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Chron: Deal of the Week

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Chasewood complex to add another building

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By KATHERINE FESER

Copyright 2007 Houston Chronicle

CHASEWOOD Technology Park, a complex with top-quality office buildings near Hewlett-Packard Co.'s northwest campus, is expanding.

Dallas-based GenCap Partners will build Four Chasewood with completion planned in August 2008. Transwestern will provide leasing and management services.

"We have very strong demand from our existing tenant base at the complex for expansion space," Paul Vangrieken of GenCap Partners said.

Go Read the Houston Chronicle for the Entire Article

Edited by mrfootball

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I guess that building makes sense but w/Don Hand developing his complex across 249 (next to Lowe's) it sure seems like a lot of office space in the market. Has anyone heard what HP is going to do long-term? I know their complex is on the market but that doesn't necessarily mean anything.

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I guess that building makes sense but w/Don Hand developing his complex across 249 (next to Lowe's) it sure seems like a lot of office space in the market. Has anyone heard what HP is going to do long-term? I know their complex is on the market but that doesn't necessarily mean anything.

HP's whole complex is not on the market, just a portion of the campus ( roughly 25% of the office space on campus)This isn't necessarily being done to facilitate layoffs - basically pretty much everyone on campus is being squeezed into cubes in a price-cutting measure.

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As mentioned above, HP is reducing space which will allow for the sale or lease of several buildings. Certaintly, building Chasewood #4 does not seem to make sense to me with extra buildings being available later this year.

Does this Dallas based speculating developer know this?

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It's funny to see them call the Chasewood buildings "top quality". Space was so tight when I was at Compaq we setup shop in an empty supply room. That place was a super dump. The one with the bank in it. Chasewood bank?

Edited by MidtownCoog

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It's funny to see them call the Chasewood buildings "top quality". Space was so tight when I was at Compaq we setup shop in an empty supply room. That place was a super dump. The one with the bank in it. Chasewood bank?

They have redone those buildings. Many vendors lease space there to support HP. However, the space is running thing. I just wonder if the left hand doesnt know what the right hand is doing here though.

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Thats just the tip of the iceburg. The property shown in the link above was what was supposed to be the NW branch campus of University of Houston. However, that was blocked by the state of Texas to give Prarie View a fighting chance at building enrollment in the immediate area.

That piece of land is no longer owned by HP. However, there will be even more buildings available in the near future. So your Sq. Footage estimate is on the very low side.

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I totally agree Chen. So the question goes back to HP - what are their future plans? If they're staying then "yea" all the area supporting buildings will have to base to grow upon... if they're downsizing then what will be the business hub for the 249 area?

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Chasewood is totally leased. This area (including the Vintage) is the natural CBD for this part of town. I expect it to easily absorb new growth as well a possible new Corporate HQ or two. Attractive area, great demographics, abundant housing for corporate employees and superb schools. I've said this before, back when I was with Anadarko, I worked on the site planning team. Had there been a development like (the Vintage) on the board back in 1999, Anadarko Petroleum would've likely chosen this area as most of its employees & executives came from the NW suburbs. Of course, it wasn't back then, so they opted for The Woodlands, which helped spur that entire boom up there. I think the same can occur again in the Vintage/HP/Chasewood area.

Edited by mrfootball

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"easily absorb new growth as well a possible new Corporate HQ or two"

400,000+/- sf of office space is a lot of new growth for any area.... I hope you're right. I lived through the see-through building era and it wasn't pleasant. Landlords were giving 1, 2 years of free rent away just to get a tenant into the building.

I guess my point is that I realize that there are a lot of smarter guys out there than me that do this corporate real estate thing for a living but let's not put "NW Blinders" on and assume that there is no ceiling. It's a nice assumption that a new corporate HQ or two will occupy our NW area but hopefully they've done their homework and aren't just "building it so they will come".

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I agree...

Chasewood is totally leased. This area (including the Vintage) is the natural CBD for this part of town. I expect it to easily absorb new growth as well a possible new Corporate HQ or two. Attractive area, great demographics, abundant housing for corporate employees and superb schools. I've said this before, back when I was with Anadarko, I worked on the site planning team. Had there been a development like (the Vintage) on the board back in 1999, Anadarko Petroleum would've likely chosen this area as most of its employees & executives came from the NW suburbs. Of course, it wasn't back then, so they opted for The Woodlands, which helped spur that entire boom up there. I think the same can occur again in the Vintage/HP/Chasewood area.

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