Another spec office park underway

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Web Producer-Houston Business Journal

Another new business park is underway near The Woodlands despite falling oil prices.

The J. Beard Real Estate Co., based in The Woodlands, announced plans for Havenwood Office Park earlier this month. Construction is expected to be complete by the fourth quarter.

Havenwood will replace the Brookhaven Business Park at 25700 Interstate 45 North, between Woodlands Parkway and Sawdust Road in Spring. The development team cleared Brookhaven’s two single-story, 1970’s-era buildings from the site last week, the Houston Chronicle reports.

The new park will feature a four-story, 250,000-square-foot Class A office building, which J. Beard is leasing. Everson Developments LLC, also based in The Woodlands, is the developer. Houston-based Powers Brown Architecture designed Havenwood, and Sugar Land-based E.E. Reed Construction LP is the builder.

Other features of the park include a parking garage adjacent to the office building, covered walkways and an outdoor plaza with seating.

“Given its below-market rental rates, Havenwood will be a viable location for tenants seeking a presence in the growing submarket surrounding The Woodlands area,”Jeff Beard, president of J. Beard Real Estate, said in a statement.

Rents are expected to be in the mid-$20-per-square-foot range annually, the Chronicle reports.

Despite falling oil prices, the development team expects demand to remain high enough to fill the spec office park, the Chronicle reports. The team cited factors such as the Grand Parkway under construction and proximity to Irving, Texas-based Exxon Mobil Corp.’s 385-acre campus as a couple of factors that could help drive demand.