TOWER’S TREES
Saving live oaks was a draw for developer of site near Greenway Plaza.
When Houston developer P MR G was vying to buy afive-acresite near Greenway Plaza, it promised the seller it would save the live oaks at the southeast corner of Buffalo Speedway and Richmond.
Those trees now provide shade for a one-acre park in front of PMRG’s new 18-story office tower, one of several new office buildings in this area close to both Green way Plaza and Upper Kirby.
PMRG’s building, 3737 Buffalo Speedway, is 55 percent leased. Tenants include architecture firm F KP, the Pot ts Law Firm and chemical company Sol vay, which sold P MR G the property in 2012 and once occupied a now-demolished building onthe site.
Asit looks to fill upthe remainder of its building, the developer faces stiff competition with other new structures nearby that are also trying to fill space amid the energy downturn.
Houston-based Midway is developing Kirby Grove, a mixed-use project with highend office space and mu lt if am- ilyun its around a park in the process of being restored.
And the Regions Financial Center at 3773 Richmond, an 11-story building housing Regions Bank, wasalso recently completed.
The P MR G site will eventually have a hotel next door as the second phase of the project.
High-density residential was once an option for the second phase, but now that market is overbuilt.
“Wethink hotel is the right asset class to plug in here,” PM RG’ s Douglas De mia no, senior vice president for development and acquisitions, said on a recent tour of the property. “We’ ll find out. We’ re doing our market study rightnow.”
De mia no did not disclose the development cost of the nearly 400,000-square-foot office tower, but the Harris County Appraisal District values it at $90.2 million
The sixth floor houses amenities, including a large conference space and a fitness room with shower facilities.
Award-winning Louisiana chef John Be sh will open his first Houston restaurant, Eunice, on the first floor.
PM RG’ s financial partner in the project is National Real Estate Advisors of Washington, D.C.