Transwestern Builds 500,000SF Spec Business Park in Houston
- Feb 26, 2008
Transwestern has started construction on the first phase of a more than 500,000-square-foot speculative business park on the south side of Houston. The firm purchased 50 acres at the southeast corner of Highway 288 and Reed Road for the development of a the business park, which will be called Park 288. Once completed, Park 288 (pictured) will total 567,600 square feet. Transwestern has started on the construction of Phase I, which will consist of three buildings totaling 268,400 square feet. The buildings will feature 16-foot to 28-foot clear heights and will accommodate office/showroom, medical and distribution users that serve The Texas Medical Center, Central Business District, and Houston’s Southeast corridor, said Brian Gammill, managing director of Transwestern. As part of the deal, Transwestern sold 14.5 acres to The Museum of Fine Arts Houston, which plans to construct a new 150,000-square-foot state of the art warehouse. The close proximity to the museum was among several reasons for the location, according to museum information. “The completion of Beltway 8 and the expansion of the nearby Texas Medical Center and city of Pearland are some of the reasons this site was attractive,” Gammill told CPN today. “There are plenty of companies that will serve the medical center from this site. With the access of Loop 610 and Beltway 8, too, we can serve the south side of Houston and southeast Houston.” Gammill said this site is in the growth pattern for development and there has been a pent up demand in this market. “It has been overlooked and a lot of investors and developers have been focused on the airport and port,” he said. “We think the medical center, which employees more than 70,000, will be a good draw and Pearland is exploding. We like the site, which has 2,000 feet of frontage on 288. We have a flexible design for office, warehouse and distribution; we can accommodate a wide variety of tenants.” Gammill said the project should be completed in the next two to three years total. No dollar amount was attached to the project. In addition to the MFAH sale, Transwestern sold three acres to TY Art, which will build a 30,000-square-foot building adjacent to the Museum of Fine Arts Houston. Aaron Howes and Michael Palmer of CB Richard Ellis represented the Museum of Fine Arts Houston and TY Art.