6-Story Office In Autry Park Mixed-Use Development Adds To Thinning Houston Pipeline
Another 127K SF is being added to Houston’s slim office construction pipeline with a new project from the Hanover Co. and Local Partners LLC.
The joint venture plans to develop Autry Park One, a six-story office building in Hanover’s 13-acre Autry Park mixed-use development, according to a press release from JLL Capital Markets, which arranged financing for the project.
Autry Park One is slated for 116K SF of boutique office space, 10,500 SF of ground-floor retail, meeting space, outdoor decks, a rooftop deck, a fitness center and underground parking.
The office building will be along Allen Parkway and the Buffalo Bayou, near two finished multifamily complexes. The 23-story, 324-unit Hanover Autry Park and the eight-story, 421-unit Hanover Parkview were completed in 2022.
Both buildings have about 24K SF of ground-floor retail, with restaurant tenants that include Annabelle Brasserie and MF Seafood.
Hanover developed the first phase of Autry Park alongside Lionstone Investments, a firm that shut down last year after 23 years in business.
Lionstone’s closure isn't expected to impact Autry Park’s development, Hanover CEO Brandt Bowden told the Houston Chronicle. Autry Park will eventually be home to additional housing, office, hotel and retail developments, according to the release.
JLL worked with Hanover Co. and Local, a development company founded by former Midway executive Shon Link, to line up joint venture equity and secure a syndicated construction loan with two regional banks, the release says, though the amount of financing wasn't disclosed.
The JLL Capital Markets debt advisory team representing the borrower was led by Colby Mueck, Cortney Cole and Kevin McConn.
Link told CoStar in 2020 that Local Partners was developing the office portion of Autry Park, with plans for a 20-story building and a six- or seven-story building constructed with cross-laminated timber.
News of a new office building comes as Houston’s construction pipeline declined significantly after the pandemic boosted office vacancy rates. There were just 710K SF of offices under construction in the first quarter, according to JLL.
