Concord's 121,000 square-foot office building to make Class A impression.
A noted master-planned development on the city’s far North Side will soon be home to the city’s latest Class A office project.
San Antonio-based Concord Property Corp. has turned dirt on its latest office development: Concord Park II.
The property will be located at the northeast corner of Sonterra Boulevard, at Ronald Reagan Drive, says William T. Ellis, president of Concord Property.
The project will span 121,000 square feet roughly spread out equally over three floors.
The project is set to come online next October. Development costs were not revealed.
Concord Park II is being developed as a speculative office building, although Ellis points out that there has already been “significant interest” in the project.
Concord Park II is the latest project within the Concord Park development. All told, this community spans 176 acres of land off of Loop 1604, between Stone Oak Parkway and U.S. Highway 281 North.
It has been seven years since the first project in Concord Park made its debut. That building, now known as Concord Park I, boasts several high-profile tenants — including Toyota Financial Services, Capmark Finance and Marathon Title.
Besides marking the debut of the Concord Park development, Concord Park I also helped to usher in a new office submarket for San Antonio.
“There wasn’t a (far North) submarket when we started,” says Taylor Dorris, a marketing associate with San Antonio-based Travis Commercial Real Estate Services. Dorris and Travis Commercial partner Stephen R. Thomas are the exclusive brokers for Concord Park II.
Concord Park I was a “great pillar to start from,” adds Dorris. Today, Concord Property boasts several office developments within Concord Park — most of which are close to 100 percent occupancy.
Over the years, Concord Property’s office developments have targeted a wide array of office users — from the smaller tenants wanting to own their work space to the larger tenants wanting a first-rate address, Dorris says.
With Concord Park II, Ellis’ firm is going to back to the roots of the project’s predecessor. The goal, Ellis says, will be to bring in the national and regional tenants that have made Concord Park I successful.
Leasing rates for Concord Park II will start at $19 per square foot on a triple net basis. (Thus tenants will pay the base net of $19 per square foot, plus property taxes, insurance and common area-maintenance fees.)
That rate makes Concord Park II a competitive alternative in the market. As of Sept. 30, Class A office spaces in San Antonio were commanding an average rent of $22.63 per square foot, according to the latest market analysis by locally based real estate firm NAI REOC Partners.
The floorplates in the new building will enable Concord Park II to go after the larger tenants that don’t want their workspace spread out over several floors — as tends to be the case in many of the existing high-rise Class A office properties.