(HOUSTON) — Hines, the international real estate firm, today announced the completion and stabilization of the 450,000-square-foot first phase of Boulevard Oaks Business Park, and the start of construction on the second phase—which will be comprised of six additional buildings totaling approximately 1.15 million square feet. At buildout, Boulevard Oaks Business Park will consist of 10 Class A industrial buildings totaling approximately 1.6 million square feet of floor area on 120 acres of land.
Boulevard Oaks Business Park is the premier corporate logistics park in southwest Houston, located just north of Beltway 8 along West Fuqua Street. The business park lines both sides of West Fuqua Street, a tree-lined, four-lane divided thoroughfare with direct access to a full interchange on Beltway 8; creating an insulated, unique environment in an extremely accessible location.
The four-building first phase of the park is currently 95% occupied by eight tenants, with one block of rear-load space remaining, totaling 25,000 square feet. Phase II will consist of six additional buildings—three rear-load facilities between 110,000 and 160,000 square feet, two front-load facilities between 105,000 and 125,000 rentable square feet, and one cross-dock facility totaling 530,000 square feet.
The anticipated completion date for the second phase of the project is the third quarter of 2020.
Hines Director, Laura Denkler, stated, “We are especially proud of the look and feel within the business park that we are creating at Boulevard Oaks, and have received an incredibly positive response from the market for our efforts. To achieve more than 90% lease up on the first phase at the time of substantial completion of the project is a testament to the location, access, and building quality within the park.”
Boulevard Oaks is exclusively represented for leasing by Jim Foreman and Allison Bergmann of Cushman & Wakefield. Burton Construction is the general contractor, and Powers Brown is the architect of record.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm’s current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.