Penreco, a Houston-based manufacturer and marketer of the specialized product line, will lease the tech center space in the Venture Technology III Building at 8701 New Trails Dr. It currently occupies a Woodlands' spot at 1520 Lake Forest Front Circle plus has manufacturing facilities in Karns, PA and Dickinson, TX.

At a press conference Wednesday, Steve McPhetridge, vice president of commercial sales for the Woodlands Operating Co. LP, attributed the community's significant growth to expansions by existing companies. The Woodlands has two million sf of commercial property under development and an existing commercial inventory of eight million sf. The Woodlands, he says, has the critical mass to support the companies.

The Woodlands has invested $1 billion in construction projects. Michael H. Richmond, Woodlands' president and CEO, says about half is for commercial projects. He predicts some 4,000 to 5,000 jobs will be created in the community and is a reflection of its growing dominance in the Houston area.

Penreco is a 50-50 partnership between Conoco Inc. and ME Zukerman Specialty Oil Corp. It produces highly refined forms of petroleum plus holds the patent to a line of gel products used in cosmetics, pharmaceuticals, home care, candle making and industrial applications.

Tim Relyea, co-manager and vice chairman of Cushman & Wakefield of Texas Inc.'s Houston office, represented Penreco. Woodlands used its office sales and leasing director, Gerald Irons, to broker the deal.