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Century Options Three CBD Blocks for Office Project

HOUSTON-Century Development stamps a purchase option for three contiguous CBD

By Jennifer Brenner Andrade | Updated on November 16, 2001

HOUSTON-Three contiguous CBD blocks are under contract to Houston-based Century Development, which is gaming out a plan to build a second, class A office building along Main Street and parking garage.

An agreement has been signed with Central Parking for the acquisition of Block 272 (bounded by Main Street, Polk, Fannin and Dallas). Century plans to partner with Central Park on a parking garage on Block 273 (bounded by Fannin, Polk, San Jacinto and Dallas) and long-term lease extra parking spaces in the adjacent Main Street garage to support the development.

Richard Everett, Century Development’s CEO and majority owner, tells GlobeSt.com he fully understands the potential glut of space that could come on line in 2003 when CBD deliveries occur at his under-construction, 1.4 million-sf 1000 Main, 5 Houston Center, Calpine Center and Enron Center South. As a result, Everett says all timelines for the new CBD office project will be adjusted to the market. And, construction won’t start until it’s pre-leased. It could be a single user or multiple users, but it just wouldn’t be prudent to build a spec building right now, he says. “When we proceed with construction, we do not anticipate putting any speculative office space on the market,” he emphasizes.

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