Archway to Launch Construction on 127,000-SF Office Development

SPRING, TX-A need for expansion prompted an affiliate of GeoSouthern Energy Corp. to green light the 127,794-square-foot first phase of Wildwood Corporate Centre. Developer Archway Properties of Houston will break ground on the three-story, two building project in April, 2013, with completion scheduled for early 2014.

Upon completion, GeoSouthern Energy will lease 51% of the building. Terri Torregrossa and Griff Jaggard of Moody Rambin Interests have been retained to market the remaining space at 460 Wildwood Forest. Kirksey Architecture is the architect and EE Reed is the general contractor. Moody Rambin will also handle property management of the project.

According to Archway Properties managing partner Don Dennis, an affiliate of GeoSouthern Energy had owned the acreage for years. Dennis tells GlobeSt.com that the energy company currently offices in The Woodlands, directly north of Spring, and has been there for close to three decades. With the company growing, it made sense for it to develop its own building.

Another factor driving Wildwood Corporate Centre's development is the location: It's approximately one mile from the massive Exxon Mobil campus currently under construction.  The Exxon Mobil campus isn't in The Woodlands proper, but as GlobeSt.com recently reported, the 385-acre campus has spurred a great deal of interest in this far north Houston submarket, which is marked by single-digit office vacancies.

"The character of the area is changing dramatically based on what's going on with Exxon Mobile," Dennis observes. "The Woodlands has always been a viable office market, but the Exxon Mobil expansion, combined with the Grand Parkway (SH 99) completion, has made this area a much more attractive one for development."

There is more room for development at Wildwood Corporate Centre as well. Dennis says the project has another phase on the drawing board, which will measure anywhere from 120,000 square feet to 150,000 square feet. The plan is to get the first phase somewhat stabilized before starting to go north on the next component. Dennis says he'd prefer to start second-phase construction with a tenant in hand. However, "we'll very likely start on a speculative basis in early 2014 if we haven't secured a prelease prior to that," he adds.