Strong Demand Drives More Plans for Woodlands
- Mar 09, 2012
Currently the second-best-selling master-planned community in Texas and No. 4 nationwide, The Woodlands has gradually become home to more than 1,700 employers, including 100 major companies. More than 47,000 employees work in the 28,000-acre community 27 miles north of downtown Houston. Given the high-profile business environment, it should come as no surprise that developers are seeking new projects for the area.
Within past months, the Howard Hughes Corp.—whose The Woodlands Development Co. division guides development of the community—has signed two major companies that plan to relocate to the area. As previously reported, Waste Connections executed a lease for 49,929 square feet at 3 Waterway Square Place (an 11-story, 234,000-square-foot Class A office building to be constructed in the Town Center), while Nexeo Solutions has extended its existing lease in the same building from 64,046 square feet to 106,710.
As a result of the strong leasing activity at 3 Waterway Square, Howard Hughes is exploring opportunities to construct as many as three new Class A office buildings and an adjacent parking garage. The proposed development would be constructed on 9.02 acres located immediately west of the McKesson Building.
“Having the majority of the building leased prior to the start of construction with the caliber of tenants such as Nexeo Solutions and Waste Connections validates our decision to invest in The Woodlands. Our ability to offer our customers the complete package of live, work, play and learn will continue to set us apart from our competitors,” stated Grant Herlitz, Howard Hughes president. “Given the strong market activity, we are now ready to begin our next development project and realize the expanding potential of The Woodlands Town Center,” added Herlitz.
Additionally, Black Forest Ventures has announced its intent of building two new properties within its Black Forest Technology Park in The Woodlands. Located at 2725 and 2750 Technology Forest Blvd., with easy access to The Woodlands Town Center and I-45 through Research Forest Drive, the new properties will be identical, two-story, 32,000-square-foot buildings with many Class A amenities. Black Forest Technology Park consists of eight fully leased existing buildings, as well as a seven-acre tract of land available for a future build-to-suit.