June 08 , 2005

CONSTRUCTION OF 21 WATERWAY AVENUE UNDERWAY

First Class A Office Building to be Constructed in The Woodlands Since 2001

THE WOODLANDS, TX – (June 8, 2005) – A groundbreaking and ceremonial “beam signing” were held today to commemorate the construction of 21 Waterway Avenue, a 103,000-square-foot, seven-story office building overlooking The Woodlands Waterway in Town Center, according to Dan B. Leverett, vice president, commercial for The Woodlands Development Company.

Featuring a prime location next to The Woodlands Waterway Marriott Hotel and Convention Center, a Four-Diamond Hotel, 21 Waterway Avenue will be situated just across the Waterway Avenue Bridge from Waterway Square, the planned major civic plaza and gathering place on The Waterway. The building contains restaurant and retail space on The Waterway and ground levels. Several other retail/office buildings are planned for the immediate area.

“This will be the ideal location for companies desiring a high-profile address with spectacular views of The Woodlands Waterway,” Leverett said. “Employees will have the benefit of water taxi and trolley transportation, a hotel and convention center, nearby restaurants, shopping at The Woodlands Mall and Market Street, entertainment and opportunities for urban living.

“Several prospective tenants have expressed interest in relocating to the new building when it is completed later this year,” Leverett said. “Announcements are imminent.”

Materials and finishes for 21 Waterway Avenue have been designed to compliment both the architecture of The Waterway Marriott and the Waterway Avenue Bridge, since the building will be situated between those two structures. The lower two levels, intended for retail shops and restaurants, will be clad in the same brick used on the bridge. The upper office floors feature floor-to-ceiling dual pane reflective glass, and the lobby will be finished with granite and wood appointments. The site will feature exterior dining areas along The Waterway.

The floor plates are approximately 14,700 gross square feet with the lower two floors being larger at about 15,000 and 16,000 respectively. Structured parking for the building will be available in an adjacent garage. A covered walkway will facilitate access from the building across the street and into the garage by the addition of an elevator and a stair tower. Frank Lucas Associates of Baltimore, MD designed the building, and Gensler of Houston is architect of record. The building is being constructed by Harvey Builders of Houston.

Dennis Conine of Binswanger Conine & Robinson is representing The Woodlands Development Company in the leasing of the new building. Call 281-719-6273 for more information.

The Woodlands is a 27,000-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.