SUGAR LAND, TX-Planned Community Developers Ltd. (PCD) has signed its first tenant for its recently completed class A office building in Sugar Land Town Square. Contract Land Staff LLC inked a seven-year lease for 20,000 square feet at 2245 Texas Dr.
The new six-story building contains 166,000 square feet of office space and 13,000 square feet of ground level retail space. It is the third and final office building that PCD has planned and developed in the Town Square, which is situated on 32 acres at the intersection of U.S. 59 and Highway 6.
PCD built all three building on a speculative basis, according to Don Janssen, senior vice president of PCD. The company began working on the final building right as the economy collapsed, but it was able to obtain construction financing from JP Morgan Chase because of the leasing activity in PCD’s other two Town Center office buildings.
PCD is currently negotiating with several other tenants including another 20,000-square-foot tenant. “We’re on target from a leasing standpoint,” Janssen tells GlobeSt., adding that he expects to achieve stabilization within 24 months. “We feel good about where we are. In seven years, no office tenant has moved out of Sugar Land Town Square.” The building’s quoted rental rates range from $18.50 to $19 per square foot, triple net.
For PCD’s most recent lease deal, it negotiated with Contract Land Staff for more than six months, Janssen says. Chad Beck with Jones Lang LaSalle’s Houston office represented Contract Land Staff in the lease negotiations.
Currently, Contract Land Staff’s corporate headquarters is located at 10701 Corporate Dr. in nearby Stafford, TX. The company, which provides land management and right-of-way consulting services, will move into its new space at Square Land Town Square by the end of the year. It will occupy an entire floor in the building.
“The new building is an upgrade for their image,” Janssen says, adding that Contract Land Staff also like its location in the new building. The company is situated on the same floor as the skybridge that connects the garage. “Everyone who offices in this building will arrive on the second floor, so Contract Land Staff will have exposure to the prime lobby in the building,” he notes.
In addition to its prime location within the building, Contract Land Staff was attracted to Sugar Land Town Square’s amenities including: 238,000 square feet of upscale retail with more than 25 restaurants; 1.4-acre pedestrian plaza; full-service Marriott Hotel with a 55,000-square-foot conference center; and Sugar Land’s City Hall.
PCD’s office buildings also offer a level of security that is unique to the market. Town Square office tenants benefit from a unique partnership between the local management district and the City of Sugar Land Police Department utilizing state-of-the-art technology.
Governed by local business owners, the management district provides 24-hour patrols within the development and has direct communication with the police department to report suspicious activity. New wireless technology also allows the police department to access live footage from Town Square’s public cameras from their patrol cars.
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