Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Three contiguous CBD blocks are under contract to Houston-based Century Development, which is gaming out a plan to build a second, class A office building along Main Street and parking garage.

An agreement has been signed with Central Parking for the acquisition of Block 272 (bounded by Main Street, Polk, Fannin and Dallas). Century plans to partner with Central Park on a parking garage on Block 273 (bounded by Fannin, Polk, San Jacinto and Dallas) and long-term lease extra parking spaces in the adjacent Main Street garage to support the development.

Richard Everett, Century Development’s CEO and majority owner, tells GlobeSt.com he fully understands the potential glut of space that could come on line in 2003 when CBD deliveries occur at his under-construction, 1.4 million-sf 1000 Main, 5 Houston Center, Calpine Center and Enron Center South. As a result, Everett says all timelines for the new CBD office project will be adjusted to the market. And, construction won’t start until it’s pre-leased. It could be a single user or multiple users, but it just wouldn’t be prudent to build a spec building right now, he says. “When we proceed with construction, we do not anticipate putting any speculative office space on the market,” he emphasizes.

Century’s goal is “to ultimately deliver another world-class office building complex to Main Street, Houston’s soon-to-be signature boulevard,” Everett says.

If Everett finds his tenants, the office building would take about 2 1/2 years to plan and an equal amount of time to build. That means no opening until at least 2006. The office building is ticketed for Block 272.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.