February 14, 2022 at 11:00 AM
Newmark announces it has been awarded the exclusive leasing assignment for 2801 Kirby, a new 100,000-square-foot Class A mixed-use medical office development in the River Oaks neighborhood of Houston, Texas. The project is slated to deliver during the third quarter of 2023. Newmark Director Richard Barbles and Associate Director Noelle Hsieh—whose focus is the growing medical office market in Houston—have been tapped to represent the project on behalf of Houston-based developer Clay Development & Construction, Inc.
“There is an ongoing trend in the medical industry toward convenience of care, with patients seeking healthcare in retail or medical office settings close to home,” said Barbles. “As the healthcare industry continues to evolve and grow, we are excited to extend Newmark’s service offerings even further into Houston medical office real estate.”
Hsieh added, “Supporting Clay Development & Construction in their first-class medical office development in the River Oaks neighborhood is incredibly exciting and we look forward to generating future synergies with healthcare tenants.”
2801 Kirby will be a five-story, Class A medical office building with ground-floor retail. The building will feature two pad sites for backup generators, 11-foot ceiling heights, garage parking at a ratio of four spaces per 1,000 rentable square feet, after-hours cardkey access and an on-site full-service restaurant. The property is walkable to numerous restaurants, banks and retailers including Armandos, Avalon Diner, Doris Metropolitan, Goode Co. Seafood, Local Foods, Kuhl-Linscomb, Milk + Honey, Pappasito’s Cantina, Pinstripes, Relish Restaurant & Bar, Riel and Ruggles Black.
The upscale neighborhood of River Oaks is situated between the Galleria, West U and Montrose neighborhoods and offers numerous upscale dining and entertainment options. The site offers convenient access to Interstates 10, 45, 69, 610, U.S. Route 290 and the Westpark Tollway. The development is proximate to numerous demand-drivers including Rice University, The Texas Medical Center, The Galleria and downtown Houston.
According to Newmark Research, sales volume for U.S. medical office properties totaled nearly $16 billion during the fourth quarter of 2021, nearly matching the pre-pandemic high set in the first quarter of 2020. Medical office sales volume for the U.S. totaled approximately $54 billion for all of 2021, just short of 2020’s total of approximately $56 billion.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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