Tall & Urban News

A 33-story mixed-use tower, Woodway Tower, is being planned for Houston's Uptown/Galleria area next to Memorial Park. The 618,000 square feet (57,414 square meters) project will feature boutique office spaces on the first five floors, followed by 11 residential floors with about 125 apartments, and two restaurants on the top floor  offering views of Memorial Park and downtown Houston. A tenants’ penthouse suite will also be part of the development, including meeting spaces, a kitchen, a library, a game room, and patios.

The development, costing approximately 100 million USD, is seeking tenant investors who will receive a share of rental income. A lender will be selected once the project reaches over 50 percent pre-leasing. and will secure a lender once pre-leasing exceeds 50%. The firm purchased the 1.04-acre site in 2021 for approximately $900,000 USD

Zieben Group, the developer on the project, believes that smaller boutique offices will attract tenants, especially as remote work trends have led many companies to reduce their office spaces, contributing to a 25 percent vacancy rate in Houston last quarter. CBRE’s Lucian Bukowski will handle leasing for the project.

Learn more at TheRealDeal