Chasewood Technology Park is flourishing
By FLORI MEEKS
There was a time when nearly all of Chasewood Technology Park's tenants had ties to nearby Compaq Computer Corp.
Today, the four-building campus at 20405 Texas 249, between Louetta and Cypresswood, provides office space to representatives from such sectors as finance, law, insurance, accounting, oil and gas and renewable energy, among others, in addition to technology.
It's a very unique submarket," said David Lee, senior vice president with Transwestern, 1900 West Loop South, Suite 1300, the commercial real estate firm that handles the park's leasing.
It has grown from isolated assets in the middle of nowhere to one of the best performing properties in the city," said Lee, who has been involved with the project from its beginning.
Currently, the park is more than 94 percent leased, Lee estimated. Rent ranges from $16 to $20 per square foot annually, with additional charges for operating expenses.
About the complex
Chasewood Technology Park comprises the six-story One Chasewood building, 107,968 square feet; the eight story Two Chasewood building, 153,226 square feet; the four story Three Chasewood, 97,552 square feet; and Four Chasewood, five stories and 105,223 square feet.
The park got its start in 1997, when partnerships sponsored by Dallas-based GenCap Partners Inc. purchased Two Chasewood Compaq's former corporate headquarters and the surrounding land with the intention of providing office space.
Lee was able to lease to technological firms from throughout the world that saw value in operating next to Compaq, which maintained an adjacent office complex.
The park's average in-place rents were extraordinarily low at the time," Lee said.
He gradually increased rent during the next two years until it was comparable to the office spaces serving those clients in other markets worldwide.
By mid-1998, it became abundantly clear the rates were high enough to supplement the buildings with new development," Lee said.
In August 1998, GenCap began construction on Three Chasewood. It acquired One Chasewood in April 1999 and completed construction of Three Chasewood four months later.
Within 12 months of completing construction, Lee said, Three Chasewood was nearly at full occupancy.
GenCap saw the scenario repeat itself within 12 months of completing Four Chasewood in fall 2008.
I think it's the quality of the services, the amenities we are able to offer in a single campus," said Paul Vangrieken, an associate with GenCap. Tenants really are considered clients. We try to make their lives easier."
Amenities include on-site management, engineering and leasing teams; 24-hour on-site courtesy patrol; fiber-optic service availability, wiring for high-speed Internet access, a full-service bank with a 24-hour ATM, security cameras and a conference center.
The park also has benefited from nearby residential and commercial growth, Vangrieken said, along with infrastructure improvements.
The area has grown tremendously," he said. We have the Vintage Park shopping center, new apartments, Lone Star community college. We see hospitals moving into the area. It's moving from a neighborhood to a well-rounded community."
GenCap has completed plans for Five Chasewood and intends to begin construction as soon as the financial markets stabilize, Vangrieken said. It will be a 10-story, 250,000-square-foot building. The final building to be constructed, Six Chasewood, will be its twin.
GenCap also has received a letter of intent this year for the construction of a hotel at Chasewood Drive and Texas 249, a longtime goal for the company.
When we're all done, we'll have a million square feet of office space, a hotel and a few retail locations," Lee said.
For more information, visit www.chasewoodpark.com.