HOUSTON-Two local developers have turned dirt on the first phase of the 45-acre Beltway Lakes. The 150,000-sf spec building in the $250-million office park is slated for delivery in late April 2008.

Radler Enterprises Inc. and Yancey-Hausman Commercial Real Estate Services had planned to break ground in early 2007 on the first phase of the master-planned, deed-restricted development at Beltway 8 and Texas 249. However, the start was delayed several months due to design changes and the developers’ decision to have the first building pre-certified to LEED Gold standards of the US Green Building Council.

“We felt that green buildings were here to stay and that Corporate America is beginning to demand this level of energy conservation from its buildings,” says David Carter, Yancey-Hausman vice president. He adds that all future phases at Beltway Lakes will undergo the same LEED-certification process.

Carter tells GlobeSt.com that the lease rates on the first phase will be $19 per sf net. He declined to discuss the build-out time for the entire project, but did acknowledge the second speculative building would begin as soon as the first one is 50% leased.

In the meantime, the first-time partnership has been so successful that Radler Enterprises and Yancey-Hausman are planning to team again. “We have other projects in the pipeline with them although anything formal is a little ways off,” Carter acknowledges. “We have our hands full at the moment, but are definitely looking for other opportunities with them.”

Morris Architects and D.E. Harvey Builders, both in Houston, are the designer and general contractor, respectively. Sterling Bancshares Inc., also in Houston, provided construction financing.

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