May 17, 2007 – Houston – Granite Properties, Inc. has announced plans to develop an eight-story, 204,000-square-foot companion office tower to its initial building in the Granite Towers at Sugar Creek complex.
The new Class A office building, which will be Phase II of the Sugar Creek complex, will break ground early this summer. The first phase, completed in 2000, consisted of the development of an identical eight-story, 204,000-square-foot office building with a four-level parking garage and surface parking lot.
The 20.1 acre development is located at the gateway to Sugar Land, just north of Highway 59 and Dairy Ashford. A planned four-way interchange at the nearby intersection of Highways 59 and 90A will enhance the property’s accessibility.
According to Scott Martin, managing director of Granite Properties in Houston, the first tower in the development is 100 percent leased, and the company expects the second building to be just as successful.
“We place a high priority on listening closely to what our customers want,” Martin said. “With its combination of an excellent location and first class architecture and amenities, the Granite Towers at Sugar Creek development will provide an exceptional long-term office for tenants.”
The building’s state-of-the-art amenities will include fiber optic phone service, high speed internet, cable TV and EZ tag entry into the garage. The development also features an on-site deli with Starbucks coffee, a bank, and 24-hour security.
Granite Properties is a diversified real estate investment and management company that is aggressively deploying its own capital and adding real estate to its portfolio of office, industrial, land and retail holdings. The Granite portfolio has grown to over 9.5 million square feet, with an estimated worth of close to $ 1 billion. Over the last five years,
Granite has invested an average $150 million a year in its core cities of Houston,
Dallas, Atlanta and Denver. in 2007, Granite Properties expects to acquire and develop sites in the greater Houston area worth $100 million and deploy a total of $250 million nationally. Granite Properties is unique among developers because it works on an all cash basis, which allows Granite to move quickly to fund transactions.
For more information about Granite Properties and its Granite Towers at Sugar Creek development, contact Scott Martin at (713) 781-8000 or visit Granite’s website at www.graniteprop.com.