CBRE Leasing New Tower Developed by Skanska in Downtown Houston

HOUSTON – (Realty News Report) – CBRE  has been awarded the leasing assignment for the new  28-story, 375,000-SF Class A office building planned by Skanska USA Commercial Development in downtown Houston adjacent to Discovery Green urban park.

The building will break ground this year, with completion expected in 2024, CBRE said.

Located on the city block bound by La Branch, Lamar, Crawford and Dallas Streets, 1550 on the Green project will be a part of a three-block master planned development by Skanska.

Kristen Rabel

CBRE’s Kristen Rabel, Parker Duffie, and Joel Douthit are the leasing agents representing the landlord for 1550 on the Green. The Class A office building located at 1550 Lamar will anchor Discovery West, a three-block, master-planned district that Skanska is developing.

This is the first tower project in Texas designed by BIG-Bjarke Ingels Group, an internationally known architecture firm. It will showcase a forward-looking design focused on sustainability and tenant wellness to achieve LEED Platinum certification. With pedestrian walkways and outdoor terraces, the building will offer views of Discovery Green, the largest green space in the Houston CBD, creating a sense of community and connectivity between the park and the building.

“This is a game-changing project that will raise the bar in the downtown office market through world-class architecture, ample green space, and cutting-edge technology,” said Parker Duffie, Vice President at CBRE. “We are excited to collaborate with Skanska to meet the demand for next-generation workspaces that prioritize the wellness of employees as we continue to see a flight to quality.”

The tower will also cater to tenants’ evolving needs through smart building technology, flexible workplace solutions, and walkable retail amenities. It is located near attractions such as Minute Maid Park, The Toyota Center, and the George R. Brown Convention Center.

1550 on the Green recently secured global law firm Norton Rose Fulbright US LLP as the anchor tenant that will obtain naming rights upon occupancy. CBRE’s Jon Lee and Craig Beyer represented Norton Rose Fulbright in the leasing transaction.

The new building is being announcing as the Houston office market is working through a downturn, with the vacancy ratee well over 20 percent, the highest since the 1980s.

Architect Michael Hsu has been tapped to design the interior amenity spaces, which include a fully-equipped fitness center, rooftop event space and terrace on level 28, and community spaces throughout the property.

Hsu designed the Understory food court in Downtown Houston’s 35-story Bank of America Center tower, the most recent office building to be completed in downtown.

Skanska acquired the 3.5-acre building site was acquired in the fall of 2019 for $55 million. The four downtown parcels are surface parking lots near Dallas, Lamar and La Branch streets, including a full city block across from Marvy Finger’s One Park Place residential tower.

Skanska, which has a parent company based in Sweden, is a construction and development companies specializing in building construction, civil infrastructure and developing commercial properties in select U.S. markets. Skanska USA had sales of SEK 74 billion and about 7,900 employees in its operations in 2019.

Skanska has a history of financing its developments internally without being dependent on bank loans and such.

March 1, 2021 Realty News Report Copyright 2021

File: CBRE Leasing New Tower Developed by Skanska in Downtown Houston

File: (2) BIG-Bjarke Ingels Group. CBRE Leasing New Tower Developed by Skanska in Downtown Houston. 1550 on the Green.

Rendering of Skanska’s 1550 on the Green designed by BIG-Bjarke Ingels Group,  Image courtesy CBRE

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