New Houston CRE Company To Transition Warehouse Into Class-A Office
NewFound Partners will develop a 60-year-old industrial property into a Class-A office building.
The new office, at 1106 Witte Road, was built as a warehouse in 1959. It was previously Memorial Shooting Center and CrossPoint Lutheran Church. After being renovated, it will be a 28.5K SF single-story office, with coworking, conference rooms, green space, a car charging station, a fitness center and other amenities.
“We’re grateful for the opportunity to contribute to this transitioning pocket in Spring Branch. The area is becoming a great mixed-use destination with new restaurants, offices and updated parks and trails, and we’re excited to be a part of this growth. As a surface-parked, single-level office, 1106 Witte is a pretty unique option for tenants from Spring Branch and the Memorial Villages," NewFound Partners Managing Partner Brad Elmore said in an email.
The building was designed by Tramonte Design Studio, in collaboration with On Point Custom Homes, to make the space feel more residential, NewFound said in a release. The office will also be the new headquarters for NewFound, along with offices for Leggett Ventures, On Point and North Hudson Resource Partners, according to NewFound's site.
A little over 10K SF is still available at the space, which is 63% pre-leased. The property is set to be finished the fourth quarter of 2022.
Though the Houston office market, like the rest of the nation, is sluggish amid coronavirus recovery and uncertainty, some Houston areas are seeing better office activity. The Spring Branch area has one of the leanest vacancy rates in Houston, at 10.5%, less than half of the metro's average of 23.2%, according to first-quarter 2022 data from Avison Young. It had the fourth-most office net absorption in Q1 of the 22 submarkets Avison Young tracks and has 186K SF under construction, the third-highest submarket in Houston for office square feet underway, below the CBD and Pasadena.
NewFound was created in Houston earlier this year by Elmore, a former senior vice president at NewQuest Properties, and John Leggett, a founder of various other companies, including On Point. It has a mixed portfolio of various U.S. properties, including hospitality, multifamily, land and retail.
