HOUSTON – (Realty News Report) – A $15 million capital improvement campaign was recently completed at the 43-story, Class A downtown office tower, which is owned by the Wedge Group Incorporated, a Houston private equity investment firm specializing in acquisition investments.
Upgrades include a new lobby, a new building entry, a conference center and two new restaurants: Strato 550Restaurant and Conference Center is located on the 43rd floor of the building, with views from 550 feet over the street level. On the lobby level, Terra, a new lobby-level coffee bar is operated by Compass Group. Other new wrinkles include a fitness center and a co-working facility is being evaluated.
“We have seen a substantial uptick in leasing activity resulting from these renovations,” says Chip Colvill, CEO and president of Colvill Office Properties, which handles leasing for the building. “Strato 550, the new fitness center and food and hospitality offerings have been a game-changer for this asset.”
Hines manages the property, which is graced with new art, including a large custom glass wall designed by renowned glass artist, Paul Housberg, and – on the exterior – is painted “Sky Dance,” a large mural.
The property currently has 135,000 SF of contiguous office space available. Colvill’s Connor Saxe and Vince Strake lease the building.
Greg Armstrong, president of Wedge Commercial Properties. “To complete our menu of first-class offerings, we are currently evaluating co-working space in the building to be both incubator space for new tenants as well as flex space for our existing tenant base,” said Greg Armstrong, president of Wedge Commercial Properties. “Our extensive renovations, amenities and above-market parking ratio have proven to be very attractive to Co-working operators that provide densely designed, collaborative office spaces to users looking for extensive amenities and easy parking alternatives.”
Colvill Office Properties, a landlord representation firm, directs leasing and marketing of 17 million SF of Class A office space in Houston. The firm currently leases 13 percent of the Class A and 32 percent of Houston’s downtown office space.