HOUSTON – (Realty News Report) – Compass Real Estate, a rapidly expanding national residential brokerage, leased a full floor in Stonelake Capital Partners’ new Park Place Tower under construction on Westheimer Road inside Loop 610.
The 15-story, 210,000-SF Park Place office building has also gained Charles Schwab as a tenant and the property is now 21 percent leased ahead of its completion in about a year.
Compass Real Estate, a New York-based firm that launched an aggressive national roll-out after being founded in 2012, has been on a hiring spree in Houston, recruiting some of Houston’s top real estate agents. “Compass seeks to empower real estate agents through unmatched technology, marketing, support and culture,” Compass said in a statement, “Park Place | River Oaks reflects the quality we seek to provide the agents who work alongside us every day. With our recent momentum in the region, a luxurious space with room to grow was essential.”
Brad Beasley and Connor Saxe of Colvill Office Properties are responsible for office leasing at Park Place Tower while Bruce Wallace and Radkey Jolink of CBRE are responsible for retail leasing. Mark O’Donnell, Josh Meltzer, David Gordon, and Jennifer Jordan of Savills represented Compass Real Estate in their lease transaction and Trevor Franke of Peloton Commercial Real Estate and Scott Gardner of Streetwise Retail Advisors represented Charles Schwab.
Compass Real Estate will occupy a full floor totaling 27,249 SF and Charles Schwab will move into 10,908 SF of space on the ground floor. Stonelake Capital Partners, the building’s developer and owner, will relocate its Houston office to Park Place Tower in 4,782 SF.
“The early leasing activity from these sophisticated and discerning tenants validates our thesis about a flight to quality by companies who desire to work in a highly visible and amenity-rich location,” said Stonelake principal William Peeples, who is leading the development effort. “In fact, we continue to see significant demand for the remaining space and expect Park Place Tower to be fully leased by the time we achieve substantial completion in March 2020.”
Park Place | River Oaks is an 11.5-acre mixed-use development at the intersection of Westheimer Road and Mid Lane, near the Highland Village shopping center.
Developer Stonelake Capital Partners, was founded in Austin in 2007 by Kenneth Aboussie and John Kiltz.
Stonelake acquires and develops industrial, multifamily and office properties and owns over $3 billion of commercial real estate in Texas. Stonelake owns, is developing or has developed over 5,000 multifamily units, 3 million SF of office buildings and 9 million SF of industrial space.