HOUSTON, Jan. 30, 2019 (GLOBE NEWSWIRE) -- Transwestern today announces it has been retained to provide leasing services for Innovation Tower, a 48-story, 1.6 million-square-foot, mixed-use development in the Texas Medical Center. Transwestern’s Executive Vice President Justin Brasell and Senior Vice President Lisa Bovermann are providing healthcare leasing services for the project on behalf of Medistar Corp. Construction is slated to begin in the end of the third quarter of 2019.
“Once completed, Innovation Tower will be the first Class AA tower in the Texas Medical Center offering world-class building amenities to create a distinct live/work/play environment,” said Brasell. “Innovation Tower will be an iconic building and great complement to the Texas Medical Center. It will truly revolutionize the district with unmatched prominence and walkability to local hospitals and universities.”
Focused first on meeting needs of biomedical, technology and healthcare users at the Texas Medical Center, Medistar is developing this iconic tower in two phases. Phase 1 offers 476,500 square feet of medical and life science office space with 35,000-square-foot floorplates above a parking garage for 1,700 vehicles, with retail and a penthouse-level restaurant and lounge. Medistar will develop Phase 2 to respond to market demands, with the possibility to include 410 luxury high-rise residential units or additional medical, biomedical and life science office space.
Innovation Tower will offer exceptional convenience to the world-class Texas Medical Center, Rice University, Rice Village, the Museum District, the Houston Zoo, Hermann Park Golf Course and Houston’s cosmopolitan culinary and art scene. Innovation Tower will be further differentiated by its direct connectivity to the recently completed and adjacent InterContinental Houston Medical Center hotel at 6750 Main St. and 35-story LATITUDE Med Center apartment tower at 1850 Old Main St.
Transwestern’s Houston healthcare team has executed 522 healthcare transactions during the last 24 months and more than 2,000 transactions during the past five years. This project brings the team’s healthcare leasing and management portfolio to 69 properties totaling more than 5 million square feet on behalf of some of the largest healthcare institutions in the country, including Memorial Hermann, Baylor College of Medicine, Texas Children’s Hospital and HCP.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 33 U.S. offices and assists clients from more than 219 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
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