Newly Inked Lease Jump-Starts Stalled CityPlace Project
When CityPlace, a 60-acre mixed-use development next door to ExxonMobil’s new Springwoods Village campus, was first announced, it was expected the office buildings would be deep into construction by now. Although multifamily and infrastructure work launched, the office projects haven't even begun.
But that's changing. Today, Patrinely Group announced it signed a tenant that will occupy the entirety of the 10-story, 326k SF CityPlace 2 office building. American Bureau of Shipping, a leading global provider of classification services to the marine and offshore industries, will call the building its global HQ.
CityPlace 2 will also feature 24k SF of ground-level retail. Cushman & Wakefield's Tim Relyea and Kevin Snodgrass repped ABS while JLL's Chrissy Wilson and Patrinely's Dennis Tarro repped the landlord.
CityPlace 1, a 149k SF building, will be built concurrently.
Development was delayed for a variety of reasons, with the primary concern being the oil slump. Similar projects like Three Hughes Landing have had leasing troubles that Patrinely Group, USAA Real Estate Co and CDC Houston want to avoid in their JV.