Stream Realty Partners announced March 25 plans to develop a second Class A office project on Sawmill Road. Sierra Pines II, a 154,000-square-foot office building, will be located at 1585 Sawdust Road, at the intersection of Sawmill Road.
Sierra Pines I, a 175,000-square-foot Class A building, was purchased by investor CapLease in June 2012 and is fully leased.
Construction on Sierra Pines II will begin in July with an estimated completion by summer 2014.
"As The Woodlands establishes itself as one of Houston's most active office submarkets, demand for class A space is at an all-time high," said Paul Coonrod, managing director of Stream Realty Partners in Houston. "This development provides tenants with a top-notch location at very competitive rates."
According to Stream Realty, the project will be designed to preserve the natural environment by incorporating water and forest elements. The new office building will be built to LEED Silver certification standards. It will incorporate an air-conditioned link from the parking garage to the main lobby, a dining terrace, jogging trail and a landscaped garden. The building will also feature a two-story lobby and floor-to-ceiling windows.
The Woodlands Development Company has reported that Class A office space vacancy rates are among the lowest in the Houston area, with less than 2 percent of all Class A space available for leasing.