REPUBLIC SQUARE NEARS MILESTONES; WEST HOUSTON CREATIVE CAMPUS APPROACHES 70 LEASES, DEBUTS WORKSTYLE PRODUCT AND FINALIZES PLANS FOR ART STUDIO WING
HOUSTON, TX – July 10, 2017 – In mid-July, as Republic Square marks its first anniversary in West Houston, owner Third Palm Capital and the onsite Boxer Property leasing and management team anticipate reaching the milestone 70th office lease commitment. Current leasing at the picturesque campus is focused on anchor Republic Square I, an international modern style building encompassing 320,000 square feet of office and amenity space over three floors.
Perhaps one of Houston’s most unexpected real estate success stories of 2017, the park-like, 35-acre Republic Square site, which includes premier meeting/event and recreational components in addition to office surrounding a central lake, has quietly created a niche for itself by attracting an array of locally owned small businesses, international companies seeking a Houston presence and incubators including Houston Technology Center.
Republic Square’s unique environment, product flexibility and ongoing, transformational improvements have dramatically propelled leasing since early spring, effectively doubling tenant counts over the past few months – despite being in the heart of one of the city’s softest office submarkets. Far outpacing expectations, at the current trajectory, the duo predicts eclipsing 40,000 square feet of leased space by late summer.
According to Randall Tuller, Executive Manager for Third Palm Capital, “Republic Square is a fascinating case study. Seemingly unconventional tactics – beginning with reactivating existing assets that many in the industry assumed had little appeal – have proven to make perfect sense. Few developers have the chance to really immerse themselves in a location to determine community and tenant needs and wants in the way that we’ve been able to do here. It’s effectively become an incubator for incubators that is helping to reshape the master plan, eventually resulting in what we feel will be a more sustainable and successful destination in the long term.”
Recent leasing activity takes into account a substantial portion of one of Republic Square’s most anticipated new offerings: 20,000 square feet of Workstyle-branded collaborative space. Workstyle is divided in two wings flanking Republic Square I’s expansive, waterfront lobby. Boxer Property is also fielding opportunities tied to larger space needs ideal for the building’s upper floors.
Recently completed, Workstyle-related move-ins are now well underway. The airy, light-filled offices with walls of windows fronting either Republic Square I’s landscaped circular drive or interior garden courtyards showcase vibrant, well-appointed and multi-function shared spaces including private conference rooms and open huddle/lounge areas serviced by coffee bars.
Workstyle tenants enjoy enhanced WiFi, bike sharing, covered parking and preferred access to Republic Square’s 20,000-square-foot, state-of-the-art event and conference center. While a Republic Square I fitness facility with separate men’s and women’s locker rooms is in the planning stages, a trail system with outdoor exercise stations leads directly to a key drop in point to Terry Hershey Park.
With the impending completion of Workstyle’s first phase, Third Palm Capital is now finalizing details to convert 10,000 square feet of former, ground floor office space into dog-friendly, flexible office and artist studio space. It’s anticipated that work could commence as early as fall. Tuller is excited about this unexpected enhancement he feels will bring additional components of activity, engagement and community involvement to the campus.
“Through meetings with various art entities and while interacting with participants in our seasonal ART IS AN Outdoor Market initiative – the next is scheduled for September 30 – we’ve learned that not only is there a need and desire to have studio space in West Houston, but there could be additional satellite partnership opportunities with art educators given the number of students from Memorial to Katy that make up inner loop class loads,” says Tuller.
And further proving that creativity is finding its way to nearly every corner of Republic Square, a covered, full-floor rooftop parking deck is generating substantial interest for all-weather markets, car club rallies and even fashion shows given its ease of access, dual-sided configuration with minimal column intrusion and expansive views of the lush grounds.
Looking towards fall, as ground level office availability is in short supply, Republic Square I renovations and leasing focus will shift towards the second and third floors, beginning with refurbishment of the upper level elevator lobbies to augment their sweeping lake views.
Republic Square is located at 13501 Katy Freeway. For leasing information, including available floorplans, call 713.777.7368 or click here.
About Republic Square
Poised to serve as a new community gathering place and hub for flexible work space in Houston’s West Memorial area, Republic Square is owned by Third Palm Capital. After purchasing the campus from ExxonMobil Corporation in late 2013, Third Palm then leased back the improved portion of the property to ExxonMobil through April 2015. Located just west of Eldridge Road at the western gateway to Terry Hershey Park, the wooded campus spans 35 acres with prime frontage along Memorial Drive and Interstate 10. Current amenities include a central lake, 20,000-square-foot meeting and event center, and Republic Square I, a 320,000-square-foot office building with commissary kitchen. Future plans call for hotel, office, multi-family and retail development.
About Third Palm Capital
Third Palm Capital, the owner and developer of Republic Square, is a national real estate investment and development firm that relies on our guiding principles to deliver our customers and tenants the highest quality residential, commercial, and resort properties. Third Palm has over $750 million in assets and active investments in New York, California, Florida, and Texas.
About Boxer Property
Boxer Property is celebrating 25 years as an innovative commercial real estate investment and management company that specializes in maximizing the value of under-utilized properties through aggressive leasing and hands-on management. Founded in 1992, Boxer Property is a private firm based in Houston with more than 18 million square feet of commercial real estate nationwide.