A joint venture led by Patrinely Group, and including USAA Real Estate and CDC Houston, announced the ground-breaking of the 149,600-square-foot CityPlace 1 office building. Located at 1700 City Plaza Drive, Spring, TX 77389, CityPlace 1 is the first multi-tenant office building to be constructed in CityPlace at Springwoods Village.
CityPlace is a 60-acre, fully-integrated, mixed-use development providing the growing area of Houston near the ExxonMobil campus with a new destination of choice, integrating working, shopping and living. When fully developed, the project will include 4 million square feet of Class A office space with 400,000 square feet of integrated retail space, a full-service Marriott Hotel and additional luxury multifamily projects.
Scheduled to be completed in the second quarter of 2019, CityPlace 1 will include 122,700 square feet of office space and 26,900 square feet of ground floor retail space. The building will feature floor-to-ceiling windows, elevated terrace and garden areas, ample parking and a covered pedestrian connection between the office lobby and parking structure. The building is planned for achieving LEED Silver certification.
“CityPlace 1 is another major milestone as CityPlace continues to become the new urban center in north Houston,” says Robert Fields, President and CEO of Patrinely Group. “With ABS headquarters, Marriott CityPlace and the HP campus nearing completion along with Star Cinema Grill coming soon, we are creating a truly unique, walkable, mixed-use destination.”
Under the direction of Patrinely’s Dennis Tarro, real estate and investment management firm JLL’s Chrissy Wilson and Russell Hodges are leading the office leasing for CityPlace 1, while Transwestern is the leasing agent for the retail space, with Crystal Allen and Chace Henke leading the charge.
“We are proud to have Patrinely Group and USAA Real Estate as our development partners,” said Warren Wilson, executive vice president of CDC Houston. “With our existing and growing tenant base, it is becoming clear that employers are recognizing the benefits of CityPlace Springwoods Village’s location.
Springwoods Village is a 2,000-acre, mixed-use community situated along the west side of Interstate 45 between Springwoods Village Parkway and the Grand Parkway. Designed for sustainability, the nature-inspired commercial and residential community will provide diverse housing options, civic facilities, outdoor recreation and a mixed-use core, the 60-acre CityPlace, that includes office space, shopping, dining and lodging in an urban, walkable environment.
“This multi-tenant building is ideal for small to medium size tenants and is prominently located at the heart of the CityPlace complex – directly across from the Marriott Hotel, ABS Plaza and the lakefront public plaza, all of which are opening later this year,” said Chrissy Wilson, Executive Vice President of JLL.
About Patrinely Group, LLC
Patrinely Group is a national real estate development firm specializing in investment, development and management of commercial office and residential projects. The company is focused on large, Class A properties including commercial office, mixed use, and hospitality venues and urban, Class A multifamily property in high growth markets. Since 1983, Patrinely Group has developed some of the most successful properties in the nation and has $10 billion in development completed or underway. With Patrinely Group’s national experience, the company is a recognized leader in real estate development.
About USAA Real Estate
USAA Real Estate, with over $20 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The portfolio consists of office, industrial/logistics, multifamily, retail and hotel properties. USAA Real Estate is a subsidiary of USAA, a leading financial services company, serving military families since 1922.
About CDC Houston
CDC Houston, Inc. (a subsidiary of Coventry Development Corporation (New York) is an experienced land developer with expertise in creating mixed-use urban communities that foster smart and responsible growth for commercial and residential vitality. Coventry has provided development services for mixed-use projects in New York, Colorado, Texas and Guam over its 45-year history. In 2001, the company launched RidgeGate, also a sustainable, mixed-use community, in Lone Tree, Colorado which consists of 3,500 acres.