The garage contains 1,100 parking spaces, some of which lease for more than $200 per month. The garage is located near the Wedge International Tower, a 500,000-sf building at 1415 Louisiana. Wedge's office tower is approximately 90% leased.
Wedge has announced long-range plans to construct a 30-story office tower adjacent to the Wedge International Tower. The garage's acquisition contributes an additional amenity in the plans for the new building, which is more than a year away from a ground-breaking.
Finding customers for the parking garage is not a problem. Nearby, Hines Interests is developing a major office tower, the 40-story headquarters of Enron Corp.
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