HOUSTON – (Realty News Report) – A 15-story office building on Westheimer Road in Houston’s Inner Loop has “topped out” with a ceremony to celebrate the progress of construction.
Stonelake Capital Partners, a real estate private equity firm with offices in Houston, Dallas and Austin, is developing the 210,000-SF Class AA tower.
The building, 4200 Westheimer Road at Mid Lane, is 30 percent leased, with the first tenants expected to move in during June of 2020.
Stonelake Capital, which retained Colvill Office Properties to lease the office space, said it is in discussions with several potential lead tenants that could result in the building being 65 percent leased shortly.
The project, called 200 Park Place, is currently 30 percent leased. Announced tenants include Compass Real Estate, a fast-growing residential brokerage firm, which will occupy a full floor on level 10. Charles Schwab will move into 10,908 SF on the ground floor, and the building’s developer, Stonelake, will relocate its Houston office into 4,782 SF on level 9. Brad Beasley and Connor Saxe of Colvill Office Properties are responsible for office leasing at 200 Park Place while Bruce Wallace and Radkey Jolink of CBRE handles retail leasing.
The tower, designed by Beck Architecture, is being constructed by Harvey Builders. 200 Park Place will offer distinctive architecture and first-class amenities, including ground floor restaurants, a landscaped terrace on the ninth floor available to all tenants, a conference center and tenant lounge, and a programmed, heavily landscaped park in the center of Park Place | River Oaks development.
The site is about a mile east of the Galleria and just a couple of blocks west of Highland Village. The 11.5-acre site was assembled in 2010 with five acquisitions.
“Stonelake continues to see the tremendous value in this premier location between Highland Village and River Oaks District” said William Peeples, principal with Stonelake Capital Partners. “200 Park Place is generating significant interest from companies across business sectors who understand that their work environment is a direct reflection of their corporate brand.”
The first two phases of the development were:
The Phase 1 of Park Place | River Oaks, The James, is an 8-story, Class-A mid-rise multifamily building comprised of 344-units completed in July 2016.
Phase 2 of Park Place | River Oaks, The Ivy, is a 17-story residential building with 297-units which opened in 2017.
200 Park Place, Stonelake’s Phase 3 of Park Place | River Oaks, will be substantially complete in April.
The Topping Out:
General contractor Harvey Builders raised the ceremonial tree to the top of 200 Park Place during the event while all members of the project team signed the final steel beam. The tree was a 12-foot Eagleston Holly which will be permanently placed on the building’s outdoor terrace on the ninth floor.
“We’re very proud to celebrate the topping out of this incredible building that is reshaping the skyline in this prestigious area of Houston,” said Mark Hammer, EVP and Managing Partner with Harvey Builders.
Stonelake Capital acquires and develops industrial, multifamily and office properties and owns over $3 billion of commercial real estate in Texas.
Stonelake owns, is developing or has developed over 5,000 multifamily units, 3 million SF of office buildings and 10 million SF of industrial warehouses.
In Austin, Stonelake recently started The Bowen, a 19-story, 340-unit multifamily project in The Domain project in north Austin.
Nov. 6, 2019 Realty News Report Copyright 2019 …Houston 2020: America’s Boom Town – An Extreme Close Up —Available on Amazon http://tiny.cc/4a2g6y
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