Nabors Goes From Tenant to Landlord with $47.5 Million Purchase of One Commerce Green Bldg. in Houston

Taking advantage of Parkway Properties sell-off of its non-core assets, Nabors Industries (NYSE: NBR), the owner and operator of the world’s largest land-based drilling rig fleet and a leading provider of offshore platform workover and drilling rigs in the U.S. and several international markets, purchased the One Commerce Green building at 515 W. Greens Rd. in Houston for $47.5 million, or approximately $139 per square foot.

Nabors had occupied more than 90% of the 340,956-square-foot, 12-story office building since 2010 before making the decision to purchase. The property was constructed in 1983 in the Greenspoint/N Belt West submarket and last underwent renovations in 1996, according to CoStar information.

 

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