HOUSTON – (Realty News Report) – Another new office project is being introduced into the Houston market.
Clay Development and Construction, a Houston firm led by Robert Clay, has announced a 150,000-SF office project on North Post Oak Road, not far from Northwest Mall.
The development is not large and it won’t be constructed in a single phase so it shouldn’t have much of a deleterious effect on Houston’s exceptionally soft office market.
Clay will build the seven-building spec project, called Offices @ North Post Oak, on 7.5 acres just west of Loop 610.
The first two buildings, a pair of two-story, 16,000-SF structures will break ground later this year and be completed in early 2019.
Jim Foreman of Cushman & Wakefield is marketing the buildings, which are available for sale or lease. The buildings will also include retail space, leased by Chris Dray of NewQuest Properties.
The project is positioned as a close-in location for owner-occupier companies.
“With immediate access to the Galleria/Post Oak area and the residential neighborhoods of Memorial and River Oaks, these office buildings are designed for owner-occupant companies,” says Robert Clay. “These users have been priced out of the Galleria and Inside Loop markets. Offices @ North Post Oak will offer them an equity position in a prime location at a reasonable price.”
The site is on Twelfth Street, north of the Katy Freeway in an area with mixed-uses including warehouses, office/service centers and some multifamily.
Tim Cisneros of Cisneros Design Studio designed the development, which was financed by Frost Bank.
Over its 20-year history, Clay has concentrated mostly on industrial development. The firm has developed more than 1,000 acres into 23 Industrial parks. Clay has built a few office buildings here and there. But this is the firm’s first office park.
Even though the Houston office market has its highest vacancy rate in more than 20 years, Clay’s Offices @ North Post Oak fits into a niche market with a logical investment narrative.
April 16, 2018 Realty News Report Copyright 2018