HOUSTON – (Realty News Report) – CBRE has been named the leasing agent for a new 28-story, 375,000-square-foot Class A office tower planned by Skanska USA Commercial Development adjacent to Discovery Green in downtown Houston.
Groundbreaking is expected this year, with completion targeted for 2024, CBRE said.
Located on the block bounded by La Branch, Lamar, Crawford and Dallas Streets, the 1550 on the Green project is part of a three-block, master-planned development by Skanska.
CBRE leasing executives Kristen Rabel, Parker Duffie and Joel Douthit will represent the landlord for 1550 on the Green. The tower, located at 1550 Lamar, will anchor Discovery West, the three-block district Skanska is developing.
This will be the first tower in Texas designed by BIG-Bjarke Ingels Group, the internationally recognized architecture firm. The design emphasizes sustainability and tenant wellness and aims to achieve LEED Platinum certification. With pedestrian walkways and outdoor terraces, the building will provide views of Discovery Green—the largest green space in the Houston central business district—creating strong visual and physical connections between the park and the building.
“This is a game-changing project that will raise the bar in the downtown office market through world-class architecture, ample green space, and cutting-edge technology,” said Parker Duffie, Vice President at CBRE. “We are excited to collaborate with Skanska to meet demand for next-generation workspaces that prioritize employee wellness as tenants continue to pursue higher-quality space.”
The tower will respond to evolving tenant needs with smart building systems, flexible workplace configurations and walkable retail amenities. It sits close to major downtown destinations including Minute Maid Park, the Toyota Center and the George R. Brown Convention Center.
1550 on the Green has already secured global law firm Norton Rose Fulbright US LLP as the anchor tenant; the firm will receive naming rights upon occupancy. CBRE’s Jon Lee and Craig Beyer represented Norton Rose Fulbright in the leasing transaction.
The announcement comes as the Houston office market navigates a downturn, with vacancy rates exceeding 20 percent—the highest levels seen since the 1980s.
Architect Michael Hsu has been selected to design interior amenity areas, which will include a fully equipped fitness center, a rooftop event space and terrace on level 28, and a variety of community spaces throughout the property.
Hsu previously designed the Understory food court in downtown Houston’s 35-story Bank of America Center, the most recent office tower completed in the downtown core.
Skanska acquired the 3.5-acre building site in the fall of 2019 for $55 million. The assemblage includes four downtown parcels currently used as surface parking near Dallas, Lamar and La Branch streets, including a full city block opposite Marvy Finger’s One Park Place residential tower.
Skanska, headquartered in Sweden, is a global construction and development company active in building construction, civil infrastructure and commercial property development in selected U.S. markets. In 2019, Skanska USA reported sales of SEK 74 billion and approximately 7,900 employees across its operations.
Skanska has a history of internally financing a portion of its developments rather than relying solely on traditional bank financing.
March 1, 2021 Realty News Report Copyright 2021
File: CBRE Leasing New Tower Developed by Skanska in Downtown Houston
File: (2) BIG-Bjarke Ingels Group. CBRE Leasing New Tower Developed by Skanska in Downtown Houston. 1550 on the Green.
Rendering of Skanska’s 1550 on the Green designed by BIG-Bjarke Ingels Group, Image courtesy CBRE