HOUSTON—Since 2011, there has been 26 million square feet of new office space delivered to the marketplace. One of those properties, Park Ten Center, is a three-story class-A 147,000-square-foot office building located at 16200 Park Ten Blvd. in the heart of Houston's Energy Corridor. It was developed in 2014 by a joint venture partnership between Stonelake Capital Partners and Lincoln Property Company.

The partnership has secured a new lease for 25,075 square feet with ITW Global Brands, a division of Illinois Tool Works. ITW will occupy the building for one of its leading automotive aftermarket divisions.

The new lease brings the building to 100% occupancy. The venture also owns an adjacent 6-acre site for a future phase II.

“We are proud to call Houston, Texas home and are excited to open up our new state-of-the-art combined office, lab and testing facility in the energy corridor. After an exhaustive search, the combination of location, security, quality of build and the flexibility to define our space from a clean slate were key factors in choosing this new location,” said ITW vice president and general manager, James Stone.

Park Ten Center has a parking ratio of 5/1000 with about 20% of that being in a covered parking garage as well as onsite security. The building is very accessible to nearby retail, hotels and restaurants.

“Our fully occupied building shines as a success story in the challenging Houston economy. This flexible, efficient product type with 50,000-square-foot floor plates is very desirable and meets the needs of tenant's today,” said Lincoln Property Company senior vice president Kevin Wyatt, who represented the landlord.

Beau Kaleel, senior director at Cushman & Wakefield represented ITW in the transaction.

“In today's competitive leasing environment, tenants have their pick when it comes to choosing space to fit their needs,” Wyatt tells GlobeSt.com. “Having desirable office product with 10-foot finished ceilings and with the option of open, creative designs allowed our team to be competitive in our leasing efforts and ultimately meet our goal of stabilizing the asset in a short time frame.”

The new lease brings the building to 100% occupancy. The venture also owns an adjacent 6-acre site for a future phase II.

Beau Kaleel, senior director at Cushman & Wakefield represented ITW in the transaction.

Instant Insights /

Office Space Finds Tenant Demand Amid Competition

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