"We obviously believe in the Houston market. I feel very confident I'll get one started, if not both, this year," R. Scott Martin, the Dallas-based developer's executive managing director in Houston, tells GlobeSt.com. "That's if everything continues to hold in Houston."
Granite acquired six acres at the intersection of FM 242 and Research Boulevard in Vision Park near Interstate 45. Martin says Houston architect Kirksey is working on a design for a 200,000-sf, eight-story office building.
The Westchase site is in the 2900 block of Briarpark, less than a half block from Granite's 228,883-sf, 12-story Briarpark at 2925 Briarpark. Pierce Goodwin Alexander and Linville Architects Inc. of Houston is designing a 300,000-sf office building for that block. Granite is slated to close on the land in roughly 30 days.
Martin says both office designs will be done within four months. By that time, he says that the Granite team will know if one or two projects will break ground this year. "It will give us time to monitor the market," he stresses, adding Houston's class A office market fundamentals continue to be strong "but I'm not naïve enough to think that Houston is impervious to the rest of the country so I'm cautiously optimistic."
In May, the developer will open doors on the 318,551-sf Granite Westchase II at 10350 Richmond Ave., within a few blocks of Briarpark. Martin says the 14-story spec building is already 90% preleased. "The timing was right on that deal," he says. Its 310,296-sf sister, Granite Westchase at 10370 Richmond Ave., is more than 95% leased as is the case with all its class A space in the Westchase corridor.
In Sugar Land, construction will wrap up in August or September on the eight-story, 204,195-sf Granite Tower at Sugar Creek at 13131 Dairy Ashford Rd. Preleasing has brought in deals for 25% of the project while its twin at 13135 Dairy Ashford Rd. is completely filled.
Martin says the Woodlands and Westchase were targeted for additional development because they are sporting class A vacancies of less than 4% and below 9%, respectively. Granite's in-house team is marketing the Woodlands' building for $22 per sf net and the Westchase space, $23 per sf net.
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