| COVER STORY, FEBRUARY 2008
ADDING VALUE WITH AMENITIES
New office developments, with a focus on the tenant, are taking Texas office product to a new level.
Lindsey Walker
From McKinney to Houston, office developers are creating new facilities with an emphasis on luxury and amenities to appeal to today’s office tenant. With a focus on features such as easy access to public transportation, lush landscaping and nearby restaurant and retail options, this new breed of office development puts the office worker first while creating a profitable, marketable product. With the booming economy and job growth in Texas, more of these exciting projects are sure to crop up to meet the ever-growing demand.
Remington Square
Houston
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Remington Square, in Houston, is being built to provide companies and their employees with a productive and synergetic office setting.
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Remington Square, a new Class A, four-building mixed-use development underway on Sam Houston Parkway, will redefine the Houston workplace environment into a community experience, according to Mary Caldwell, vice president of leasing for Caldwell Companies, the project developer.
“Caldwell Companies is committed to the practice of doing business with a true sense of purpose — building community,” Caldwell says. “Remington Square will be a place where companies locate to provide their employees the very best office setting for productivity and synergy with other business people.”
With great visibility and easy access from Beltway 8, Remington Square will span 383,000 square feet and will feature 16,000 square feet of retail space, an onsite training center, a secured parking garage and a landscaped park area with sculptures and water features. The LEED-certified development — targeting 10,000- to 50,000-square-foot users — will center on business, personal development, and convenience, offering a peaceful escape from the commuter rush, Caldwell says.
“It will be successful because it’s Class A office space with every imaginable amenity at your fingertips,” she says. “There has been a very positive response from tenants eager to move into their new home.”
The project is being completed in phases, with the 192,000-square-foot Phase I set for completion this fall.
One and Two Oak Park
Houston
A joint venture between global private equity firm The Carlyle Group and Means Knaus Partners LP is developing One and Two Oak Park, a 300,000-square-foot, two-building office project in Houston’s Oak Park at Westchase business park. The six-story buildings are being designed by Gensler, a leader in sustainable design.
“Both Class A buildings will seek LEED Silver certification, blending environmental, economic and occupant-oriented performance features,” says Doug Knaus, managing partner with Means Knaus Partners LP. “Inspiration for this development’s name arose from the property’s 325 mature oak trees, which have been relocated to become featured elements in a sophisticated landscaping and street plan. The devotion to environmental sensitivity after relocating the trees during the first development phase has been recognized in awards from Trees of Houston, The Park People and the Houston Legacy Award.”
One and Two Oak Park’s convenient location — the intersection of Beltway 8 and the Westpark Tollway — will provide easy access from Interstate 10 and U.S. 59. In addition, the Westchase submarket is one of Houston’s strongest office sectors and is currently 96 percent occupied, according to Knaus.
“Westchase has attracted corporations such as Jacobs, MI Drilling, Halliburton and Veritas DGC, as well as several Fortune 500 companies,” Knaus says. “This well-established location offers 4 million square feet of office space.”
Scheduled to break ground in January, the first phase of One and Two Oak Park is slated for January 2009.
“The response from the community and prospective tenants has been positive,” Knaus says. “This 8.4-acre site is the last tract to be developed and is the preeminent site in the park.”
Blue Cross and Blue Shield of Texas
Richardson, Texas
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Blue Cross and Blue Shield of Texas also will have an exciting office setting when its new headquarters in Richardson, Texas, is finished in early 2010.
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Last October, Dallas-based Koll Development Company (KDC) broke ground on the more than 1 million-square-foot new headquarters facility for Blue Cross and Blue Shield of Texas (BCBSTX). The Class A, two-tower project, which is located at the northeast corner of North Central Expressway and Lookout Drive in Richardson’s Galatyn Park, is the largest single-tenant corporate headquarters facility to be developed in the Dallas/Fort Worth area in years.
“The sheer size of the new BCBSTX headquarters makes it special,” says Toby Grove, president of KDC. “The headquarters will be just more than 1 million square feet initially with a site and design allowing for an ultimate development of up to 2.3 million square feet.”
The new headquarters consolidates several North Texas facilities into one location, which will feature a multi-level parking structure, a full-service cafeteria, multiple conference and meeting rooms and a 400-seat auditorium. Adding to its appeal, the project is adjacent to a Dallas Area Rapid Transit (DART) rail station and the city of Richardson’s Eisemann Center.
“The project will be a success due to the advanced planning and team work that went into the pre-development efforts, site selection and design process, coupled with the experience and professionalism of all team members, including the city of Richardson and Collin County,” Grove says. “KDC specializes in single-tenant, build-to-suit corporate development projects such as BCBSTX.”
Dallas-based Corgan Associates, Inc. and zpd+a are the project architects. McCarthy Building Cos. is the shell building contractor. Completion is set for early 2010.
Valliance Plaza
McKinney, Texas
Owner and developer Oliver Investments out of Oklahoma City is bringing a new Class A office building to McKinney, Texas. With first-class finishes throughout the four-story project, Valliance Plaza will be a head above the current office product in the area.
“The lobby and common areas of the building will feature high-end architectural elements, which will stand out amongst the competition,” says Clint Madison, vice president, leasing, with CAPSTAR Commercial Real Estate Services in Dallas. “We feel the overall quality, look and feel of the property will be a differentiator.”
Situated on the corner of a 24-acre master-planned, mixed-use development at Highway 121 and Lake Forest Drive, Valliance Plaza’s location will attract office tenants from McKinney, Plano, Frisco, Allen and other adjacent suburban markets, Madison believes. “It will be the first of its kind on Highway 121 between the Dallas North Tollway and Interstate 75,” he adds.
Valliance Bank will occupy approximately 12,000 square feet on the first floor of the 115,000-square-foot property. In addition, CAPSTAR, which is handling office leasing and management, anticipates attracting local/regional companies and smaller- to medium-sized entrepreneurial firms.
“CAPSTAR takes great pride in providing the best office leasing and management services to our clients, and we were honored to be selected by Oliver Investments to lead the effort on their behalf,” adds JJ Leonard, Vice President , Leasing, with CAPSTAR Commercial Real Estate Services.. “CAPSTAR has a great deal of experience leasing and managing Class A office buildings and looks forward to excelling in this endeavor at Valliance Plaza.”
Other companies involved with the project include exterior/design architect TAP Architects of Oklahoma City; Dallas-based interior architect Corgan Associates; and general contractor Hill and Wilkinson of Plano, Texas. United Commercial Realty is overseeing the retail leasing effort.
The estimated completion for Valliance Plaza is February 2009.
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