By Jeff Jeffrey – Reporter, Houston Business Journal
Financial services firm launches $6M remodel, expansion in downtown Houston’s Allen Center
Financial services firm Jefferies LLC has begun construction on a nearly $6 million remodel of two suites in Three Allen Center.
Building permits issued by the city of Houston say that Jefferies plans renovations to suites 2400 and 2500 in the 50-story building. The building permit for suite 2400 estimated the cost of the remodel at $2.2 million. The one for suite 2500 was for $3.78 million in renovations.
The permits were issued to Houston-based general contractor O’Donnell/Snider Construction.
The renovations will involve a complete demolition and remodel of one and a half floors, about 40,000 square feet in total, a source close to the deal confirmed. Jefferies has requested high-end finishes, including an internal staircase connecting the two suites. The staircase will be made of stone and glass with bronze detailing. The renovations will expand Jefferies’ conference room capacity.
Houston’s PDR Corp. is serving as architect on the project, the source said. Construction crews began work on the space earlier this month. The space is expected to be delivered by the end of 2019.
Another source close to the deal said the need for additional space was driven by the recent success of Jefferies’ energy advisory practice.
Jefferies LLC is part of the Jefferies Financial Group, which merged with Leucadia National Corp. in 2012.
Three Allen Center is owned by New York-based Brookfield Properties, which is represented by JLL (NYSE: JLL) for leasing. Jefferies’ tenant adviser is Cushman & Wakefield (NYSE: CWK).
Meanwhile, the overall Allen Center complex is in the midst of an extensive renovation project. The second phase began in April and includes renovating Two and Three Allen Center.
The city of Houston recently issued a construction permit to Houston-based Tellepsen for a $600,000 remodel of the Three Allen Center Wellness Center. As the Houston Business Journal reported in March, the plans for the building include a new shower and locker facility. Three Allen Center is also slated to undergo lobby renovations and elevator improvements. The project also includes the addition of a skybridge connecting Two and Three Allen Center.
Phase two of the project is expected to be completed in late 2020.
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