Houston Inner Loop Welcomes New Office Tower Under Construction
L to R: Hunter Sage, John Kiltz, Kenneth Aboussie, Matt Miller, William Peeples, Travis Eickenhorst, and Mike Burney at groundbreaking.
HOUSTON – Stonelake Capital Partners marked the start of construction on Wednesday for Park Place Tower, a 15-story, 210,000-square-foot Class-AA office building situated inside the Loop at 4200 Westheimer Road as part of the Park Place | River Oaks development.
Park Place | River Oaks is an 11.5-acre mixed-use campus at the intersection of Westheimer Road and Mid Lane in Houston’s upscale River Oaks and Highland Village neighborhood. Stonelake assembled the site through five separate transactions beginning in 2010. The development sits roughly half a mile from Loop 610.
“We have assembled a first-class team to design, finance, build, market, and execute Stonelake’s vision for Park Place | River Oaks, which will create an unparalleled office experience in Houston,” said William Peeples, a Stonelake principal leading the Park Place development effort.
Stonelake is a real estate private equity firm with offices in Houston, Dallas, and Austin.
“Park Place Tower is an elegantly designed office building that is already attracting tenants who recognize that a high-quality workplace reflects their corporate brand,” said Kenneth Aboussie, Managing Partner at Stonelake. “Companies locating at Park Place will distinguish themselves by offering employees a distinctive, amenity-rich environment.”
Rendering of Park Place Tower.
Park Place | River Oaks is positioned between the River Oaks District and Highland Village. Colvill Office Properties’ Brad Beasley and Connor Saxe are handling leasing for the tower’s office space, while CBRE’s Bruce Wallace and Radkey Jolink are responsible for ground-floor retail leasing.
Park Place Tower is expected to be ready for occupancy in Spring 2020. Stonelake is currently negotiating leases with three prospective tenants for space in the building.
The new tower is arriving amid a market with elevated vacancy in certain submarkets; CBRE reported a citywide office vacancy rate of 18.6 percent at year-end. Despite that, the market is experiencing a “flight to quality,” as tenants increasingly prefer newer, more efficient buildings offering robust amenities, retail and dining options. For instance, Hines’ high-amenity Texas Tower downtown is already one-third leased while still under construction.
Park Place Tower is located near the northeast corner of Mid Lane and Westheimer, about one mile south of the Houston Arboretum and Memorial Park.
Designed by Beck Architecture, the tower features efficient 27,249-square-foot floor plates and is being built by Harvey Builders as general contractor. Texas Capital Bank provided construction financing for the project.
Park Place | River Oaks is being delivered in phases by Stonelake.
Phase 1, The James, is an eight-story, Class-A mid-rise multifamily building with 344 units that was completed in July 2016.
Phase 2, The Ivy, is a 17-story residential tower with 297 units that opened in 2017.
Park Place Tower is the development’s third phase and will bring the 15-story office building with ground-floor retail to the campus. The tower includes a landscaped ninth-floor terrace available to tenants and is situated adjacent to a one-acre park at the center of Park Place | River Oaks.
