Amid a backdrop of high office vacancy rates in Houston, Midway is doubling down on the success of its CityCentre mixed-use development with plans for a new 19-story office tower. Despite the 25% vacancy plaguing the region, Midway's project isn't swayed by the empty office spaces echoing across Houston. According to the Houston Chronicle, the fully leased status of existing office space in CityCentre and continued demand for modern work environments gives Midway the confidence to push forward. The new tower, called CityCentre 6, located at 930 Town and Country Lane, is scheduled to break ground next to the Marathon Oil tower with 320,000 square feet of build-out.
The decision to proceed did not come lightly; it was years in the making and backed by the commitment of an undisclosed company, which snagged 65% of the tower's office space. Midway waited to net an anchor tenant before diving into construction, a strategic move that seems to have paid off. This incisive move was revealed in a Houston Chronicle report, which highlights the disparity between CityCentre's full occupancy and the wider region's office surplus.
The office tower isn't just about business; it's designed to be a nexus of activity with retail space and an urban plaza to boot. Described by a leasing brochure on Midway’s website, the project will feature 27,500-square-foot floor plates, a pair of green rooftop terraces, 11,000 square feet for retail, and a 25,000-square-foot plaza aimed at energizing the space. Plans for CityCentre 6 also suggest restaurants with patios will line a landscaped plaza at the tower's base, blending commerce with leisure for potential tenants and visitors alike.
Midway’s vision for CityCentre extends beyond just the sixth tower. The development of a new six-story office building and hotel, known as CityCentre Seven, is already underway as disclosed by a bizjournals.com report. Despite the shuffle in Midway’s leadership, with two top executives stepping down following the merge with Parkway Property Investments to form Parkway, the company's real estate endeavors remain resolute. The shakeup included Jamie Bryant, co-CEO of Parkway, and Larry Sloan, EVP at Midway, now tackling development efforts with Triten Real Estate Partners.
CityCentre Six aims to grace the West Houston skyline by October 2025, reflecting employer's preferences for proximity to their workforce's residential locales. According to the Chronicle, the project will break ground in March with Kirksey Architecture designing the modern addition to CityCentre, a signature development by Midway with existing tenants like Amazon Web Services and Jacobs Engineering.
