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Midway Plans Another 750,000 SF of Office in West Houston as New Tower Opens 75 Percent Leased

HOUSTON – Midway Cos., which has just opened its fifth office building in its CityCentre mixed-use development west Houston, is seeking tenants for two additional office towers on the northern edge of the project.

The two new office towers, totaling 750,000 SF, will be built near Interstate 10, part of a northward expansion of CityCentre, which includes office, retail, hotels, restaurants and residential.

“Despite the impact of lower oil prices on the citywide office market, CityCentre’s mixed-use environment continues to be a draw for businesses, and Midway is experiencing significant leasing activity at CityCentre,” the Houston-based real estate firm said.

“The development’s first four office buildings … are all currently at 98-100% occupancy. Given these factors, Midway is now marketing two new office towers, totaling approximately 750,000 square feet, for pre-leasing at the site. These future buildings will be located just north of CityCentre and adjacent to Interstate 10, which will provide excellent freeway exposure for major tenants,” Midway said.

Colvill Office Properties is handling leasing for the proposed new buildings.

“While millions of square feet of premium office space have been developed in Greater Houston in recent years, tenants are consistently drawn to CityCentre as a result of supporting amenities that create an urban campus, in addition to the lifestyle benefits and conveniences the district provides their employees,” said Jonathan Brinsden, CEO of Midway Cos.

The new CityCentre Five, where the initial tenants are moving in, is 75 percent leased.

Construction crews are putting the finishing touches on the 15-story, 200,000-SF CityCentre Five building, which has 192,357 SF of Class A office space, 8,216 SF of ground floor retail/restaurant space.

Located at 825 Town & Country Way, the contemporary CityCentre Five building was designed by Houston-based Kirksey Architecture and Munoz + Albin. Linbeck served as the general contractor. Highlights include three floors of two-story loft offices with 20-foot ceilings and a dramatic masonry and glass façade.

Tenants already committed to space include Ascot Underwriting, a Lloyd’s of London syndicate and leading global specialty insurance underwriter; Relevant Solutions, a preferred provider of critical service solutions; and University Lands, which, under the direction of the Office of Business Affairs for The University of Texas System, is responsible for managing the Permanent University Fund lands and Trust Minerals. Colvill Office Properties is overseeing leasing.

CityCentre opened in 2009 near the intersection of Interstate 10 and Beltway 8.

Last fall, Midway announce it is expanding the mixed-use project with the acquisition of some older buildings near Interstate 10, which is also called the Katy Freeway.

When Midway announced that it was buying the old buildings, it said the acquisition would yield a 6.41-acre northern extension that will increase the leasable size of CityCentre by approximately 50 percent. The northern phase will include a 285,000-SF high-rise residential building, 22,400 square feet of ground-floor restaurant/retail and a one-acre central green space.

April 25, 2016

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