Stream Realty Partners announced that over 80,000 square feet of leases have been executed over the past 12 months at Memorial Tower One and Two, and Woodway Tower on behalf of CapRidge Partners. Of these leases, 32,000 square feet were executed during the pandemic, reflecting the tenant trend to transition from density to proximity.
“CapRidge remains committed to delivering a revitalized, first-class office product with a boutique feel and a people-first environment to the office users in the Memorial neighborhoods,” said Dan Terpening, director at CapRidge. “The response has been overwhelmingly positive amongst existing and prospective tenants and in the market. We are excited to unveil the finished product once complete.”
This leasing activity comes just before the delivery of multi-million-dollar renovations to all three properties that will be delivered in phases. The initial phase, which includes reconfigured and upgraded lobbies, new tenant lounge, training facility and upgraded common areas, restrooms and elevator cabs, will be completed by the end of the month. Exterior upgrades include a new park-like green space with a programmable activity lawn, shaded seating area and outdoor meeting space, which is expected to deliver by fourth quarter 2020.
“We are closely monitoring an emerging trend in Houston whereby more and more tenants make the decision to move from high-rise office buildings in Houston’s major business centers to high-quality, right-sized office space closer to home,” said Craig McKenna, vice president at Stream in Houston. “CapRidge is poised to capitalize on this demand by delivering on their promise to create the premier office opportunity for those who call the Memorial area and Village cities home.”
McKenna, Matthew Asvestas and Elliot Collie oversee leasing at the three properties. Current availabilities at the three properties range from 1,000 square feet spec suites up to a full floor.
The three-building office portfolio is nestled between the Memorial Villages and Tanglewood, minutes from a diverse range of restaurants and hotels. In addition to the prime location, the buildings offer 24-hour security, key card access, rotating food services, conferencing facilities, and on-site banking and property management. These buildings also offer exceptional and convenient access to the 610 Loop, Katy Freeway, Memorial Drive, Woodway Drive, Westheimer Road and Beltway 8.