Hines Plans July Groundbreaking for 689,000-SF Project

HOUSTON-Locally based Hines will add its 10th office tower to Houston’s downtown skyline.

The Calpine building will be a 32-story, 689,000-sf office building at 717 Texas. Prime Asset Management Inc. is partnering with Hines on the project, which will break ground in July and deliver in fourth quarter 2003. Calpine Corp., a San Jose, CA-based independent power producer, has inked a letter of intent for 300,000 sf in the building, accounting for about 40% of the building’s total. The project also will feature 10,000 sf of retail space.

Hines project manager Larry Margolis tells GlobeSt.com that the developer is planning to take about 20,000 sf. And, he says, Hines is in the midst of talks to a number of potential large users for the building.