Construction To Launch on Spec 307,200 SF

"We thought we'd build both at the same time. That way, we can accommodate a larger user," says Greg Mondshine, the company's managing director. Located on 22 acres on Beltway 8 near the Westpark Tollway on Rogerdale Road, the buildings, designed by Powers Brown Architecture of Houston are slated for a late 2007 completion and have an asking lease rate of around $15 per sf net. Though construction costs were not available, industry sources say similar projects have come out of the ground at between $20 million and $25 million.

Mondshine tells GlobeSt.com that Myers, Crow elected to begin development on two more buildings due to the success the company had in leasing up the 380,000-sf Oak Park Office Centers I and II. Oak Park Center I, at 5850 Rogerdale Rd., ended up with Jacobs Engineering Group Inc. and Quest Diagnostics Clinical Laboratories Inc. as tenants. And within three months of its completion, the Oak Park Center II at 6380 Rogerdale Rd. was 100% leased by Men's Wearhouse.

He also points out that the drivers are supporting spec development in the Westchase submarket. "Absorption has been very good in that market and as far as we know, there's no other new building scheduled for that are that can accommodate a high-density user," he says. "It's a little early to talk about specific deals at this time, but we feel like by the time these buildings are under way, there'll be some good interest generated."