Houston's Largest For-Lease Office Deliveries of 2014
Houston completed 7.5M SF of office development last year. With help from PMRG director of research Ariel Guerrero, we rounded up the five largest for-lease projects to hit the market. (Check out our list of biggest owner-occupied deliveries here.)
Energy Tower III
The 429k SF building on the Katy Freeway was fully leased to Technip before it delivered in Q1 2014. Mac Haik developed the property, and is nearing completion on Energy Tower IV, the final building in the Energy Plaza campus.
Two BriarLake Plaza
TIER REIT delivered Two BriarLake Plaza in Q3, adding 333k SF to the Westchase submarket. Samsung Engineering anchors the property, and the DTZ team quickly leased up space in the last few months. Now it’s 68% occupied.
Energy Crossing II
Lincoln Property’s 327k SF building delivered in Q1 in the Energy Corridor. It’s anchored by Atwood Oceanics and Modec International, and filling the building the rest of the way will rest on a different landlord—Lincoln sold the 580k SF Energy Crossing complex to Invesco in the second quarter.
Westchase Park II
Clarion and PMRG delivered the 300k SF property in Q4. It was part of Westchase’s movement to redevelop underutilized tracts—Tinseltown used to sit there. The building is the last on the Westchase Park campus, and PMRG is negotiating with several tenants now.
Westgate III, the final building in Transwestern Development’s 660k SF campus, delivered in Q3. The 226k SF building was the first five-story tilt-wall building in Houston (pictured, look at those monster slabs). Westgate is anchored by Mustang Engineering and broke ground at 67% pre-leased; by November, the campus was nearly full and went on the sales block.