Specific costs are not available for the project, which will go up at the intersection of Texas 249 and Chasewood Park Drive in the northwest submarket. Similar projects, though, are coming out of the ground at $200 per sf.
David Lee, senior vice president with Transwestern's Houston office, tells GlobeSt.com that the spec space is being quoted at $27.50 per sf. The tenant improvement allowance is clocking in at $30 per sf.
"This is directly across the street from the HP campus. We're trying to position the entire park to take advantage of the technology community," says Lee, who is teaming with Transwestern colleague Todd King to lease the development. Chasewood Technology Park is being developed by GenCap LP, which is a development arm for Genesis Capital Advisors LLC.
Lee says the park's master plan calls for two additional office buildings and a 200-room hotel. At this time, GenCap is seeking a hotel development partner. As for the other office buildings, he says "they'll be market driven. We'd definitely entertain build-to-suit options on our remaining acreage."
Chasewood Technology Park is fully leased. To date, the developer has built the 109,090-sf One Chasewood, 152,226-sf Two Chasewood and 97,552-sf Three Chasewood. Although Four Chasewood is a spec project, Lee predicts a good portion of the space could be preleased by groundbreaking due to the interest from tenants.
Ziegler Cooper Architects of Houston designed the building. The general contractor has not yet been selected.
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