Compass Realty Signs Full-Floor Lease in New Office Tower Near Highland Village
Rendering of Park Place Tower, a 15-story tower under construction on Westheimer Road at Mid Lane.
HOUSTON – (Realty News Report) – Compass Real Estate, a rapidly growing national residential brokerage, has leased an entire floor in Park Place Tower, the new office building being developed by Stonelake Capital Partners on Westheimer Road inside Loop 610.
The 15-story, 210,000-square-foot Park Place office building has also secured Charles Schwab as a tenant. With these commitments, the property is now 21 percent leased as it moves toward completion in about a year.
Founded in 2012, Compass launched an aggressive national expansion and has focused heavily on recruiting top agents in Houston. In a statement, Compass said it aims to empower agents with advanced technology, marketing, support and culture. The firm described Park Place | River Oaks as the high-quality, luxurious space the company seeks to provide its agents, noting that the new location offers room to grow amid recent momentum in the region.
Brad Beasley and Connor Saxe of Colvill Office Properties handle office leasing for Park Place Tower, while Bruce Wallace and Radkey Jolink of CBRE are managing retail leasing. Compass’s lease was negotiated by Mark O’Donnell, Josh Meltzer, David Gordon and Jennifer Jordan of Savills. Charles Schwab was represented by Trevor Franke of Peloton Commercial Real Estate and Scott Gardner of Streetwise Retail Advisors.
Compass will occupy a full floor totaling 27,249 square feet. Charles Schwab will take 10,908 square feet on the ground floor, and Stonelake Capital Partners will relocate its Houston office to 4,782 square feet within Park Place Tower.
“The early leasing activity from these sophisticated and discerning tenants validates our thesis about a flight to quality by companies who desire to work in a highly visible and amenity-rich location,” said William Peeples, a Stonelake principal leading the development. “We continue to see strong demand for the remaining space and expect Park Place Tower to be fully leased by the time we reach substantial completion in March 2020.”
Park Place | River Oaks is an 11.5-acre mixed-use development at the intersection of Westheimer Road and Mid Lane, adjacent to the Highland Village shopping center.
Stonelake Capital Partners, the Austin-based developer, was founded in 2007 by Kenneth Aboussie and John Kiltz.
Stonelake acquires and develops industrial, multifamily and office properties and manages a portfolio valued at more than $3 billion across Texas. The firm has developed or is developing over 5,000 multifamily units, roughly 3 million square feet of office space and about 9 million square feet of industrial space.
