Office Building for The Woodlands

By NANCY SARNOFF
Copyright 2008 Houston Chronicle

The Woodlands commercial district continues to grow.

A nine-story office building called 4 Waterway Square will soon break ground, as a nearby property, 24 Waterway Avenue, is completed.

Located at Waterway Square Place and Woodloch Forest Drive in The Waterway Square District of The Woodlands Town Center, the new office building will have 216,000 square feet of space and connect to a 1,900-space garage when it is completed in the summer of 2009, according to The Woodlands Development Co.

Elkus-Manfredi of Boston designed the project, which will be constructed by Harvey Builders.

Gensler is the architect of record, and Conine & Associates is leasing the building.

The office vacancy rate in The Woodlands-Conroe area is less than 6 percent, the lowest in the Houston area, and rents are some of the highest, according to Cushman & Wakefield, a real estate firm.

Tenants have already started moving into the nearby 24 Waterway Avenue.

All of its 308,000 square feet of space is committed and the building is substantially complete.

Office tenants include Common Resources, American Financial & Automotive Services, HMT and Winstead.

A Hubbell & Hudson market will occupy 23,000 square feet on the ground floor. The store will sell locally grown produce, artisan bakery items, wines and other specialty products. It will also have a bistro and offer catering services.

A boutique hotel and condo tower are planned for the area, along with additional office buildings.

Office demand is being driven in part by existing Woodlands tenants that need more space or want to be in a higher-profile location and newer building, said Susan Vreeland-Wendt, director of marketing for The Woodlands Operating Co.