Rebranded and Renovated Portfolio Fits in with Flight to Quality
The renovations will include upgraded finishes in the building lobbies, enhanced building amenity packages, upgraded common areas, restrooms, elevator cabs, landscaping and a programmable activity lawn.
HOUSTON—CapRidge Partners LLC has kicked off a multi-million-dollar renovation of its recently acquired office portfolio. The portfolio, acquired in March 2019, encompasses 541,000 square feet of office space in three buildings–1616 S. Voss, 7500 San Felipe and 6363 Woodway.
“Now is the time for this portfolio to elevate its presence in the Memorial neighborhood, and we are thrilled to share the exciting changes,” said Dan Terpening, director at CapRidge Partners. “From extensive interior improvements to upgraded tenant amenity packages, the project will provide a connected, engaging and people first environment for our tenants.”
The interior renovations will include reconfigured and upgraded finishes in each of the building lobbies, enhanced building amenity packages, upgraded common areas, restrooms and elevator cabs. Exterior updates will include landscaping, a programmable activity lawn, shaded seating areas and outdoor meeting space. The construction will commence in January 2020 with an estimated completion in summer 2020.
CapRidge is partnering with Stream Realty Partners for the leasing and marketing of the project. Craig McKenna and Matthew Asvestas with Stream will be providing leasing services. Abel Design Group was selected as lead designer for the project, Clark Condon as the landscape architect and O’Donnell/Snider Construction as the general contractor.
“This project embodies CapRidge’s commitment to providing a reimagined environment for both the current and future generations of office tenants in Houston’s Memorial area and the Village cities,” said Craig McKenna, vice president at Stream. “The on-site transformation planned for this project is enhanced by its adjacency to several of Houston’s finest neighborhoods and walkability to several food and amenity options.”
The buildings have also undergone an overall rebrand to provide a consistent look and feel that will mirror the quality of the post-renovation product. The buildings commonly known as 1616 Voss and 7500 San Felipe will now be known as Memorial Tower I and Memorial Tower II respectively, and 6363 Woodway will now be known as Woodway Tower.
“This is great timing for renovation. As the flight to quality trend moves across the city, tenants are demanding a higher quality building and want a better amenity base. We are bringing that to them now,” Asvestas tells GlobeSt.com. “It will be a premier project within that micromarket, as it is competing with some of the newer construction within the Galleria and Memorial. A lot of the competitive project is aged in this area, and post renovation, this will be premier office product regarding finish level and amenity offerings.”
Halfway through the fourth quarter of 2019, overall vacancy is at 21% and availability is at 25.9%, both down 10 basis points from this time last year, according to a report by NAI Partners. Net absorption was back in positive territory at 898,000 square feet. Leasing activity is outpacing this time last year by 9.8%, totaling 13.9 million square feet year-to-date. Developments under construction and delivered projects have also outpaced November 2018 year-to-date numbers, says the NAI report.