Office Tower Planned on Houston Galleria Parcel

Houston-based developer Lasco Ventures L.L.C. has purchased 9.4 acres of undeveloped property with plans for an office tower in the Galleria area of Houston.Financials of the transaction were not disclosed. The property was sold by Rich Oak Properties L.L.C. of New York. Located at the northwest corner of Richmond Avenue and Post Oak Boulevard in Houston’s Galleria area, the site is currently a vacant parking lot, CB Richard Ellis Inc. first vice president Simmi Jaggi, who represented the seller, told CPN today.“It is an undeveloped tract that has been sitting there,” she said. “The whole south side of Post Oak and the Galleria has gone through a lot of transition in the last few years. The Galleria added Nordstrom’s and that pushed activity south, making this tract appealing.” Lasco plans to break ground this year on the first phase of the project, a high rise office high rise tower. The second phase may include a possible residential tower, Jaggi said. “The site is located adjacent to the Williams Tower, the tallest office tower in Houston, which is connected to the Galleria via a tunnel and located near the Cosmopolitan high-rise condo tower,” Jaggi said. Additionally, 34-story condo tower Turnberry Tower is also going up just south of the Galleria Mall. That tower is expected to be finished in December 2009. In addition to Jaggi, CBRE’s Elizabeth Clampitt also worked on behalf or the seller of the land parcel.