Stonelake Capital Partners, a real estate private equity firm with offices in Houston, Dallas and Austin, has executed a long-term lease with JLL for 81,999 square feet at 200 Park Place, a 15-story, 210,000-square-foot Class-AA office building located at 4200 Westheimer Road within the Park Place | River Oaks development.
Located in the Galleria area, the new luxury office building will feature JLL’s company name and logo on top. JLL’s property management team is also managing the property. The new office will consolidate JLL’s Houston offices and several business lines in one location.
“This consolidation keeps us ahead of our ever-expanding clients’ needs and continues to foster JLL’s core value of teamwork,” said Dan Bellow, president – Houston, JLL. “I am excited about this move and believe that this physical integration of all our business lines will benefit both employees and clients as we work together to provide expert advisory services and client-focused solutions for the full range of real estate needs.”
JLL executive vice president Ronnie Deyo and senior vice president Beau Bellow represented JLL in the lease negotiation. Stonelake principal William Peeples represented the property ownership.
“We are thrilled that JLL has chosen 200 Park Place as its new Houston headquarters,” said Peeples. “When we set out to design 200 Park Place, a tenant like JLL is exactly who we had in mind—name brand recognition, strong emphasis on company culture, a dedication to their employees and clients and an appreciation for quality.”
JLL will occupy three floors of modern innovative workspace, which will feature a beautiful open three-story staircase for easy connection between floors. The amenity-rich facility is conveniently located with plenty of residential and retail options nearby and offers easy walkability to the River Oaks District and Highland Village.
“Stonelake and their team delivered a beautiful building that provides JLL a modern workplace while also achieving a timeless design,” said Bellow. “200 Park Place is a building we are proud to have our name on top of.”
JLL’s Project and Development Services is managing the buildout of the new workspace utilizing the firm’s (Re)imagine strategies and best practices to support the health and well-being of their employees. Private offices and workstations will be laid out and designed with a certain level of distancing and boundaries in mind by using storage towers and cabinets. Breakrooms will be designed with larger proportions in order to expand the areas where people congregate.
“Within the same space, you can connect together or separately,” said Bellow. “This will be a place where you can live and celebrate the company’s values and culture—a place to collaborate and share in order to build social capital. The main idea is to design a space that provides balance, options, choice and control over how employees want to work on a given day.”
200 Park Place, Stonelake’s third phase of Park Place | River Oaks, was substantially completed in April 2020 and is now more than 65 percent leased. The “flight to quality” trend is apparent at 200 Park Place as companies look to improve the efficiency and quality of their office space. Announced tenants at 200 Park Place include JLL, Charles Schwab, Compass Real Estate, Veritas Title Partners, and Stonelake, the building’s developer and owner.
JLL is expected to take occupancy in summer 2021.