submarket. Talisman wanted to be in this high-profile, tight-occupancy submarket because they had entered into an agreement to purchase certain operations of a firm located there. After two upward adjustments, Talisman estimated their actual long-term need would be at least 130,000 square feet.
Strategy: At the time of the first contact, Class A vacancy in The Woodlands was under 5%. Nonetheless, Colliers immediately identified 15,000 available square feet and within 60 days, a 70-page lease had been executed by both parties.
Using our proven processes and tenacious negotiating skills, we assisted Talisman with two expansions, drawing on tightly structured expansion language embedded in the original lease. We also leveraged the landlord’s desire for flexibility to pursue a significant prospective tenant in return for Talisman acquiring improved expansion economics and structuring.
Result: Ultimately, Talisman executed a two-year lease with the maximum amount of market concessions, structuring and delivery for an entire 70,000-square-foot building. Simultaneously, they executed a 12-year lease for 150,000 square feet in a not-yet-fully-designed LEED® Gold office tower.
Talisman Energy acquires Class A space in desirable submarket