Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Following the success of its Oak Park Office Center developments to date, local developer Myers, Crow & Saviers Ltd. is making plans to launch construction on two more spec two-story office buildings totaling 307,200 sf. Groundbreaking on both buildings, dubbed Oak Park Office Center III and Oak Park Office Center IV, will take place in Q1 2007.

“We thought we’d build both at the same time. That way, we can accommodate a larger user,” says Greg Mondshine, the company’s managing director. Located on 22 acres on Beltway 8 near the Westpark Tollway on Rogerdale Road, the buildings, designed by Powers Brown Architecture of Houston are slated for a late 2007 completion and have an asking lease rate of around $15 per sf net. Though construction costs were not available, industry sources say similar projects have come out of the ground at between $20 million and $25 million.

Mondshine tells GlobeSt.com that Myers, Crow elected to begin development on two more buildings due to the success the company had in leasing up the 380,000-sf Oak Park Office Centers I and II. Oak Park Center I, at 5850 Rogerdale Rd., ended up with Jacobs Engineering Group Inc. and Quest Diagnostics Clinical Laboratories Inc. as tenants. And within three months of its completion, the Oak Park Center II at 6380 Rogerdale Rd. was 100% leased by Men’s Wearhouse.

He also points out that the drivers are supporting spec development in the Westchase submarket. “Absorption has been very good in that market and as far as we know, there’s no other new building scheduled for that are that can accommodate a high-density user,” he says. “It’s a little early to talk about specific deals at this time, but we feel like by the time these buildings are under way, there’ll be some good interest generated.”

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
Live Chat

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