Transocean Construction Permits Reveal Build-Out Cost for New Houston HQ

 

By JOSHUA MANN

HOUSTON – Switzerland-based Transocean Ltd. (NYSE: RIG), whose U.S. arm is based in Houston, will spend about $37 million prepping its new Bayou City office for the start of its lease later this year.

The company has filed building permits for each floor in the 11-story Enclave Place building, where it will lease 300,000 square feet, according to public records. The permits list D.E. Harvey Builders as the contractor for the job.

Enclave Place is at 1414 Enclave Parkway in West Houston, and Transocean’s lease there starts in July, according to a statement from Atlanta-based Piedmont Office Realty Trust Inc. (NYSE: PDM), which owns the building. Transocean currently occupies 255,413 square feet in 4 Greenway Plaza, which is its U.S. headquarters. The Greenway Plaza lease expires in 2023.

Piedmont developed Enclave Place in 2015. In an announcement that the building had been leased to an undisclosed tenant, Joe Pangburn, Piedmont’s Southwest Region executive vice president, said the building would serve as the tenant’s new U.S. headquarters.

David Bale and Louie Crapitto of JLL represented Transocean, and Piedmont was represented by Damon Thames and Connor Saxe of Colvill Office Properties plus Damian Miller, Piedmont’s Southwest Region senior vice president.

Transocean recently expanded its revolving credit facility, giving itself access to more debt funding. Its chairman, Pete Miller, stepped down earlier this month after about four years in the role. Shareholders elected Chadwick Deaton as Miller’s replacement at the May 9 annual meeting.

Transocean declined to comment on additional details.

Transocean’s U.S. headquarter move to Enclave garnered it an award at HBJ’s 2019 Landmark Awards.

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