By Jeff Jeffrey – Reporter, Houston Business Journal
Houston midstream firm launches renovation at HQ in Allen Center downtown
Houston-based midstream giant Plains All American Pipeline LP (NYSE: PAA) is undertaking a $2.2 million renovation to its headquarters in Three Allen Center, according to city of Houston records.
Building permits issued by the city show that renovations will affect Suite 1400 of 333 Clay St. Plains All American’s website says its headquarters is located in Suite 1600.
The building permit was issued to Houston’s O’Donnell/Snider Construction. Additional details about the project were not immediately available. The Houston Business Journal has reached out to Plains All American and O’Donnell/Snider for comment.
The three-skyscraper Allen Center office complex in downtown Houston is in the midst of a major renovation project that is scheduled to be completed next year. The property is owned by New York-based Brookfield Properties (Nasdaq: BPY), which is represented by JLL (NYSE: JLL) for leasing.
Brookfield’s “Reimagining of Allen Center” project has moved into its second phase, which includes renovating Two and Three Allen Center.
Two Allen Center is set to receive a new two-story lobby, second-floor outdoor terrace and updated retail bays and tenant mix. Three Allen Center’s lobby also will be renovated, and the building will add a new shower and locker room to its fitness center. Both buildings’ elevator lobbies and elevator cabs will be renovated, and a new skybridge will connect the two towers.
Other portions of the Allen Center transformation include a new restaurant and a new hotel.
Dallas-based Morrison Dilworth + Walls and Houston-based PDR are the architects for the “Reimagining of Allen Center” project, and Houston-based Tellepsen Builders is the construction contractor.
Earlier this summer, financial services firm Jefferies LLC also began a nearly $6 million remodel of two suites in Three Allen Center. However, some companies are moving out of Allen Center amid the renovations, including law firm White & Case LLP and Houston-based EnVen Energy Corp., an independent oil and natural gas firm.
Meanwhile, Plains All American recently increased its earnings outlook for the rest of 2019. Driven by its strong infrastructure position in the U.S. pipeline market, Plains All American said earlier this month that it expects to generate $2.98 billion of adjusted EBITDA this year. That’s up from the company’s prior forecasts of $2.85 billion and $2.75 billion.
Plains All American garnered headlines in June, when Houston-based Phillips 66 (NYSE: PSX) announced it was moving forward with two previously proposed pipeline projects costing more than $1 billion each. At the time, Phillips 66 said it was entering in to a 50-50 joint venture with Plains All American to build the $2.5 billion Red Oak Pipeline system portion of the project.
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