By Ralph Bivins
HOUSTON – Hines is planning and marketing a major new downtown office tower on Main Street, projected to be at least 41 stories tall, but could be bigger if there is strong demand.
The office project will be located on Block 69 at the southeast corner of Main and Texas Avenue, near the historic Rice Hotel lofts.
The new building, 609 Main, is expected to be 851,000-sf and slated for completion in 2016, according to people in the real estate community. No anchor tenant has been signed and Hines is not expected to start the building as a spec.
Two year ago, Hines completed the 46-story BG Group Place two blocks away from Block 69. BG Group Place is 96 percent leased.
“Back in 2007, our investment thesis for BG Group Place and the purchase of 609 Main at Texas site centered on Main Street being central to all downtown amenities and transit,” said John Mooz, senior managing director in Hines’ Southwest Regional office. “Over the past four years, the Class AA tenant market has validated BG Group Place as a striking new business address. Additionally, other owners are also voting with significant investments that Main Street is a top of mind location.”
Mooz said Hines has just begun seriously marketing the building to corporations and realty brokers who specialize in office leasing. If the demand for more office space demands it, Hines can adjust and make the building taller than 41 stories, Mooz said.
The office market in downtown is very tight with most major towers having little or no vacant space. Companies that need big blocks of office space have few options.