 Veritas Point |
Steve Glasgow, managing partner for the 18-month-old GSA Holdings, says Veritas Point will be a mix of class A office and hospitality space--at least three office buildings and one hotel, possibly two. "We have 32 acres. You can do quite a few buildings. It will depend on the traction we get in the market," he tells GlobeSt.com. "But we knew once this [courthouse] got on the ground, there was going to be a pretty strong demand for peripheral development." Based on the standard coverage formula, the site could support about 488,000 sf.
Stream's initial mailing generated a half-dozen of inquiries within days of it hitting mailboxes. "This is the kind of response they were needing and hoping for," Shover says. She and Stream senior associate Benjamin Hautt are ramping up marketing with a $24 per sf plus electric quote.
 Preston Road View |
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If Veritas Point breaks ground as planned, the three-story, 100,000-sf office building will come on line in fall or late 2008. Its sisters will be about the same size or larger. The federal courthouse, rising on a six-acre tract, will deliver at the end of first-quarter 2008.
Glasgow says the fed's GSA signed a 15-year "firm term" lease for the courthouse, jump-starting the privately owned GSA Holdings' plan to develop complementary ancillary space. Hospitality and office space are naturals as are a copying service and nationally-branded coffee shop, he says. Veritas Point's architect is Page Southerland Page LLP of Austin.
Veritas Point is the first development in Texas for GSA Holdings, which has a partner in Los Angeles who has completed and owns similar government projects in California. "It was founded essentially to pursue and acquire GSA properties in Texas," Glasgow says, adding there are "a few more" already on the drawing board.
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