Key Energy Services Downsizing in Houston

Photo Courtesy of LoopNet

Key Energy Services, which bills itself as the largest onshore, rig-based well servicing contractor, has amended its lease with landlord Crescent 1301 McKinney, L.P. for the space it leases at 1301 McKinney in Houston, Texas.

Under the amended lease, Key Energy Services will surrender approximately 7,234 square feet of rentable square footage on the 15th floor of the building, reducing its leased space from 96,992 square feet to 89,758 square feet.

NAI Houston represented Key Energy Services in this transaction, which has the annual base rent per square foot jumping from $28 in August 2016 to $37.64 on July 1, 2026.

1301 McKinney Ave in Houston is a 1.25 million square foot, Class A office building known as the Fulbright Tower due to its anchor tenant, Fulbright & Jaworski, according to wikipedia. The 52-story skyscraper was acquired by Crescent Real Estate and affiliates of GE Asset Management and J.P. Morgan Asset Management in 2005 for around $250 million, according to houstonarchitecture.com.