HOUSTON – (Realty News Report) – Stonelake Capital Partners has announced plans to develop a 15-story office building at the corner of Westheimer Road and Mid Lane in the Inner Loop of Houston.
Stonelake, a real estate private equity firm, with offices in Houston, Dallas and Austin, has expects to break ground in January on the 200,000-SF building on a speculative basis.
Colvill Office Properties has been retained to handle leasing and marketing for the building. “Houston continues to see strong demand by tenants in the market desiring a walkable community with immediate access to residential, retail, restaurant, hotel, and entertainment venues, all within a new, high quality office building to ensure strong employee morale and productivity. Park Place offers all of this and our leasing team is already seeing significant tenant interest in Park Place,” said Chip Colvill, president and CEO of the Houston firm.
Negotiations are underway with two firms that are considering leasing office space in the development, which is near the Highland Village shopping center. Brad Beasley and Connor Saxe of Colvill Office Properties will be directly responsible for leasing the office building, named Park Place.
The office building is part of the third phase at Park Place | River Oaks by Stonelake.
Park Place | River Oaks is an 11.5-acre mixed-use development at 4200 Westheimer Road in the upscale River Oaks/Highland Village area of Houston. Stonelake assembled the land for Park Place in 2010 through five separate transactions.
Phase 1 of Park Place | River Oaks, The James, is an 8-story, Class-A multifamily building comprised of 344-units completed in July 2016. The James is now 95 percent leased.
Phase 2 of Park Place | River Oaks, The Ivy, is a 17-story, luxury residential building with 297-units which opened in 2017 and is now 85 percent leased.
Phase 3 of Park Place | River Oaks which will include the 15-story, Class-A office building, which will have floor plates averaging 26,400-SF. The building design includes a landscaped terrace on the ninth floor available to all tenants and multiple signage opportunities, all surrounded by a 2-acre park.
“We believe this is the right time to deliver to the Galleria area a new, Class-A, luxury office building with first class amenities,” said William Peeples, a Vice President with Stonelake who will lead the development effort for Park Place. “Stonelake is creating a place where companies who office at Park Place will set themselves apart from their competition by offering their employees amenities and an environment that is unmatched in Houston.”
Harvey Builders will construct the building, which has been designed by Beck Architecture. Park Place will be available for occupancy in the spring of 2020.
Stonelake Capital Partners is a real estate private equity firm with offices in Houston, Dallas and Austin. Stonelake acquires and develops industrial, multifamily and office properties and owns over $2 billion of commercial real estate in Texas. Stonelake owns, is developing or has developed over 5,000 multifamily units, 2 million SF of office buildings and 7.5 million SF of industrial warehouses.
Stonelake was founded in Austin in 2007 by Kenneth Aboussie and John Kiltz.
Colvill Office Properties specializes in landlord representation of office buildings and currently directs leasing and marketing of 17 million square feet of Class A office space in Houston. Colvill currently leases 13 percent of the Class A and 32 percent of the CBD office space in the city.