National real estate firm Stream Realty Partners LP’s San Antonio office is moving forward with plans to add a Class A 101,000-square-foot office property at its One51 Office Centre campus in Westover Hills.
The property, located off Highway 151 at 9810 State Hwy 151, is the second phase of the office developer’s One51 campus and highlights the demand that Stream expected all along.
When Stream Realty Partners broke ground on One51 Office Centre in 2014, it was willing to bet that Westover Hills would become one of San Antonio’s strongest up-and-coming office markets.
Now, Stream’s initial bet is paying off. Stream will break ground this month and is expecting to deliver the property by December 2016.
Construction of the two-story shell building is estimated to cost $6.4 million.
Once delivered, the second phase will offer a layout similar to the first in that the phase two building will have flexible work spaces ranging between 22,000 square feet to 101,000 square feet. The first phase of One51 sits on an 8.28-acre site, and the second spans 8.97 acres.
Stream Realty Partners – Central Texas Managing Director Carolyn Shaw, who will lease the property, said that the early success of One51 Office Center Phase 1 and the city’s continued growth into Westover Hills fueled the need for additional upscale office space in the submarket.
Surrounded by corporate campuses for Nationwide Insurance, Wells Fargo, Hartford Insurance, Kohl’s, Capital Group, Microsoft, Chase Bank, and others, phase two of the property will feature high ceilings, 24-hour security, oversized windows and seamless access to Highway 151.
According to Stream’s marketing website for One51, phase one currently has 50,091 rentable square feet available, which means the 101,389-square-foot property is about 50 percent occupied.
Plans for the second phase of One51 follow shortly behind the delivery of Lockhill Crossing, Stream’s five-story office property at the southeast corner of Lockhill Selma and Loop 1604, also built on a speculative basis.
Of the 126,626 square feet in the Northwest San Antonio building, 108,059 square feet is still available.
By: Katie Burke
SOURCE: San Antonio Business Journal
Rendering provided by Chesney Morales & Associates