Madison Marquette acquired the development site in December 2012 from Solvay Chemicals. As part of competing in the offering with multiple developers, Madison Marquette developed a master plan that keyed off the preservation of the property’s 100-year old oak tree grove. Solvay’s selection of Madison Marquette was based on this and other aesthetic elements of the master plan despite that Madison Marquette was not the high bidder.
The property lies between River Oaks and West University – two of Houston’s most prominent neighborhoods. The development is being completed in two phases – Phase I is comprised of the office building known at 3737 Buffalo Speedway and Phase II will be a future hotel/residential tower. Phase I was delivered in late 2015 and was the largest multi-tenant high-rise office tower to deliver in the Greenway Plaza submarket in over 30 years.
3737 Buffalo Speedway is currently 74% leased. The building is achieving lease rates of over $28.00/SF NNN on leases that are typically 10 years in term. The rent roll is very diverse and includes several law firms, an architectural firm, a national healthcare system, an international chemical company, several private equity firms and the state’s first John Besh restaurant. In April 2016, 3737 Buffalo Speedway won the Houston Business Journal’s Landmark Award for new office building development. Stabilization is expected in late 2019.