Opus West Buys Land in Houston’s Energy Corridor for Office Development
HOUSTON, Sept. 4, 2007 – Opus West Corp. has purchased 16.9 acres of land at Interstate 10 and State Highway 6 in Houston’s Energy Corridor. The land will be home to the Energy Crossing I & II project, which will consist of two multi-story, Class A office buildings.
Plans for the site call for each building to offer approximately 230,000 square feet of space, large floor plates and 5:1,000 parking ratios. The design is meant to provide user-friendly amenities and layout for energy-related firms who support the Houston energy industry.
According to Robert Wheless, director of real estate development at Opus West, the site is a prime location. “This particular spot sits at the crossroads of two major roadways – Highway 6 and I-10. It’s literally at the heart of the Energy Corridor, which is an excellent position and easy to access,” said Wheless. “The site was our first choice as we looked to add to our land inventory in Houston.”
Many factors are driving the Houston development market, including continuing job growth and positive net absorption in the Houston office market in the first quarter that is decreasing vacancy rates and raising rental rates.
Opus Architects & Engineers will design the Energy Crossing I & II office development, Opus West Construction Corp. will build the buildings and C.B. Richard Ellis will lease the space. The land deal was brokered by Cushman & Wakefield’s Marshall Davidson, David L. Cook, Jeff G. Peden and Graham Horton.
With the growth of Houston’s Energy Corridor and rising demand for office space in the area, the Energy Crossing I & II project will capitalize on the opportunities the submarket has to offer.
“Opus’ plans fit the type of quality development promoted by the Energy Corridor District,” said Clark Martinson, general manager of the Energy Corridor District. “Choice hotels and restaurants are within easy walking distance and 20 miles of uninterrupted hike and bike trails connect to 16,000 acres of parks and natural areas at the project’s doorstep.”
Groundbreaking for the phased project is tentatively set for the fourth quarter of 2007. The first phase of Energy Crossing I & II is scheduled for completion in the fourth quarter 2008.
“It’s a great time to build office product in Houston’s Energy Corridor, and we were able to bring together two parties with outstanding reputations,” said Davidson. “It was a near perfect match for our sellers, KT6-A Corp. and KT6-B Corp., and our buyer, Opus West, as tracts of land with this size and location are in short supply in the Energy Corridor.”
Since Opus West began constructing office space in Houston, they have completed two office buildings in the Energy Corridor – Ten West I and Ten West II – totaling 450,000 square feet. Opus West Corp. is headquartered in Phoenix, with Texas offices in Austin, Dallas and Houston and California offices in Los Angeles, Orange County, Sacramento, San Diego and San Francisco. Opus West is one of five regional companies within The Opus Group. Opus West has developed more than 49 million square feet since starting operations in 1979 and currently has more than 10 million square feet in planning or under development. The Opus Group, based in Minneapolis, is a $2.1 billion premier, full-service real estate development company with nearly 55 years experience. Specializing in office, industrial, retail, multifamily, government and institutional development, The Opus Group has completed more than 2,375 projects and 228 million square feet and currently has 35 million square feet in planning or development. Opus employs 2,100 people in 28 offices in the United States and Canada. A community steward since its inception, The Opus Group is committed to the long-term development of people and communities by contributing 10 percent of its pre-tax profits to community organizations. For more information, visit www.opuscorp.com.
