HOUSTON – (Realty News Report) – Skanska has announced the Norton Rose Fulbright law firm has signed on as anchor tenant, clearing the way for construction to begin of Houston’s newest downtown skyscraper.
The 28-story building will be located at 1550 Lamar Street, adjacent to Discovery Green park.
As part of its long-term lease agreement, the law firm’s expects to relocate to the new building in 2024.
Norton Rose Fulbright US LLP and acquire naming rights upon occupancy of the 375,000-SF tower. CBRE’s Jon Lee represented the tenant in the lease transaction.
The new building is being announcing as the Houston office market is working through a downturn. The year-end citywide office vacancy of 22 percent its highest point since the 1980s, according to Madison Marquette.
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 plan by Skanska and is being designed to achieve LEED Platinum certification. The building will feature extra-wide pedestrian zones with a canopy of trees, two tenant-exclusive outdoor roof terraces located on the 12th and 20th floors.
The project is being designed by BIG-Bjarke Ingels Group, marking the internationally renowned firm’s first project in Texas.
“As an organization that prides itself on building what matters to our communities, our team, made up of Houstonians, has been working alongside local stakeholders to develop a plan and a building that will transform this side of downtown Houston while still meeting the needs of the city,” said Matt Damborsky, Executive Vice President for Skanska USA Commercial Development’s Houston market. “At 1550 on the Green, we look forward to welcoming Norton Rose Fulbright and creating a transformational development that embraces the surrounding greenery and the culture of downtown Houston.”
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 the new 35-story Bank of America Center tower in downtown Houston.
Norton Rose Fulbright’s Houston office boasts more than 175 lawyers covering a wide range of litigation and transaction practice areas.
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.
Jan. 13, 2021 Realty News Report Copyright 2021
File: Skanska Starting New Office Tower
Caption: Rendering courtesy Skanska
File (2) Norton Rose Fulbright. Skanska Starting New Office Tower. CBRE Jon Lee. Discovery Green. Matt Damborsky.