MIDLAND – Pontikes Development LLC will develop a 500,000-square-foot office project in Midland, a West Texas city where the energy industry is booming.
Hydraulic fracturing, commonly called fracking, has reinvigorated energy production in the Permian Basin, a massive oilfield that ranks as one of the world’s most fertile locales for energy exploration. Job growth has been significant in the region and occupancy rates are exceptionally high in office buildings, hotels and apartment complexes.
Pontikes purchased 19 acres of land from SBC, LP in Westridge Park in Midland, where the new office space will be built. Veteran Houston real estate broker, Ron McWherter of CBRE and Bill Scott of Real Estate One in Midland represented Pontikes Development in the transaction.
Pontikes plans to develop 500,000 square feet of office space, including structured parking facilities, on the Westridge Park property. Construction plans will allow tenants to begin occupying the space in 2015.
In addition, Chevron Corp. is constructing a 350,000-square-foot facility adjacent to the Pontikes development within Westridge Park.
“Midland and its economy have experienced a great deal of growth in the last few years, and we expect to see this expansion continue into the future,” said Alan Feinsilver, President of Pontikes Development. “We are proud to be the newest member of the Midland business community and hope to grow along with the Permian Basin region.”
Westridge Park is a 100-acre master-planned development located within the Western Corridor of Midland and is currently Midland’s fastest growing multi-use development, CBRE said. The location is within proximity to numerous major retail, restaurant and hotel facilities, as well as to Loop 250 and Highway 191.
Pontikes Development is affiliated with Satterfield & Pontikes Construction. (S&P). S&P is an award-winning general contractor, construction manager and design builder recognized as one of the Engineering News-Record’s Top 400 Contractors in America.
— By Ralph Bivins, Editor, RealtyNewsReport