{"id":1004119141,"date":"2015-05-11T06:52:13","date_gmt":"2015-05-11T14:52:13","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004119141"},"modified":"2022-12-08T18:20:14","modified_gmt":"2022-12-09T02:20:14","slug":"liberty-property-trust-completes-spec-office-tower-in-houston","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/liberty-property-trust-completes-spec-office-tower-in-houston\/","title":{"rendered":"Liberty Property Trust Completes Spec Office Tower in Houston"},"content":{"rendered":"<p><em>By Barbra Murray, Contributing Editor<a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Legacy-at-Fallbrook.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004119144\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/liberty-property-trust-completes-spec-office-tower-in-houston\/legacy-at-fallbrook\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Legacy-at-Fallbrook.jpg\" data-orig-size=\"335,255\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Legacy at Fallbrook\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Legacy-at-Fallbrook.jpg?w=335\" class=\"alignright size-medium wp-image-1004119144\" alt=\"Legacy at Fallbrook\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Legacy-at-Fallbrook.jpg\" width=\"300\" height=\"228\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Legacy-at-Fallbrook.jpg 335w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2015\/05\/Legacy-at-Fallbrook.jpg?resize=300,228 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/em><\/p>\n<p>A little over a year after breaking ground at Legacy at Fallbrook in Houston, Liberty Property Trust has wrapped up development of the office complex\u2019s first tower, a 206,800-square-foot spec building at 10720 W. Sam Houston Parkway N.<\/p>\n<p>Sited in Houston\u2019s Northwest submarket, <a href=\"https:\/\/www.commercialsearch.com\/news\/cities\/houston\/liberty-property-trust-kicks-off-20-acre-office-project-in-northwest-houston\/1004092114.html\">the 20-acre Legacy at Fallbrook complex <\/a>will ultimately offer 621,000 square feet of Class A office space among three buildings designed by Powers Brown Architecture. The first tower is a five-story, LEED Gold-certified tower that also offers a structured parking facility. EE Reed Construction Co. spearheaded construction.<\/p>\n<p>Completion of Phase I is just part of the news at Legacy at Fallbrook; the property\u2019s first tenant has signed. Stuart Title entered into a lease agreement for approximately 31,000 square feet of space at the state-of-the-art building. It\u2019s no small feat, given the current state of the office market in Houston.<\/p>\n<p>In the first quarter, the year-over-year office vacancy rate increased 70 points, from 11.8 percent to 12.5 percent, and the absorption rate dropped from 2.3 million square feet to 1.2 million square feet, according to a report by commercial real estate services firm Colliers International. There\u2019s a clear culprit. \u201cHouston\u2019s office market indicators have begun to reflect the dramatic drop in oil prices that occurred in Q4 2014. This is no surprise as just over one-half of Houston\u2019s economy is directly tied to the energy industry,\u201d per the report.<\/p>\n<p>Real estate services firm Stream Realty Partners is onboard to handle leasing at Legacy at Fallbrook.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A little over a year after breaking ground at Legacy at Fallbrook in Houston, Liberty Property Trust has wrapped up development of the office complex\u2019s first tower.<\/p>\n","protected":false},"author":969,"featured_media":1004119144,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21742,21747],"tags":[],"class_list":["post-1004119141","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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