Large Producer of Oxo Chemicals Selects West Memorial Place
The offices at West Memorial Place feature use an energy recovery wheel which pre-cools fresh air before it is transferred through the mechanical system, which requires less energy to cool the buildings.
HOUSTON—Skanska’s West Memorial Place is the first speculative LEED Platinum campus in the Energy Corridor. Located at 15375 Memorial Dr., the development includes two LEED-Platinum certified class-A office buildings: West Memorial Place I measuring 331,000 square feet and West Memorial Place II measuring 385,000 square feet. The buildings consume 30% less energy than typical baseline buildings.
In a relocation of its Houston office, Oxea has leased approximately 20,700 square feet on the third floor of West Memorial Place I with a move-in planned this month. With a global headquarters in Germany and plants in the United States, China and the Netherlands, Oxea is one of the world’s largest producers of oxo chemicals, with a production capacity of more than 1.3 million tons per annum.
“Oxea’s uncompromising commitment to sustainability, environmental protection, and health and occupational safety makes them an ideal addition to our existing tenant mix,” said Matt Damborsky, executive vice president for Skanska USA Commercial Development. “West Memorial Place’s sustainable, forward-thinking design, thoughtful range of upscale amenities and connection to the natural world will provide a flexible, health-focused working environment for Oxea’s Houston team.”
Constructed around a number of sustainable features including waste diversion and energy recovery, the offices at West Memorial Place feature a mixture of stone and floor-to-ceiling glass walls, as well as thermal insulation to help reduce heat gain while still providing an abundance of natural light. The buildings also use an energy recovery wheel which pre-cools fresh air before it is transferred through the mechanical system which requires less energy to cool the buildings.
“We are very happy to have found an office space in Houston that offers our employees an excellent overall work environment. Establishing the office in Houston enables Oxea to be physically closer to our plants, many customers and industry suppliers,” said Jason Haverland, director of supply chain at Oxea.
West Memorial Place is located directly adjacent to Terry Hershey Park and its many miles of hike and bike trails. The campus has amenities such as a fitness center, on-site food offerings through Fooda, car wash services and a bike share program allowing tenants access to the connecting park before and after work or on breaks. In 2017, the campus also became the fifth Enterprise carshare location in the Energy Corridor which enables tenants to utilize alternative transportation rather than personal vehicles.
“A key feature of West Memorial Place for our tenants is the connection to the natural world,” Damborsky tells GlobeSt.com. “The campus is adjacent to Terry Hershey Park, which offers tenants access to miles of scenic hike and bike trails. Additionally, both buildings at West Memorial Place feature state-of-the-art fitness facilities which are available for the exclusive use of tenants morning to night. This, along with a wide range of sustainable features and thoughtful amenities, including a one-of-a-kind bike share program and healthy fresh food curated by Fooda, has helped create a health-focused work environment that encourages professional growth and development as well as personal wellness.”
JLL represented Skanska and Trace Elrod and Chris Mathis of Newmark Knight Frank represented Oxea in the transaction.
Skanska’s other Houston-area projects include the Bank of America Tower development, a 35-story 754,000-square-foot office tower in Houston’s CBD. The Bank of America Tower is the first LEED v4 platinum core and shell-certified project in the United States.
Skanska has built and restored local landmarks in Houston for decades, ranging from historic renovations such as the San Jacinto Memorial Building on the Houston Community College campus to the new construction of sports facilities including NRG Stadium and healthcare resources such as the expansion of LBJ General Hospital’s emergency department.
While there is no doubt that Houston currently has one of the highest vacancy rates in the country, hovering quarter-to-quarter at 16% to 18%, the office market is inching its way back to recovery, according to Rand Stephens of Avison Young. The slow pace seems to be perpetuated by trends such as flight-to-quality, the pressure on class-A heritage buildings to make incremental upgrades/add amenities and the hesitancy of large companies to make long-term commitments, Stephens says.
There is light at the end of the tunnel as several submarkets, including the Katy Freeway West/Energy Corridor and the Woodlands, show encouraging signs of recovery with increased leasing activity and development. Near the Grand Parkway, Freeway Properties recently broke ground on Phase II of Katy Ranch Offices, signifying confidence in the submarket. Phase I of the office development is fully occupied, Stephens indicates.