McDermott International has signed a lease for the new office building to serve as its corporate headquarters and will consolidate approximately 1,700 employees across five locations in the Houston area into one location.
McDermott signed a 16-year lease for Energy Center Five, an 18-story, 524,000-square-foot office tower located at 915 North Eldridge Parkway. McDermott will be the sole tenant in the building and will lease the building from the property landlord, TCH Energy Venture Corridor.
“The new, state-of-the-art building will enhance collaboration and productivity among our employees and drive efficiency and cost savings for the company,” said David Dickson, McDermott’s president and chief executive officer. “We are also staying in Houston’s Energy Corridor, which is strategic for McDermott given the close proximity to many of our customers and partners.”
McDermott plans to begin operations in the new building beginning in the third quarter of 2019 and will gradually transition its workforce into the new building by the end of 2019.
The company presently leases buildings at 10 locations in the Houston area and will consolidate five of those locations to fill the new building. After moving into the new building, the company is expected to have five site locations and more than 2,000 employees in the overall Houston metropolitan area.