HOUSTON – (Realty News Report) – Skanska has announced that Norton Rose Fulbright will serve as the anchor tenant for a new downtown Houston skyscraper, clearing the way for construction to begin.
The 28-story tower will be located at 1550 Lamar Street, adjacent to Discovery Green park.
Under a long-term lease agreement, Norton Rose Fulbright US LLP plans to relocate to the new building in 2024.
Upon occupancy, the law firm will acquire naming rights for the 375,000-square-foot tower. CBRE broker Jon Lee represented the tenant in the lease transaction.
The project was unveiled amid a challenging phase for Houston’s office market. Year-end citywide office vacancy reached 22 percent, its highest level since the 1980s, according to Madison Marquette.
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 plan developed by Skanska and is being designed to achieve LEED Platinum certification. The building’s site plan emphasizes pedestrian-friendly streets with extra-wide sidewalks and a canopy of trees. The tower will include two tenant-exclusive outdoor roof terraces on the 12th and 20th floors.
The project is being designed by the internationally recognized firm BIG-Bjarke Ingels Group, marking the Danish studio’s first project in Texas.
“As an organization that prides itself on building what matters to our communities, our team, made up of Houstonians, has been working alongside local stakeholders to develop a plan and a building that will transform this side of downtown Houston while still meeting the needs of the city,” said Matt Damborsky, Executive Vice President for Skanska USA Commercial Development’s Houston market. “At 1550 on the Green, we look forward to welcoming Norton Rose Fulbright and creating a transformational development that embraces the surrounding greenery and the culture of downtown Houston.”
Architect Michael Hsu will design the interior amenity spaces, which will include a fully equipped fitness center, a rooftop event space and terrace on level 28, and community-focused gathering areas throughout the property.
Hsu’s recent local work includes the Understory food court in the new 35-story Bank of America Center tower in downtown Houston.
Norton Rose Fulbright’s Houston office includes more than 175 lawyers who cover a wide range of litigation and transactional practice areas.
The 3.5-acre development site was acquired in the fall of 2019 for $55 million. The four parcels in downtown Houston currently function as surface parking lots near Dallas, Lamar and La Branch streets, and include a full city block across from Marvy Finger’s One Park Place residential tower.
Skanska, a company with a parent firm based in Sweden, specializes in construction and development, including building construction, civil infrastructure and commercial property development in select U.S. markets. In 2019, Skanska USA reported sales of SEK 74 billion and employed approximately 7,900 people across its operations.
Jan. 13, 2021 Realty News Report Copyright 2021
File: Skanska Starting New Office Tower
Caption: Rendering courtesy Skanska
File (2) Norton Rose Fulbright. Skanska Starting New Office Tower. CBRE Jon Lee. Discovery Green. Matt Damborsky.