Geneva, Switzerland-based energy trading giant Mercuria is preparing to move its U.S. headquarters to the Kirby Grove development in Houston.
The firm will occupy a substantial space within the Midway-owned project, as it shifts operations from its current office nearby. According to a filing with the Texas Department of Licensing and Regulation and first reported by the Houston Business Journal, Mercuria is launching a $10 million build-out of its new space. The project involves 62,903 square feet on the 11th floor of the building at 2925 Richmond Avenue.
The move is less than two miles from the firm’s current base at 20 Greenway Plaza. The transition allows the company to maintain its presence in a core Houston business corridor while upgrading its facilities, according to the publication.
Construction on the new office is slated to begin this July. The build-out is expected to reach completion in early 2027, according to the preliminary state filings.
Houston-based Perrin Projects was selected to lead the design for the expansive 11th-floor suite. The design firm is also currently handling high-profile office projects for Stone Ridge Asset Management in the Uptown area.
The arrival of Mercuria coincides with significant tenant movement within the Kirby Grove property. Fellow Swiss commodities trader Vitol is vacating the building to occupy a 145,000-square-foot Class AA space at The RO.
Additionally, the personal injury firm Johnson Law Group is planning an exit from Kirby Grove. The law firm is reportedly building out a new 38,798-square-foot office at the Autry Park mixed-use development, according to the outlet.
Despite these departures, Kirby Grove remains a highly sought-after spot in the Upper Kirby submarket. The building is currently 90.7 percent leased, demonstrating resilient demand for well-located mixed-use office space.
Mercuria’s expansion in the Houston market aligns with its increasing activity in the domestic energy sector. The firm recently boosted its investment in Houston-based Fervo Energy to support a large-scale geothermal project in Utah, according to the publication.
Beyond geothermal ventures, Mercuria has also strengthened its position in the liquefied natural gas market. The firm recently finalized a significant offtake agreement with Commonwealth LNG for 1 million tonnes per annum.
— Eric Weilbacher
Read more
Transwestern files plans for $34M retail building at Upper Kirby megaproject
Transwestern starts Auberge condo-hotel tower at $1B-plus Upper Kirby megaproject
Southern Land plans $171M mixed-use project in Houston’s Upper Kirby
Five-month-old crypto company signs lease in one of Houston’s oldest buildings