Transwestern Purchases Coveted Property in Park 10 Regional Business Center
Transwestern has purchased 20.8 acres in Wolff Companies’ Park 10 Regional Business Center, a 550-acre master-planned mixed-use development in The Energy Corridor.
“A number of parties have tried to acquire the property over the years. It was the last vacant site remaining in Park 10 suitable for large scale development,” said David W. Hightower, executive vice president and chief development officer of Wolff Companies. “Due to its location, the property is a great piece of land. We know what the buyer has planned will be a positive contribution to the Park.”
The property, located at the intersection of the Interstate Highway 10 west bound frontage road and Houston Chronicle Boulevard, just east of Barker Cypress Road, was originally acquired by the Houston Chronicle in 1983 in support of its local newspaper printing operations. However, plans changed shortly afterward when the Chronicle bought Houston’s other major daily, the Houston Post. The Park 10 property was subsequently transferred to the Hearst Foundation, the newspaper’s non-profit organization. The Foundation was the seller in the Transwestern transaction.
Transwestern has 3 buildings planned for the site totaling over 660,000 square feet of Class A office space. Construction is expected to begin before the end of the year.
Powers Brown Architecture is the design architect for the buildings. E.E. Reed is the general contractor.
The Transwestern project is only the latest in a series of new projects in The Corridor. Within the last ninety days over 1.2 million square feet have gone under construction sponsored by Shell, BP and Mac Haik Realty. Other recently announced projects that could be underway with the next 6 months total another 1.8 million square feet. Three million square feet of office translates into approximately 10,000 new jobs in The Energy Corridor.
“With the majority of few remaining parcels available for development already planned for office there are very limited opportunities in The Corridor for other uses such as multi-family and hospitality”, notes Hightower. “Yet, given the strength of job creation in The Corridor and the fact they are mostly high value, professional energy sector jobs this is a very under-served market.”
David Cook and Jeff Peden with Cushman & Wakefield represented the Hearst Foundation in the Transwestern transaction. Transwestern represented itself.
About Wolff Companies
For over 40 years, Wolff Companies has been a leader in developing master-planned, mixed-use business communities in the Houston area. The company’s developments include: Beltway; Park 10 Regional Business Center; Interwood; Westway Park; First Crossing; and Ten Oaks at the Texas Medical Center – West Campus. The American Society of Landscape Architects, Scenic Houston, Keep America Beautiful, the American Institute of Architects and the Municipal Art Commission have all recognized Wolff Companies’ developments for enhancing and preserving the natural beauty of land, while meeting the ever-changing needs of business. For more information, visit www.wolffcompanies.com.