Perdure Petroleum LLC has leased 17,212 square feet in the Office Campus at Allen to relocate and expand its headquarters in far north Dallas.
The oil and gas company will relocate in Q4 to 1101 Central Expressway South in Allen, gaining nearly 10,000 square feet of additional space and backfilling the office building’s only vacancy. Perdure Petroleum is in the process of consolidating its Houston and Dallas offices, driving the need for a larger footprint in its longtime headquarters city in Collin County.
“The timing couldn’t have been better from the landlord’s perspective. We had only two months’ down time between tenants on that space,” says Jared Laake, vice president of Dallas-based Bradford Commercial Real Estate Services. He and Susan Singer, executive vice president, lease the Office Campus at Allen for the landlord of record, 1101 SCE LLC.
The Office Campus at Allen is a two-building project with unobstructed views of South Central Expressway. Thanks to the new lease, the 56,838-square foot structure will remain fully occupied. Its sister building, totaling 48,048 square feet, is 90% leased, with just two available suites of 2,500 sf each.
Perdure Petroleum has scooped up first-floor space with 42 existing private offices to house its combined corporate and engineering teams. Hamm Construction Co. of Allen is poised to start the renovation, which includes adding sidelight panels beside each office door, painting and new flooring.
“The landlord was very accommodating in making alterations to suit my client’s needs,” says Jan Elwell, president of JE Commercial Realty LLC. “The economics and livability of the space were the drivers for this deal.”
Perdure Petroleum was founded in 2017 in Allen by a veteran management team that had a longtime presence in the city. The firm’s present-day office is situated right across the freeway from the newly leased location.
“The economics of remaining in the city were further incentivized by the Allen Economic Development Corp.,” says Elwell, who noted the site search extended south into Plano, a highly competitive neighbor.
Laake credits the complex’s historically high occupancy to its Houston-based owner’s leasing flexibility and the proximity to the 52-acre Watters Creek, a resort-style shopping and entertainment destination about one mile north. “The Office Campus at Allen is located on the affordable side of 75. It’s a good well-run project with strong ownership,” he emphasizes.
Perdure Petroleum has oil and gas operations in Texas and Oklahoma. The firm specializes in buying under-producing wells and using CO2 technology to improve production.