HOUSTON-Caldwell Watson Real Estate Group is back at work in Greens Crossing Business Park, raising a 68,522-sf spec flex building on 4.6 acres of its 22-acre block. The decision to build again comes about a year after it sold 200,000 sf of fully leased space in the park.
"Some people think of Greenspoint as old and tired and it's not," Ron Roberson, Caldwell Watson's vice president of commercial development, tells GlobeSt.com. "It's revitalized." He says part of the appeal to build again is to meet a niche for 13,687-sf to 68,522-sf users in a neighborhood where more than 500,000 sf of bulk distribution space is pushing out of the ground. "We think there are enough demand and enough amenities," he says, citing a location beside Continental Airlines world reservation center, Hartford Insurance Co. and Greenspoint Technology Center.
Roberson pegs the all-in development cost at $4 million to $5 million for Greens Crossing Four. The shell space will deliver in October at 1045 Greens Parkway. Powers Brown Architecture of Houston designed the 24-dock building; Arch-Con, also from Houston, is the general contractor.
"It's spec," Roberson says. "We've made some proposals and we have some suspects. They're not prospects yet." The space is being marketed for 62 cents per sf on a monthly, triple net basis, with a $10 per sf finish-out allowance for a rear-load, front-park design with 170-foot bay depths for one to four tenants. "That's proven to be a perfect depth for us on our other buildings," he explains.
Roberson says the marketing pitch includes hyping the data center capabilities although it's classified as an industrial project, which happens to be going up beside a web server farm. "It could easily become a data center," he says.
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