HOUSTON— Downtown Houston tenants will see new parking management in Class A office properties. Hines announced the sale of its parking services company, WinPark Management LLC, to Propark America for an undisclosed price.
According to the Houston Downtown Management District, there are over 100,000 parking spaces in the central business district and 48% of traffic into the area is by single occupancy vehicle. Only 29% of employees participate in a park and ride program.
WinPark provides parking services for Class-A office tower parking facilities in Houston, Dallas, Phoenix and Austin. Propark is already in the Texas market in San Antonio but will be expanding to Houston with the WinPark acquisition.
“Hines is proud of WinPark’s stature as a leading parking services provider,” said Charles Elder, senior managing director at Hines. “WinPark’s intimate knowledge and experience within the Class A office tower market is a perfect fit with Propark’s core values of integrity, driving asset values through entrepreneurial focus, technological innovation and sustainability.”
Hines is moving forward on two downtown office construction projects. The development firm announced they will reposition Two Shell Plaza. The project will be branded as 811 Louisiana and construction is slated to be complete by April of 2015. Hines also recently began speculative construction on 609 Main, a 48-story, one million square-foot office tower scheduled to deliver in 2017.