"We've completed design development on Five Chasewood, and we're looking for a lead tenant," comments David Lee, senior vice president with Transwestern's Houston office. Lee partners with Transwestern senior property management-management services Ray Kubiak and broker associate Courtney Carnahan on leasing and managing the 30-acre Chasewood Technology Park at State Highway 249 and Chasewood Park Drive in the far northwest submarket.
Four Chasewood's newest additions are US InfraManagement LLC; InEnTec Chemical LLC, Advanced Micro Devices Inc. and Terrabon Technology Corp. Four Chasewood broke ground in early 2007, came online in September 2008, and Lee tells GlobeSt.com that 60% of the class A office building was leased by 2009.
Lee says location played a main factor in the building's lease-up, especially in light of the economic slowdown. But it wasn't always that way. "When I first started working with Chasewood Technology Park in 1996, brokers didn't know how to get there," he says. "Three Chasewood had just come on line, and I had to draw people a map to get there."
Over the years, he continues, residential and retail moved northwest. It also didn't hurt that Compaq Computer's main campus was right across the way. Compaq was eventually taken over by Hewlett-Packard, and the campus sold earlier this year to the Lone Star Educational System. But the rebranding of the campus during the late 1990s and early 2000s helped boost leasing at Chasewood Technology Park, Lee notes.
The remaining 20 acres are being targeted for two additional office towers and a hotel. Lee says discussions are underway for the hotel component, adding that, upon build-out Chasewood Technology Park will have 1.2-million square feet of office space, some retail and a hotel.
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