The area along Sam Houston Park Drive is so hot it recently scored a new submarket designation from the CBRE real estate services marketing company. HBW subscribers who have followed the development activity along Sam Houston Park Drive and participated in the development projects being built there are not surprised that the area has finally been designated as the “West Belt” submarket. West Belt has captured areas that were formerly in the North Loop, FM 1960, and Katy Freeway submarkets. Building professionals seeking commercial construction job leads would fine it worthwhile to check out what’s happening in West Belt.
Last week, the Woodlands-based real estate firm D’Agostino Companies broke ground on The Offices at Sam Houston, a four-story, 113,363- square foot office building located at 10203 Sam Houston Park Drive. The new building is within the 42-acre Sam Houston Crossing Business Park, which lies along Beltway 8 between US 290 and Texas 249. The project is slated for a June 2015 completion date. CBRE is marketing the property, which has been designed by Browne McGregor Architects. Metzger Construction Company provides the general contracting services.
The building already has 60% of the building leased, with Caterpillar, Inc. and Solar Turbine anchoring the complex. CBRE will handle the leasing for the remaining 46,000 feet of office space. D’Agostino Companies is seeking LEED-Silver certification for the tilt-walled project. The developers currently own more than 25 projects in the Houston area, with their most recent developments being 2051 Greenhouse Road and Vision Park Plaza.
The West Belt submarket is currently comprised of 53 buildings totaling over 4.7 million square feet. The vacancy rate is 5.5%, with rents averaging $19.21 per square foot. Last quarter, Transwestern Development Company’s 150,000 square foot Westway Plaza office complex, broke ground, with Sugar Land-based E.E. Reed Construction Co. serving as general contractor.The California-based Panattoni Development Company is currently building a three-story, 135,000 foot Class A office project, with Houston-based Arch-Con Construction serving as general contractor and Powers Brown Architecture providing the design.
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