Regions Southwest | Houston
Nov 12, 2007
By: Eugene Gilligan, Senior Hotel Editor
The Carlyle Group and Means Knaus Partners have formed a joint venture to develop Oak Park, a $75 million, 300,000-square-foot, two-building office project in Houston’s Westchase submarket.
Carlyle will be the primary capital provider, and Means Knaus will serve as the operating partner and developer. Groundbreaking is scheduled for January 2008, with first phase occupancy slated for December 2008.
The first phase is a Class A, 150,000-square-foot, six-story office and garage project. Both structures will seek LEED Silver certification. The building's exterior will feature low-emittance glass, which reflects infrared light and is designed to create a cool, energy-saving environment.
Gensler is the project architect with Colville Office Properties as the leasing agent. Tribble and Stephens Co. is the contractor, and Holliday Fenoglio Fowler L.P. arranged the financing for the development with Amegy Bank.
According to a third quarter report from Grubb & Ellis Co., Houston's office users absorbed 764,600 square feet of space during the quarter, pushing the number for the year to nearly 4.7 million square feet, and marking the fourteenth consecutive quarter of positive absorption. The report notes that quarterly demand again outpaced new supply. The amount of speculative space delivered during the third quarter totaled 255,000 square feet. The amount of speculative office space currently under construction stands at 4.3 million square feet, the highest level of construction since the end of 1998. Westchase is one of Houston's three most active submarkets, in terms of construction, along with the Katy Freeway/Energy Corridor and Northwest Freeway.
The Carlyle Group is a global private equity firm, while Means Knaus partners is a Texas-based real estate services and investment firm.
By: Eugene Gilligan, Senior Hotel Editor
The Carlyle Group and Means Knaus Partners have formed a joint venture to develop Oak Park, a $75 million, 300,000-square-foot, two-building office project in Houston’s Westchase submarket. Carlyle will be the primary capital provider, and Means Knaus will serve as the operating partner and developer. Groundbreaking is scheduled for January 2008, with first phase occupancy slated for December 2008.
The first phase is a Class A, 150,000-square-foot, six-story office and garage project. Both structures will seek LEED Silver certification. The building's exterior will feature low-emittance glass, which reflects infrared light and is designed to create a cool, energy-saving environment.
Gensler is the project architect with Colville Office Properties as the leasing agent. Tribble and Stephens Co. is the contractor, and Holliday Fenoglio Fowler L.P. arranged the financing for the development with Amegy Bank.
According to a third quarter report from Grubb & Ellis Co., Houston's office users absorbed 764,600 square feet of space during the quarter, pushing the number for the year to nearly 4.7 million square feet, and marking the fourteenth consecutive quarter of positive absorption. The report notes that quarterly demand again outpaced new supply. The amount of speculative space delivered during the third quarter totaled 255,000 square feet. The amount of speculative office space currently under construction stands at 4.3 million square feet, the highest level of construction since the end of 1998. Westchase is one of Houston's three most active submarkets, in terms of construction, along with the Katy Freeway/Energy Corridor and Northwest Freeway.
The Carlyle Group is a global private equity firm, while Means Knaus partners is a Texas-based real estate services and investment firm.
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