HOUSTON— With office construction in Houston at near historic levels, just shy of the 1980's construction boom, tenants are trending toward newer properties. This flight to quality continues to influence a number of repositionings in the area in value-add properties.

The Plaza at Audley, a 93,000-square-foot office building in the Greenway submarket, recently completed extensive renovations. The property, located at 3120 Southwest Freeway, was acquired by Stream Realty Partners in August 2012 in a joint venture partnership with American National Insurance Company.

"As demand moves towards newer buildings and recent development, existing buildings in exceptional locations can create new opportunities through renovations and expanded service packages," said Craig McKenna associate at Stream. "The Plaza at Audley's sought-after location among world class amenities and between some of Houston's most prestigious neighborhoods made it a great candidate for a reposition strategy."

Improvements included updates to lobby, replacement of the HVAC system and elevator modernization and upgraded finishes throughout the building. In addition, tenants will receive membership to the new Audley Club featuring catering, dry cleaning valet and Car Butler, a car detailing service.

While the majority of office construction in Houston has been focused in the outlying suburban submarkets, Inner Loop development is on the rise, specifically in mixed-used projects. According to CBRE, there is currently about 350,000 square feet of office product under construction In Greenway Plaza/Midtown area with approximately another million square feet proposed.