Opus West Corp: 80-Acres Of Office Development

[ricco67]

Sarnoff's Link

Outside downtown and The Woodlands, the Katy Freeway/Energy Corridor office market has some of the highest rents in the city, at $24.21 per square foot, according to data from Studley. The brokerage firm pegs the area's vacancy rate for its best buildings at 5.5 percent. That compares with 17 percent five years ago.

The company broke ground last week on the first phase of Energy Crossing, a six-story office building near the southwest corner of I-10 and Texas 6.

It eventually plans to build a twin to the 240,000-square-foot building, though no tenants have been found for either building.

I figured it was far along enough that it will deserve its own thread.

Edited February 17, 2008 by ricco67

[The Great Hizzy!]

The lot still seems small for a six-story building, considering the likely parking concerns. Of course, I'll probably end up being proven wrong but right now the lot seems undersize.

And I didn't notice any activity on the lot to suggest that they'd broken ground (of course, I haven't been over there since last Tuesday, so...).

Edited February 18, 2008 by The Great Hizzy!

[ricco67]

Well, they aren't expected to even close on the property until later this year, but the way things are heading, it might as well be put on here as a reference point.

[The Great Hizzy!]

Oh, I don't disagree, especially when you consider all the construction that's going on in the Energy Corridor right now. Pretty telling that a new 6-story building on a long-dormant lot along the corridor is seen as no big deal nowadays. That tells you how hot the Corridor is right now.

[ricco67]

Oh yeah.

I-10 is going to get clogged faster than my arteries.

[ChannelTwoNews]

The first building and garage was completed several years ago, and it sounds like the second may be on the way, if the blurb from this November 2011 HBJ piece is to be believed.

By the end of December, 1 million square feet of office space will have been absorbed this year in the Energy Corridor, and Class A vacancy will dip to 5 percent, said Kevin Wyatt, senior vice president of marketing for Dallas-based Lincoln.

Armed with statistics like that, Lincoln and its unnamed state pension fund partner are spending $1.3 million to design Energy Crossing II — a 10-story, 400,000-square-foot building at the southwest corner of I-10 and State Highway 6. Owen McCrory with Dallas-based architecture firm HKS Inc. HKS Inc. Latest from The Business Journals HKS's Hawkins, AT&T's Reed appointed to arts boardBillingsley Co. buys Dallas office buildingOrlando Health announces 7M expansion Follow this company will have the final plans done in February, Wyatt said.

The developer hopes to break ground on the $88 million building in early 2012.

It will be built next to the existing six-story, 400,000-square-foot Energy Crossing I, which Wyatt said is 80 percent leased now and will be 100 percent leased by year-end.

“We are proceeding fast and furiously on plans for the second building,” said Wyatt. “We are actively preleasing that building. We’re writing proposals and discussing deals with different prospects.”

[houstontx]

The second is in the design phase right now. Very preliminary. As it stands right now it is slated to be an 8-story , 330,000 sf building and a 4-level parking garage.