Newly Renovated!
2045 Space Park Office Building
2045 Space Park Office Building
Bob Elberger and Randy Wile know a thing or two about developing properties in the Clear Lake area but when they undertook the renovation of the 2045 Space Park Professional Building, they had to call on all of their past development experience.
Bob Elberger, CPA, is the founding principal of Concorde Realty Development and owns, manages, and leases several commercial properties throughout Clear Lake, Greater Houston and Fort Bend. Randy Wile is the president of Wile Interests a developer of commercial properties and large residential communities in the Greater Houston area.
Q:Why did you choose to renovate 2045 Space Park vs. building a new building?
RW: Location, location location! This is prime real estate. The location can't be duplicated. The building is right across from the hospital, and you can literally walk to Johnson Space Center and Nassau Bay.
Q:What has been your biggest challenge with this renovation?
BE: Whether you are renovating a building or building one from the ground up, all the real challenges have to do with orchestrating all the parties involved. Randy and I have come at this project the same way as we have all others, but as active owner managers, our approach and perspective is different than others. They key is in the word "owners." We can make decisions right away, we assess the situation, make a decision and go with it. There is no board, no "investment committee in Cleveland," no one but us. This allows us to get through the renovation more quickly and more cost effectively. Obviously, this also helps with leasing. In the end, both parties benefit.
You should see how the building looks. We gutted it from slab to rafters. We installed slate flooring in the main lobby, installed new ceiling, lighting and wall covering, added covered parking for tenants, added access control and a TV monitoring system, cleaned and brought the air conditioning systems up to current specifications. In short, it's virtually a new building.
Q: With your new and improved look, how has leasing been going?
RW: With anything newly renovated you always get a lot of excitement early. The attraction of something new in an established location is a strong motivator. We are just now finishing the renovation so discussions in earnest have just begun. Nonetheless, we are already working with several physicians and businesses who are interested in making a move in the near future.
Bob Elberger, CPA, is the founding principal of Concorde Realty Development and owns, manages, and leases several commercial properties throughout Clear Lake, Greater Houston and Fort Bend. Randy Wile is the president of Wile Interests a developer of commercial properties and large residential communities in the Greater Houston area.
Q:Why did you choose to renovate 2045 Space Park vs. building a new building?
RW: Location, location location! This is prime real estate. The location can't be duplicated. The building is right across from the hospital, and you can literally walk to Johnson Space Center and Nassau Bay.
Q:What has been your biggest challenge with this renovation?
BE: Whether you are renovating a building or building one from the ground up, all the real challenges have to do with orchestrating all the parties involved. Randy and I have come at this project the same way as we have all others, but as active owner managers, our approach and perspective is different than others. They key is in the word "owners." We can make decisions right away, we assess the situation, make a decision and go with it. There is no board, no "investment committee in Cleveland," no one but us. This allows us to get through the renovation more quickly and more cost effectively. Obviously, this also helps with leasing. In the end, both parties benefit.
You should see how the building looks. We gutted it from slab to rafters. We installed slate flooring in the main lobby, installed new ceiling, lighting and wall covering, added covered parking for tenants, added access control and a TV monitoring system, cleaned and brought the air conditioning systems up to current specifications. In short, it's virtually a new building.
Q: With your new and improved look, how has leasing been going?
RW: With anything newly renovated you always get a lot of excitement early. The attraction of something new in an established location is a strong motivator. We are just now finishing the renovation so discussions in earnest have just begun. Nonetheless, we are already working with several physicians and businesses who are interested in making a move in the near future.
Q: Speaking of doctors, is this your primary tenant?
RW: Yes. Because of the building's close proximity to the hospital, we expect that over half of our tenants will be doctors and other related professionals.
Q: What are some of the nuances doctors look for that another tenant might not?
BE: Interesting question. Concorde has several doctors in our professional buildings throughout Clear Lake, Houston and Fort Bend. I really don't think they approach the leasing of their space any differently than other businesses.
Doctors have always been savvy business owners, but they know that, now more than ever, it is imperative that they make sound decisions for their practices. The doctors we are talking to about the 2045 Space Park professional building already have solid practices but they have outgrown their current space and are looking at our building because we offer the features and flexibility that a practice needs today—an established location and a price that makes sense in today's medical environment.
Think about it. Any business, whether it is a medical practice, a law office, or an insurance agency has to manage their work environment just as they would any other asset. It affects their efficiency, their morale, and of course, their bottom line. That is why it must be accounted for properly.
Wouldn't people rather have something brand new rather than renovated?
RW: Our renovation does not look like a renovation. Remember, we gutted the building from the slab to the rafters. Further, our rates are well below what new space would cost. And, our location is substantially better.
More Information? If you would like more information on this important topic, please fax a note on your letterhead to 713-977-7288 or zip us an E-mail to elberger@concorderealty.com.
Author's Note: Bob Elberger is the co-founder of Concorde Realty Development and a leader in the Greater Houston business community for more than 15 years. Founded on Bob's focus on value and creative problem-solving, Concorde Realty Development has a unique ability to recognize hidden opportunities in the real estate industry. Concorde Realty Development is based in Houston, Texas and can be reached by phone at 713-789-3600 or at www.concorderealty.com.
RW: Yes. Because of the building's close proximity to the hospital, we expect that over half of our tenants will be doctors and other related professionals.
Q: What are some of the nuances doctors look for that another tenant might not?
BE: Interesting question. Concorde has several doctors in our professional buildings throughout Clear Lake, Houston and Fort Bend. I really don't think they approach the leasing of their space any differently than other businesses.
Doctors have always been savvy business owners, but they know that, now more than ever, it is imperative that they make sound decisions for their practices. The doctors we are talking to about the 2045 Space Park professional building already have solid practices but they have outgrown their current space and are looking at our building because we offer the features and flexibility that a practice needs today—an established location and a price that makes sense in today's medical environment.
Think about it. Any business, whether it is a medical practice, a law office, or an insurance agency has to manage their work environment just as they would any other asset. It affects their efficiency, their morale, and of course, their bottom line. That is why it must be accounted for properly.
Wouldn't people rather have something brand new rather than renovated?
RW: Our renovation does not look like a renovation. Remember, we gutted the building from the slab to the rafters. Further, our rates are well below what new space would cost. And, our location is substantially better.
More Information? If you would like more information on this important topic, please fax a note on your letterhead to 713-977-7288 or zip us an E-mail to elberger@concorderealty.com.
Author's Note: Bob Elberger is the co-founder of Concorde Realty Development and a leader in the Greater Houston business community for more than 15 years. Founded on Bob's focus on value and creative problem-solving, Concorde Realty Development has a unique ability to recognize hidden opportunities in the real estate industry. Concorde Realty Development is based in Houston, Texas and can be reached by phone at 713-789-3600 or at www.concorderealty.com.
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