The Woodlands Development Co. will break ground on the building in early June. The 21 Waterway Ave. building will be situated on less than an acre beside the Woodlands Waterway Marriott Hotel and Convention Center.

About 55% of the office space is out for contract, Dennis Conine of Binswanger/Conine & Robinson, tells GlobeSt.com. "We are negotiating with three major tenants, but we can't disclose them until the leases are signed," he says. The space is on the market for $17 per sf, triple net.

The building's first two floors, intended for shops and restaurants, feature floor plates of 15,000 sf and 16,000 sf. The upper five floors have 14,700-sf floor plates. The office development, expected to be completed this year, includes an adjacent parking garage.

Frank Lucas Associates of Baltimore is the architect for 21 Waterway Ave., which is just one of several office buildings developed by the Woodlands Development Co. The development is the first of its type since the Woodlands Waterway completion about three years ago and the only class A office building now under construction in the 24,000-acre master-planned community, according to local sources.

The Woodlands' 4.5-million-sf office market is one of the tightest in the Houston metro area. At the end of the first quarter, vacancy was just 12.8%, according to CB Richard Ellis Inc. Nearly 31,000 sf was absorbed in the 42-building submarket.

Instant Insights /

$20M Class A Office Building Breaking Ground in June

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