The company plans to start construction ASAP on two, single-story speculative office buildings. Shells will be done in June for the NorthBelt Office Center III and IV, totaling 106,050 sf. Construction will wrap up in January 2002.
Greg Mondshine, Myers & Crow managing director for Houston, tells GlobeSt.com that Myers is the developer on the project and will handle leasing for the finished buildings. The development is funded, he says, by an affiliate of Houston-based Sarafim Realty Advisors, Myers' capital partner for the project.
Myers is touting the building as a new product type for the company. "The difference between these buildings and our other Houston developments is the single-story design," he says. "Our other buildings have been very well received by many major companies, including HCA, TradeMC and Continental Airlines. In leasing those buildings, however, we noticed that many companies have similar technological and open-floor plan requirements, without the need for such large amounts of space."
He says this design will accommodate smaller high-density office and technology users from about 20,000 sf and up. The project will boast abundant parking, large floor plates, multiple fiber optics providers with redundant access, back-up generators for tenants who need them, tenant-controlled heating-air conditioning and class-A interior finishes.
Mondshine says the company chose to build in the Greenspoint submarket because it offers proximity to the airport and the highest concentration of fiber lines in the city. This combined with the available labor pool provides all the ingredients for a successful project, he says.
Louis Rosenthal, vice president of Jones Land LaSalle's Houston office says, " We have seen a definite trend of companies moving to office buildings designed for higher densities with high technology features, such as the Myers & Crow buildings."
This is the company's third development in Houston this year. The two-story, 173,400-sf Oak Park Office Center at Westchase comes on line in October and NorthBelt Office Center II, a two-story, 121,600-sf office building, will be done in November. Both projects target tenants needing 60,000 sf or more.
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