As companies rethink their office spaces amid the COVID-19 pandemic, Houston-based bank holding company Cadence Bancorporation and its subsidiary, Cadence Bank, will relocate from Williams Tower to the recently renovated Park Towers office building on the West Loop. Jackson Walker attorneys Alfie Meyerson and Robby Reeb represented Cadence in negotiating the long-term, 82,215-square-foot office lease.
|Photo of Park Towers used with permission from Transwestern Real Estate Services.|
On Cadence’s decision to relocate, Chairman and CEO Paul B. Murphy Jr. said, “Our strategic decision to move to Park Towers offers us enhanced efficiencies, more opportunities for collaboration, greater visibility, and cost savings. With this move, we’ll embrace a more dynamic and agile office, giving our associates more flexibility in how they work and fostering teamwork with more collaborative spaces, both formal and informal.”
Located in Houston’s Uptown submarket, Park Towers is a Class A, 545,242-square-foot office property comprised of two 272,621-square-foot buildings with 18 stories. With the relocation, about 250 Cadence employees will occupy three-and-a-half floors and a retail branch on the ground floor beginning as early as December 2021. The Bank’s financial advisory services firm, Linscomb & Williams, is also relocating to Park Towers.
Headquartered in Houston, Texas, Cadence Bancorporation (NYSE: CADE) is a regional holding company with $18.4 billion in assets as of September 2020. Cadence operates 99 locations in Alabama, Florida, Georgia, Mississippi, Tennessee, and Texas. Cadence Bank is the seventh-largest bank in the Houston area.
For more information about the transaction, read the following articles:
- “Cadence Bank to move Houston headquarters from Williams Tower to Park Towers,” Houston Business Journal (December 20, 2020) (subscription required)
- “Cadence Bank relocates to Park Towers with 82,215-SF lease,” REjournals (December 18, 2020)
- “Cadence Bank moving Galleria area headquarters,” Houston Chronicle (December 18, 2020) (subscription required)
- “Cadence Bank Leaving Williams Tower to Move to West Loop,” Realty News Report (December 17, 2020)
Meet Our Team
Houston partner Alfred M. Meyerson focuses his practice on all aspects of commercial real estate transactions, including the representation of tenants and landlords in lease negotiations, developers and equity investors in partnership and joint venture agreements, borrowers and lenders in all types of real estate financing, debt restructuring, and workouts of problem loans. He is board certified in commercial real estate law.
Fort Worth associate Robert J. Reeb has experience in a wide variety of real estate matters, including commercial leasing, the acquisition and disposition of commercial, multifamily and ranch assets, and the management of landlord-tenant relationships. Robby regularly represents landlords in commercial, retail, and industrial matters, and has represented retail tenants in the Dallas/Fort Worth area.
Since Jackson Walker’s founding in 1887, our attorneys have represented some of the most influential companies and business leaders in the world. Today, we remain firmly rooted in Texas while serving clients around the globe. With more than 400 attorneys across seven offices, we are the fourth-largest law firm in the state and have been recognized by Law360 as a “Texas Powerhouse” and an “elite law firm” that regularly provides counsel to industry-leading clients on highly complex transactions ranging from millions to billions. To explore the Firm’s experience assisting clients with buying, selling, developing, and operating properties, visit the Real Estate practice page.