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PMRG Bets Big on Spec Office
Auction (Lompac) HOU
February 20, 2013

PMRG Bets Big on Spec Office

Moody Rambin Interests is leasing office space available at 1225 North Loop West. Find out here why Moody Rambin is Houston's largest locally owned, full-service real estate brokerage and management firm.

PM Realty Group is the latest developer to buy into Houston's job growth and absorption, so yesterday we dropped by to chat about its newly launched spec office projects and learn more about the first major office development in Greenway in decades.

PMRG managing director Wade Bowlin and director of leasing John Spafford tell us 300k SF Westchase Park II (3600 West Sam Houston Parkway N) will complement the first 267k SF building (two pics down). It's a partnership with Clarion that includes PMRG managing and leasing Westchase Park I. Wade says they'd love to break ground soon and be done by late 2014. Woodbranch Plaza III is also going spec (although PMRG is close to a couple pre-leases) and will break ground in a few months with occupancy in mid '14. The 175k SF property is being built in partnership with Stena Realty, and they plan a fourth building as well.
Bisnow (Cities) Jumbo

3737 Buffalo Speedway
3737 Buffalo Speedway (rendered) will be the first major office development in Greenway in 25 years. It will be on land that PMRG and the Indure Fund (managed by National Real Estate Advisors) acquired when they purchased 3333 Richmond in November. The partnership will break ground on an 18-story, 400k SF tower this year: It's got 85k SF of pre-leasing (including Solvay America, which will relocate from 3333 Richmond) but is looking for a lead tenant to kick off construction. It's slated to complete mid-2015, and the team will demolish the old tower and build a hotel/mixed-use project there.

3700 West Sam Houston Pkwy
Here's 3700 West Sam Houston Parkway N. PMRG has kept busy outside of development, too. We learned that KBS Capital Advisors brought it on to lease and manage West Loop I and II, and Wade tells us those will be rebranded and undergo transformation. And John signed some of the biggest leases Downtown in the last few months, including 180k SF with TransCanada, bringing the Bank of America Center to 95% leased. PMRG is also close to finalizing a few deals that would take down half of Sugar Creek on the Lake (the 515k SF building it acquired last summer).

ULI Awards Developments of Distinction

ULI handed out its annual Development of Distinction awards, and HEB came up the big winner. We snapped HEB's Peter Soltys receiving the honor in the for-profit category for HEB's Montrose Market; the project also won ULI's first People's Choice award. The grocery store, at 1701 W Alabama, is LEED certified and includes an outside patios so much natural light inside the store that no artificial light is used during the day. The team: Lake Flato Architects, Selser Schaefer Architects, Bury + Partners, SCA Consulting Engineers, and McDugald Steele Landscape Architects.

The City came up big, too. We snapped Mayor Annise Parker with the Julia Ideson team; the Parks Department HQ was also recognized. The historic Julia Ideson Building at 500 McKinney re-opened last December after a significant renovation. Its team included Gensler, Spaw Maxwell/Balfour Beatty, Ward Getz & Associates, Haynes Whaley, and TBG Partners. The Parks Department HQ at 2999 Wayside was NASA's first HQ and its renovation into a more efficient and sustainable office achieved LEED Gold. The team: HarrisonKornberg, Infrastructure Associates, Concept Engineers, Asakura Robinson, and Gilbane. Mayor Parker was particularly pleased to point out that 10 projects recognized by ULI in the last six years were public projects, a sign of the City's dedication to good development.

The Houston Food Bank (we found its Betsy Ballara) took the award in the non-profit category. It renovated the 30-year-old 308k SF warehouse at 535 Portwall St. to triple its distribution capacity; the facility is the nation's largest capacity Feeding America food bank. The team (RdIR Architects, Tellepsen Builders, Landtech Consultants, Ingenium, and Asakura Robinson) wanted it to be a people space even though it's a warehouse, and judges appreciated that it's both functional and beautiful. Bonus: Its energy costs are 40% less than projected.

Mac Haik's Energy Tower III

Mac Haik Enterprises leasing director Steve Bryant filled us in on the impressive Energy Tower III: Class-A all the way, 450k SF, and 17 floors (each averages 26k SF) of LEED Gold space. The optimum layout gives tenants a chance to design closed or open office configurations. A total of 10 elevators serve the building and garage (including a service elevator) separating deliveries from passenger traffic. Energy Tower III is the fourth of a planned five-building development centered around the Hilton Embassy Suites—the gateway to the Energy Corridor. It enjoys exceptional access to I-10 from all directions as well as direct access to the Sam Houston Parkway. Click here to get a better look at our sponsor's property, now available.

What's your favorite cocktail? We call ours a "pinescrew," and it's a delicious blend of vodka, orange juice, and pineapple juice. Email Catie Dixon, catie@bisnow.com.

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