J.P. Morgan JV Breaks Ground on Houston Mixed-Use
- Feb 13, 2020
Radom Capital and institutional investors advised by J.P. Morgan Asset Management have broken ground on Montrose Collective in downtown Houston. The project comprises four buildings totaling more than 100,000 square feet of office space, more than 50,000 square feet of retail space and a 10,000-square-foot library. Slated for completion in late 2021, Montrose Collective is the first joint venture for the two partners.
The development is under construction near the 800 block of Westheimer Road, less than 1 mile from Houston’s downtown. The mixed-use property will include decorative tiled sidewalks ranging from 6 to 15 feet wide, a large-scale green wall and a network of custom planters throughout the property. The project will comprise six new dining options and 15 retail spaces and will feature full-time onsite property management, structured parking and 24-hour security.
The project team includes architect Michael Hsu Office of Architecture, landscape architect OJB (Office of James Burnett), structural engineer HOK, civil engineering firm Kimley-Horn and mechanical, electrical, and plumbing services firm DBR D.E., while the project contractor is Harvey Builders. The project marks the fifth Houston collaboration between Radom and Hsu. JLL provided capital market services, while CBRE will handle office leasing for the development.
Last October, institutional investors advised by J.P. Morgan Asset Management sold their 50 percent interest in Terminus 100 and 200 back to Cousins Properties. The two office high-rises total 1.2 million square feet within the Terminus mixed-use destination in Atlanta’s Buckhead submarket.