The real estate landscape of downtown Houston is gearing up for a significant change as a new office project is planned. Autry Park One, a six-story office building, will be developed along the Buffalo Bayou and Allen Parkway. The project comes at a time when Houston is witnessing a dearth of office developments post-pandemic.
Highlights
- Autry Park One is the latest office development project in Houston, which will bring a six-story boutique office space near Buffalo Bayou.
- The office building is a part of the larger Autry Park project, which is spread over a 14-acre site between the upscale River Oaks community and Downtown Houston.
- JLL Capital Markets has arranged financing for the latest project amid a city-wide decrease in office development projects.
Autry Park One Brings A New Boutique Office to Houston
Residents of downtown Houston can expect new opportunities through a six-story boutique office space. Autry Park One will be spread over a 116,000 sq. ft. area alongside 10,500 sq. ft. of retail space on the ground floor.
Developed along the Allen Parkway and Buffalo Bayou, the newest office building will feature outdoor decks, a meeting space, underground parking, a rooftop deck, and a fitness center.
A Part of the 13-acre Autry Park Mixed-Use Development
The newest Houston office property will be a part of a mixed-use development between the upscale River Oaks community and Downtown Houston. Autry Park currently includes two residential buildings on the 14-acre site.
Based at 811 Buffalo Park Drive, the first one, known as Hanover Autry Park, is a 23-story apartment complex with 324 units. The other one is Hanover Parkview Multifamily Towers, which is an 8-story building with 421 units. Both these multifamily complexes in Autry Park were completed in 2022.
Funding and Partnerships to Begin the New Office Development
Autry Park One is being developed through a joint venture between Hanover Company, development company LOCAL, and JLL Capital Markets. Hanover had previously completed Autry Park’s first phase together with Lionstone Investments.
JLL Capital Markets worked towards arranging financing for the Autry Park One office project. Its debt advisory team, consisting of Colby Mueck, Kevin McConn, and Cortney Cole, represented the borrower during the financing process.
Brandt Bowden, Hanover’s CEO, hopes that the 13-acre project will ultimately offer residents near downtown Houston new offices, hotel/retail spaces, and additional housing.
Autry Park One Arrives Amid Houston’s Decreased Office Development Projects
After the pandemic, Houston has witnessed a sudden dip in its office projects’ construction pipeline. According to JLL Capital Markets, by this year’s first quarter, there were only 710,000 sq. ft. of offices in the construction stage.
This has been due to the changing trend of work-from-home, which has led to vacant office spaces. As a result, procuring financing for new office buildings has become very difficult. Furthermore, the area emerged as a bad investment in the commercial construction space.
Against this backdrop, the latest Autry Park One project can emerge as a much-needed development, which propels the growth of Houston’s office construction vertical.
