THE WOODLANDS, TX-Following the successful sale of the first phase of Reserve at Sierra Pines, Stream Realty Partners LP is ready to break ground on phase two. The second phase within the master-planned business park is a 154,213-square-foot, class A speculative office building, on which Stream Realty will launch construction sometime this summer.
The six-story building, to be located at 1585 Sawdust Rd., will offer floor plates averaging 25,740 square feet, a glass curtain wall system with floor-to-ceiling windows and a structured parking garage with a ration of 4/1,000. The new building will be located approximately 1.5 miles north of ExxonMobil's new campus, which is under construction. According to a press release from Stream Realty Partners, the building should be completed by the middle of 2014.
The announced project comes close to a year after Stream Realty sold Reserve at Sierra Pines' first phase – a 175,000-square-foot office building – to CapLease Inc. for a little more than $40 million. At that time, Stream Managing director Paul Coonrod told GlobeSt.com that a second building was in the works, but whether it had a preleasing requirement was to be determined. In a more recent GlobeSt.com interview, Conrood indicates that office space in The Woodlands is highly constrained, prompting the decision to develop on a speculative basis.
Look for an article about The Woodlands later this week on GlobeSt.com.
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