HOUSTON – (Realty News Report) – CapRidge Partners LLC, based in Austin, is undertaking a multi-million-dollar renovation of its recently acquired office portfolio in Houston’s Memorial/Tanglewood area.
The three-building portfolio was acquired from Unilev Capital in March 2019 and includes a combined 541,000 square feet of office space at 1616 S. Voss, 7500 San Felipe and 6363 Woodway.
“Now is the time for this portfolio to elevate its presence in the Memorial neighborhood, and we are thrilled to share the exciting changes,” said Dan Terpening, Director at CapRidge Partners. “From extensive interior improvements to upgraded tenant amenity packages, the project will deliver a connected, engaging and people-first environment for our tenants.”
Interior renovations will refresh and reconfigure lobby finishes, upgrade tenant amenity packages, and modernize common areas, restrooms and elevator cabs. Exterior improvements will introduce enhanced landscaping, a programmable activity lawn, shaded seating areas and outdoor meeting spaces. Construction is scheduled to begin early in the year with completion targeted for summer.
The buildings are being rebranded to establish a consistent identity that reflects the upgraded, high-end character of the renovated properties. The addresses formerly known as 1616 Voss and 7500 San Felipe will be renamed Memorial Tower I and Memorial Tower II, respectively. 6363 Woodway will be renamed Woodway Tower.
CapRidge has engaged Stream Realty Partners to handle leasing and marketing for the portfolio. Craig McKenna and Matthew Asvestas of Stream will lead leasing efforts.
Abel Design Group was chosen as lead designer for the redevelopment, Clark Condon will serve as landscape architect, and O’Donnell/Snider Construction was selected as general contractor.
“This project embodies CapRidge’s commitment to creating reimagined office environments for current and future generations of tenants in Houston’s Memorial area and the surrounding villages,” said Craig McKenna, Vice President at Stream. “The transformation planned on-site is complemented by the portfolio’s proximity to several of Houston’s premier neighborhoods and its walkability to numerous dining and amenity options.”
Since 2012, CapRidge has acquired 41 office buildings.
CapRidge Partners is an investment, management and operating company focused on value-add office properties across nine U.S. markets: Houston, Austin, Dallas, Denver, Phoenix, Nashville, Atlanta, Charlotte and Raleigh. Its approach targets well-located assets purchased below replacement cost that present opportunities to add value through proactive management, enhanced customer service and wellness amenities, stabilized occupancy leasing, mark-to-market lease conversions, and strategic capital upgrades.
The CapRidge Memorial Portfolio:
Woodway Tower (formerly 6363 Woodway) is an 11-story office building totaling 198,428 square feet. The property sits adjacent to Second Baptist Church and is less than a mile from Houston Country Club.
Memorial Tower I (formerly 1616 South Voss) is a 10-story office building totaling 179,061 square feet located within the Memorial Villages neighborhood. The property benefits from numerous walkable amenities, including Whole Foods and other retail offerings.
Memorial Tower II (formerly 7500 San Felipe) is a 10-story office building totaling 163,071 square feet also situated in the Memorial Villages area of West Houston.
Nov. 22, 2019 Realty News Report Copyright 2019
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