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Belgian Investor Advances $40M Office Project

KINGWOOD, TX-The first class A office space to rise in more than 20 years will go up on 30 acres at the intersection of US Highway 59 and Kingwood Drive. Construction begins in March on a 40,000-sf building, the first of three in the 200,000-sf development.

By Jennifer D. Duell | Updated on January 18, 2005

KINGWOOD, TX-Belgian investor Phillippe Cras has finalized plans for 30 acres at the intersection of US Highway 59 and Kingwood Drive. In addition to a Homewood Suites by Hilton that Cras developed four years ago, he plans to build a $40-million, class A office project with 200,000 sf.

Kingwood Parc will consist of two 40,000-sf, two-story office buildings and one six-story, 120,000-sf structure. He has tapped Transwestern Commercial Services Inc. to develop the first phase of the project–a 40,000-sf building with an $8-million build-out cost. Transwestern’s Todd King will oversee the development of the building, designed by Gensler Architecture, Design and Planning Worldwide. Transwestern also will lease and manage the property.

According to Debbie MacDonald, vice president with Transwestern, construction will begin when preleasing hits 50%. “I expect that we will break ground in March or April because we have about three deals totaling 15,000 sf that we are about to close,” she tells GlobeSt.com. The space is on the market for $23.50 per sf.

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