The last phase for the park, situated at the intersection of Clay Road and Beltway 8, will deliver in six months. According to Scott Martin, managing director in Houston for the Dallas-headquartered Granite, lease-up on the first two buildings, each 76,500 sf, happened more quickly than anticipated. One structure delivered in early 2005 and the other in February 2006.
"We'd budgeted an 18-month lease-up on phase two and were lucky enough to get three leases signed in less than 12 months," Martin says. Tenant improvements are under way for Patterson Dental Supply Inc., headquartered in St. Paul, and Kongsberg Maritime Inc.'s new headquarters. The tenants will move in June 1. BP Microsystems has already moved into its office.
Martin tells GlobeSt.com that the tenants have signed leases with seven- to 10-year terms. The park's quoted rate isn't available, but class A office space in the submarket is going for $20 per sf to $22 per sf.
As Granite Park Beltway 8 pushes toward build-out, the developer is looking at other opportunities in the Greater Houston market. The team's also under construction on the 318,000-sf Granite Towers II at 10350 Richmond Ave. "There are a couple of other land opportunities out there, but we haven't closed on them yet," Martin adds.
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