6 Largest Office Projects Underway on the Katy Freeway
There’s 5.4M SF of office product under construction in the Katy Freeway submarket (including the Energy Corridor and Memorial City, and excluding corporate-owned projects). We rounded up the six biggest.
1. Energy Center Three, Four and Five (1.7M SF)
Each of these buildings individually is one of the biggest office projects under construction in the Energy Corridor. Combined, they’re a whopping 1.7M SF. Three will deliver in Q2, Four follows in Q4 (both are fully leased to Conoco Phillips), and Five hits the market in Q2 ’16. (It doesn’t have any pre-leasing to date.) Kirksey designed all three buildings for Trammell Crow and PrinREI.
2. West Memorial Place I and II (724k SF)
Again, each building on its own would make this list. Together, Skanska’s campus is 724k SF. HOK designed the properties, which deliver in Q1 of this year and Q1 of next. The first building is 55% pre-leased to Petroleum Geo Services and Venari with $28 NNN rents. The second has no tenants so far and is asking $28.50 NNN.
3. Air Liquide Center (596k SF)
Early in 2014, MetroNational broke ground on Air Liquide Center North and South in Memorial City. The two buildings will deliver 596k SF this year. During Q4, Air Liquide expanded its pre-lease by 149k SF, bringing the campus to 69% pre-leased. (It’s occupying all 144k SF of the North tower, delivering in Q2, and 59% of the second, which follows in Q4.) Morris Architects handled design.
4. Energy Tower IV (429k SF)
Mac Haik’s final building in the Energy Tower complex is completing this month. It’s 429k SF and is 35% pre-leased. Morris Architects designed this one, which is asking for $26 to $27.50 NNN.
5. Westway Plaza (312k SF)
The 312k SF project sits at the northwest corner of Beltway 8 and Clay Road. It’s 80% pre-leased to GE Power & Water, GE Oil & Gas and Tesco Corp. Transwestern’s five-story project is slated to deliver in Q2 and is asking for $23.75 NNN.
6. Enclave Place (301k SF)
Enclave Place doesn’t have any tenants yet, but it’s got some time—the 301k SF high-rise doesn’t deliver until Q3. PMRG is developing the property for Piedmont Office Realty Trust. Gensler was the architect, and Colvill’s handling leasing (and asking for $27 NNN).
Thank you to PMRG director of research Ariel Guerrero for his help!
