This Week’s Houston Deal Sheet: Local Firm Acquires 246K SF Office Building In Northwest Houston
David Z. Mafrige Interests acquired The Tower at 290, a 12-story Class-A office building at 13430 Northwest Freeway in Houston.
The building is near the junction of U.S. 290 and Interstate 610 and has about 246K SF of office space. Houston-based firm DZMI is renovating the lobby and plans to upgrade the amenities and common areas, according to a release from Stream Realty Partners.
DZMI acquired the building at the end of February and tapped Stream’s Matt Asvestas and Danielle Rothchild this month to spearhead leasing efforts and increase the building’s occupancy.
“The Tower at 290 is a great addition to our office portfolio,” DZMI President Zach Mafrige said in a news release. “We have seen strong demand at our buildings across the city leading to a strong conviction to acquire The Tower at 290.”
SALES
Taylor Morrison Homes purchased 56 acres on Lone Star Parkway in Montgomery for a single-family development. Colliers’ Harrison Kane, Chris Hutcheson and James Kadlick represented the buyer.
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CenterSquare Investment Management acquired Gleannloch Crossing, a 33K SF, Class-A unanchored retail property in Spring at the intersection of the Grand Parkway and Champion Forest Drive. The center is fully leased. Tenants include Mod Pizza, The UPS Store, Subway, Smoothie King, a dentist and a salon.
LEASES
Oxford Partners’ Stephen Hazen and Jacob Summers represented Pressify Inc. in the lease of 12K SF at 10161 Harwin Drive in Houston. The landlord, PHP PWBC Venture LLP, was represented by Lesley Rice and Andy Parrish of Partners Real Estate.
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Oxford Partners’ Ryan Hartsell and Chase McAteer represented The Phoenix Design Group Inc. in the lease renewal of 14K SF at 4850 Wright Road in Stafford. The landlord, Mapletree US Management LLC, was represented by William Carpenter of Stream Realty Partners.
CONSTRUCTION AND DEVELOPMENT
Howard Hughes Holdings Inc. broke ground on a mass timber office building, One Timber Green, part of its 70-acre mixed-use development Village Green at Bridgeland Central. This is the first mass timber office building to break ground in Greater Houston, according to Howard Hughes.
The 49K SF Class-A office building will be constructed using 1,700 cubic meters of dowel-laminated timber decking and cross-laminated timber shear walls.
The building is designed with the goal of pursuing LEED Gold and Fitwel certifications, and plans include low-carbon concrete and zinc cladding. The project will include a 10,000-gallon rainwater harvesting cistern that will recycle rainwater and HVAC condensate.
Lake|Flato is the design architect, and Houston-based Kirksey Architecture is the architect of record. Tellepsen will be the general contractor. The project is expected to be completed by summer 2025.
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Rice University broke ground on a 112K SF building for the Jones Graduate School of Business. New York City-based Architecture Research Office designed the building, which will include classrooms, offices, gathering spaces, dining areas and facilities for private events.
The new facility will wrap the south and west sides of the existing 160K SF McNair Hall building and establish three-story convening spaces adjacent to the current facades. The existing Woodson Courtyard will be enclosed with a glass facade, transforming it into an atrium. Kirksey Architecture is the architect.
