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Major Redo Planned for CapRidge Office Buildings in Memorial Area

Rendering of the CapRidge redevelopment effort planned for its Memorial office portfolio.

HOUSTON – (Realty News Report) – Austin-based CapRidge Partners LLC, is launching a multi-million-dollar renovation program of its recently acquired office portfolio in the Memorial/Tanglewood area of Houston.

The three-building portfolio, was acquired from Unilev Capital in March of 2019. It includes 541,000 square feet of office space in 1616 S. Voss, 7500 San Felipe and 6363 Woodway.

“Now is the time for this portfolio to elevate its presence in the Memorial neighborhood, and we are thrilled to share the exciting changes,” said Dan Terpening, Director at CapRidge Partners. “From extensive interior improvements to upgraded tenant amenity packages, the project will provide a connected, engaging and people-first environment for our tenants.”

The interior renovations will include reconfigured and upgraded finishes in each of the building lobbies, enhanced building amenity packages, upgraded common areas, restrooms and elevator cabs. Exterior updates will include lush landscaping, a programable activity lawn, shaded seating areas, and outdoor meeting space. The construction will start in first of the year and be completed by the summer.

The buildings have been rebranded “to provide a consistent look and feel that will mirror the high-end quality of the post-renovation product.”  The buildings known as 1616 Voss and 7500 San Felipe will now be known as Memorial Tower I and Memorial Tower II, respectively. 6363 Woodway will now be known as Woodway Tower.

CapRidge is partnering with Stream Realty Partners for the leasing and marketing of the project. Craig McKenna and Matthew Asvestas with Stream will provide leasing services.

Abel Design Group was selected as lead designer for the project, Clark Condon as the landscape architect, and O’Donnell/Snider Construction as the general contractor.

“This project embodies CapRidge’s commitment to providing a reimagined environment for both the current and future generations of office tenants in Houston’s Memorial area and the Village cities,” said Craig McKenna, Vice President at Stream. “The on-site transformation planned for this project is enhanced by its adjacency to several of Houston’s finest neighborhoods and walkability to several food and amenity options.”

Since 2012, CapRidge has purchased 41 office buildings.

CapRidge Partners is an investment, management and operating company focused on value-add office properties in nine U.S. markets: (Houston, Austin, Dallas, Denver, Phoenix, Nashville Atlanta, Charlotte and Raleigh.) Its strategy is to acquire well-located assets, below replacement cost, that offer opportunities to add value by providing proactive management, delivering enhanced customer service and wellness amenities, leasing to stabilized occupancies, marking-to-market expiring leases, and completing capital projects.

The CapRidge Memorial Portfolio:

Woodway Tower (formerly 6363 Woodway) is an 11-story office building totaling 198,428 square feet. The project is situated adjacent to Second Baptist Church and less than a mile from Houston Country Club.

Memorial Tower I (formerly known as1616 South Voss)is a 10-story office building totaling 179,061 square feet within the Memorial Villages neighborhood. The property offers with a plethora of walkable amenities including Whole Foods and several other retail.

Memorial Tower II(formerly known as 7500 San Felipe) is a 10-story office building totaling 163,071 square feet within the Memorial Villages neighborhood of West Houston.

Nov. 22, 2019 Realty News Report Copyright 2019

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