HOUSTON-Trammell Crow Co., in joint venture with Principal Real Estate Investors, has purchased a 10-story high-rise office building totaling 497,000 square feet. The class-A building is located at 20555 State Hwy. 249 in Houston’s Northwest office submarket.
The building, which was completed in 1998, was formerly owned and served as the corporate headquarters for Compaq Computer Corp. and later Hewlett-Packard Co. Trammell Crow could not provide reasons for selling or a sales price to GlobeSt.com at this time.
The acquisition also includes the purchase of an adjacent five-story parking garage and a 3.5 acre development site for future expansion. “We look forward to redeveloping this premier office property and hope to capitalize on the continued suburban growth of North and Northwest Houston, including the growth of the Woodlands,” says Aaron Thielhorn, managing director of Trammell Crow’s Houston Business Unit.
The joint venture plans to embark on a significant capital renovation program, which includes renovations and upgrades to lobbies, landscaping, common areas, signage and other aspects of the building. In addition, the ownership plans to seek Energy Star and LEED EB certification. Trammell Crow tells GlobeSt.com that it also cannot disclose renovation costs at this time.
“The building’s architectural quality, infrastructure, location and access to premier amenities within Vintage Park and surrounding areas, make this building an ideal corporate headquarters setting,” Thielhorn adds.
According to a prepared statement, the property features a unique configuration of twin towers and expansive, rectilinear floorplates of 25,000 or 50,000 square feet, allowing for efficient space planning and utilization. “Each floor permits a balance of interior workspace and extensive perimeter offices and conference rooms, and the upper levels provide panoramic views of the surrounding greenbelt,” the statement says.
In addition, the building’s entrance opens into a two-level expansive lobby, and is connected to an adjacent structured parking garage via a climate-controlled and secure pedestrian skybridge. The property is located at the corner of State Highway 249 and Louetta, adjacent to Vintage Park, a master planned mixed-use community that features 537,000 square feet of retail/office space, over 1,600 upscale residences, two apartment communities, a 123-room hotel and a St. Luke’s regional hospital.
The property is situated among wooded neighborhoods, golf courses, premier retail and restaurants and regional parks. Accessibility is provided by way of Beltway 8 and SH 249, and the planned Grand Parkway expansion, which will improve regional mobility throughout north and west Houston.
“The quality of the project was a major draw for us,” says Joe Wanninger, assistant managing director with Principal Real Estate Investors. “In addition to the convenient area amenities and easy regional access, Houston’s strong economy and improving office market fundamentals help make this a solid addition to our office portfolio.”
Trammell Crow Co. and Principal Real Estate Investors have a track record of developing more than 1.4 million square feet of class-A office buildings in Houston. Leasing and management of the buildings will be handled by senior vice presidents Steve Rocher and Cody Armbrister with CB Richard Ellis’ Houston office.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
