Stonelake Slates Groundbreaking For New Office High-Rise In Houston's Galleria Area
Stonelake Capital Partners plans to break ground in the first quarter of next year on 100 Park Place, a 17-story office building that has been speculated about since 2022 amid a near-cratering of Houston's office construction pipeline.
The long-awaited building, originally set to break ground in summer 2023, will offer 250K SF of office and 12K SF of retail, according to a project brochure and new signs posted on the property. It marks another phase of the Park Place | River Oaks complex from Stonelake, a real estate private equity firm with offices in Houston, Dallas and Austin.
The 11.5-acre mixed-use development at the intersection of Westheimer Road and Mid Lane kicked off in 2010 when Stonelake assembled five tracts for the project. The site is already home to The James, an eight-story multifamily building completed in July 2016; The Ivy, a 17-story residential building that opened in 2017; and 200 Park Place, a 15-story, 207K SF office building completed in 2020.
The new office building will be adjacent to 200 Park Place in what is now a grassy park area. The two office buildings will share a motor court, according to the brochure.
The design calls for eight office floors above seven levels of parking, street-level retail and an amenity level on the ninth floor with an outdoor terrace, conference center, fitness center and tenant lounge.
Office floor plates will be about 28K SF, according to the brochure, and configurable for one or multiple tenants. Level 17 will offer a penthouse terrace.
A 2022 Texas Department of Licensing and Regulation filing indicates the address of the building will be 4100 Westheimer Road, and it was projected to cost $60M at that time.
Stonelake originally planned to break ground on 100 Park Place in July 2023 and complete it by January 2025, according to the filing from December 2022.
But Stonelake was far from alone in halting plans for office construction around that time. A combination of weak demand, oversupply and less than ideal debt markets largely stymied office development across Houston going into 2023, CBRE said in its first quarter of 2023 report.
There was a moderate 451K SF of office under construction in Q3 2024, but that's down significantly from Q1 2023's 1.3M SF. The current construction pipeline is largely bolstered by Midway’s 320K SF CityCentre Six.
Stonelake did not immediately respond to a request for comment Friday morning. The brochure shows a construction timeline of breaking ground in Q1 2025, completing tenant build-outs in Q1 2026 and delivering the building in Q2 2026.
Chrissy Wilson and Matt Pruitt of JLL are handling leasing for 100 Park Place. JLL and Stonelake both have their Houston offices in the neighboring 200 Park Place, which Hines Global Income Trust purchased in 2022.
