"This project embodies CapRidge's commitment to providing a reimagined environment for both the current and future generations of office tenants in Houston's Memorial area and the Village cities," said Craig McKenna, vice president at Stream. "The on-site transformation planned for this project is enhanced by its adjacency to several of Houston's finest neighborhoods and walkability to several food and amenity options."

The buildings have also undergone an overall rebrand to provide a consistent look and feel that will mirror the quality of the post-renovation product. The buildings commonly known as 1616 Voss and 7500 San Felipe will now be known as Memorial Tower I and Memorial Tower II respectively, and 6363 Woodway will now be known as Woodway Tower.

"This is great timing for renovation. As the flight to quality trend moves across the city, tenants are demanding  a higher quality building and want a better amenity base. We are bringing that to them now," Asvestas tells GlobeSt.com. "It will be a premier project within that micromarket, as it is competing with some of the newer construction within the Galleria and Memorial. A lot of the competitive project is aged in this area, and post renovation, this will be premier office product regarding finish level and amenity offerings."

Halfway through the fourth quarter of 2019, overall vacancy is at 21% and availability is at 25.9%, both down 10 basis points from this time last year, according to a report by NAI Partners. Net absorption was back in positive territory at 898,000 square feet. Leasing activity is outpacing this time last year by 9.8%, totaling 13.9 million square feet year-to-date. Developments under construction and delivered projects have also outpaced November 2018 year-to-date numbers, says the NAI report.