Office Site to Target Owner Users
The development will target business owners in River Oaks, Memorial and Tanglewood with a cost-point difference of $300 per square foot versus $500 per square foot for comparable located projects.
HOUSTON—With an eye toward office demand, the 150,000-square-foot Offices @ North Post Oak development will soon be underway on a 7.5-acre site. The first two buildings, two-story 16,100-square-foot office towers, will break ground in the third quarter of 2018 with completion scheduled for the first quarter, 2019, according to Clay Development and Construction Inc.
Robert Clay, president of Clay Development and Construction, is handling sales and leasing for Offices @ North Post Oak. Construction financing is by Frost Bank. Tim Cisneros of Cisneros Design Studio is the architect.
“The first of the two buildings to be built beginning in the third quarter 2018 will be mixed use, with both retail and office on the first floor and office on the second floor,” Clay tells GlobeSt.com. “After that, Clay will respond to the market. All of the development is planned to be commercial, primarily office, targeting business owners in nearby neighborhoods such as River Oaks, Memorial and Tanglewood who want to own their own buildings. The cost point difference in comparable locations is $500 per square foot versus Clay’s $300 per square foot for a build-to-suit office building.”
Offices @ North Post Oak is positioned between the Galleria/Post Oak area and the planned high-speed rail terminal at Northwest Mall at 4435 West 12th St. It is situated just north of the Katy Freeway/Interstate 10 and immediately west of West Loop 610 North in an active market area for new residential neighborhoods, including the adjacent Post Oak Villas townhouse development on 12th Street.
“With immediate access to the Galleria/Post Oak area and the residential neighborhoods of Memorial and River Oaks, these office buildings are designed for owner-occupant companies,” says Clay. “These users have been priced out of the Galleria and Inside Loop markets. Offices @ North Post Oak will offer them an equity position in a prime location at a reasonable price.”
In addition to building ownership, companies may opt for leasing at the project. Featuring flat roofs and a window grid in a pre-World War II industrial design, Offices @ North Post Oak will have 12,000-square-foot floorplates, 14-foot ceiling heights and 3.5/1,000 surface parking. The new office buildings may be sized for buyers’ requirements from 8,000 to 50,000 square feet.
Clay Development is a Houston-based firm specializing in office and industrial build-to-suit facilities for sale or lease.