Mysterious, Classy, And Parkway's Got It
Adding 2.5M SF is always nice--as Parkway Properties just did in its merger with Thomas Properties. What's more: it landed one of the more mysterious complexes in town.
We met with some of the team yesterday at CityWestPlace, a four-building, 30-acre complex totaling 1.5M SF. Here’s Cassidy Turley SVP JP Hutcheson and senior managing director Eric Siegrist bookending Parkway Texas director of operations Jack Gregoire, managing director Mike Fransen, and leasing agent Rachel Williams. (JP and Eric lease Parkway’s Phoenix Tower and will soon handle leasing of CityWest and San Felipe Plaza--the two Houston assets included in this merger.) Eric tells us CityWest has an almost unparalleled level of amenities because it was developed as a single-tenant facility for BMC. That includes its own auto repair shop, hair salon, and multiple indoor/outdoor fitness areas.
Here's the new collective Parkway leadership team from Houston and Austin at their first combined meeting in January. That single-tenant mindset also means CityWestPlace has expanded security (you have to show ID just to drive onto campus), which is a boon for tenants… but also means many people haven’t seen it up close, giving it an aura of mystique. But the property now has potential opportunities on the existing campus and adjacent pad sites, which provides a great opening for new faces.
To match the 4.5M SF of Class-A product, Parkway and Mike have focused on hiring best-in-class personnel. That includes expanding its relationship with Cassidy Turley and bringing people like Jack (who worked on CityWest while with Hines) on board a few weeks ago to complement the Thomas team coming on board. Parkway is also enhancing the rest of its Houston portfolio, which is 92% leased. First on the list is San Felipe Plaza, with an aggressive amenity rollout including new conference and fitness facilities and a refreshed lobby.