2005 Commercial Activity In The Woodlands
Going Strong As 108.5 Acres Sold
Fox Networks Purchases 30 Acres for New Facility;
Huntsman Opens 108,000-Square-Foot Lab/Office Space
THE WOODLANDS, TX – (Feb. 14, 2006) – The Woodlands Development Company (TWDC) sold 108.5 acres of land in 2005 for retail, office, multi-family and other commercial uses in 2005, an increase of 46 percent over the previous year, according to Dan Leverett, vice president of commercial for TWDC.
"While The Woodlands is famous for being a great place to live, we at The Woodlands Development Company know that it is also a great place to work and operate a business," said Leverett. "More and more companies are recognizing that as well."
The largest transaction was a purchase of approximately 30 acres by Fox Networks Group in the commercial Research Forest area of The Woodlands. Fox will begin constructing a 206,000-square-foot broadcast and studio facility for use by Fox Sports in September. This year, 500 new jobs will be created as a result of that addition. Other significant land buyers included Conservatory Development, which purchased more than 10 acres of land for a senior housing development in the Village of Alden Bridge.
In addition, several companies either opened new offices or increased their footprint in The Woodlands. Huntsman LLC opened a 180,000-square-foot laboratory/office facility that created 200 new jobs, while Hewitt renewed a 71,000-square-foot lease and signed another lease for 70,000 more square feet. Bruker Optics opened a new 37,000-square-foot facility on land they purchased in 2004.
Other significant new leases or renewals include: BBVA, with a total of 32,000 square feet leased in two locations; Chart Industries, with a 29,000-square-foot lease; Tetra Technologies, with a 17,000-square-foot lease; and Rockwell Automation with a 17,000-square-foot lease. Wells Fargo, which purchased 1.6 acres of land in the new Terramont area of The Woodlands, is also leasing 15,000 square feet.
"We expect even more exciting additions in 2006," Leverett said. “The most exciting is the start of construction of 24 Waterway Avenue this summer, a 300,000-square-foot mixed use building on Waterway Square Plaza. Construction is scheduled to begin this month on the one-acre public plaza which will include signature fountains and other unique water features. 24 Waterway will have 250,000 square feet of office and 50,000 square feet of retail space.”
New space that is available for commercial use in 2006 includes 21 Waterway Avenue, a 103,132-square-foot Class A building on The Woodlands Waterway® that is nearing completion. Three other new office/retail buildings, 25 Waterway Avenue, 1599 Lake Robbins Drive and 1701 Lake Robbins Drive, are now underway in The Woodlands Town Center, totaling more than 36,000 square feet.
A total of 15 new restaurants opened in 2005 in The Woodlands Town Center, including Cru, Grotto, Jasper's and Tommy Bahama's. Residents and visitors to The Woodlands can now choose from 42 restaurants in Town Center.
The Woodlands is a 28,000-acre master-planned community located 27 miles north of downtown Houston. It is a project of The Woodlands Development Company, a limited partnership of Morgan Stanley and General Growth Properties, Inc.
