Shasta
Mar 9, 2007, 7:46 PM
http://houston.bizjournals.com/houston/stories/2007/03/12/story1.html
For those of you without a subscription, here are the details;
Five potential developments are being shopped around in downtown Houston right now. All are at different levels of planning but most analysts agree that 2 to 3 major towers are expected to break ground by the beginning of next year. Here are the players;
1) Brookfield Properties. Has hired Thomas Phifer and Associates of NYC to design and 35 to 42 story office tower at 1500 Smith Street (near the Continental Center). The tower will be LEED Certified and contain between 750,000 to 1,000,000 square feet. That would put it in the 550 to 650 foot category if it has a flat roof. Brookfield also owns two other sites in the area that it will develop in the near future.
2) Trammel Crow of Dallas. TC is shopping for a lead tenant for a tower it is calling "Discovery Park." This will be built near the new park currently being built out (Discovery Green) and the 501 foot One Park Place that broke ground last week. (apartments with ground retail).
3) Crescent Real Estate of Fort Worth. Crescent owns the Houston Center and built 5 Houston Center not too long ago. They've announced plans for 6 Houston Center which will have 600,000 square feet. That would likely put it in the 300-450 foot range.
4) Hines of Houston. Hines is denying reports that say it is shopping the market to find a lead tenant for a development they are proposing at Main, Walker, Fannin, and Rusk. The site is described as the last "seedy" block on Main.
5) Linbeck Construction is proposing a mixed-use site for a block at Milam, Preston, Travis, and Prairie. I've heard rumors that this site MIGHT include a luxury hotel, condos, and retail.
The article doesn't state which company it is, but it says one of these projects will go forward as a spec build while the others are wanting a major tenant. Three firms were mentioned as possible lead tenants as their leases expire in 2008-2010 which would be about the same time a new building would come online.
As of right now, class A space downtown is over 91% leased and there are only 3 towers downtown that can offer a firm 100,000 square feet and there are NO towers than can offer a company a major lease.
For those of you without a subscription, here are the details;
Five potential developments are being shopped around in downtown Houston right now. All are at different levels of planning but most analysts agree that 2 to 3 major towers are expected to break ground by the beginning of next year. Here are the players;
1) Brookfield Properties. Has hired Thomas Phifer and Associates of NYC to design and 35 to 42 story office tower at 1500 Smith Street (near the Continental Center). The tower will be LEED Certified and contain between 750,000 to 1,000,000 square feet. That would put it in the 550 to 650 foot category if it has a flat roof. Brookfield also owns two other sites in the area that it will develop in the near future.
2) Trammel Crow of Dallas. TC is shopping for a lead tenant for a tower it is calling "Discovery Park." This will be built near the new park currently being built out (Discovery Green) and the 501 foot One Park Place that broke ground last week. (apartments with ground retail).
3) Crescent Real Estate of Fort Worth. Crescent owns the Houston Center and built 5 Houston Center not too long ago. They've announced plans for 6 Houston Center which will have 600,000 square feet. That would likely put it in the 300-450 foot range.
4) Hines of Houston. Hines is denying reports that say it is shopping the market to find a lead tenant for a development they are proposing at Main, Walker, Fannin, and Rusk. The site is described as the last "seedy" block on Main.
5) Linbeck Construction is proposing a mixed-use site for a block at Milam, Preston, Travis, and Prairie. I've heard rumors that this site MIGHT include a luxury hotel, condos, and retail.
The article doesn't state which company it is, but it says one of these projects will go forward as a spec build while the others are wanting a major tenant. Three firms were mentioned as possible lead tenants as their leases expire in 2008-2010 which would be about the same time a new building would come online.
As of right now, class A space downtown is over 91% leased and there are only 3 towers downtown that can offer a firm 100,000 square feet and there are NO towers than can offer a company a major lease.