Posted: Dec 31, 2007
FOR IMMEDIATE RELEASE: February 26, 2008
NATIONAL INDUSTRIAL DEVELOPMENT PROGRAM TO BE LAUNCHED BY KOLL DEVELOPMENT COMPANY
Five industrial developments will break ground in 2008
HOUSTON – – Koll Development Company (KDC), one of America’s leading commercial real estate firms, and Harbert Management Corporation (HMC) are launching a $120 million national industrial development program. The first project will be located in Houston on Hwy. 3 across from Ellington Field. The site was recently acquired and construction will begin in April with completion scheduled for December 2008.
“In the last two years, our national Intellicenter program has become a huge success with speculative office buildings developed and leased around the country,” said Steve Van Amburgh, CEO of KDC. “Starting an industrial development initiative is the next logical move and will meet the demands of our existing client base.”
KDC will develop the 50-acre Houston industrial site in two phases. Phase I development will include three buildings totaling 500,000 square feet. The Phase II development, scheduled to begin in 2010, will include two buildings totaling 320,000 square feet. The overall value of the Houston development is in excess of $50 million.
KDC plans to break ground on four additional industrial developments in 2008 on behalf of the KDC-HMC development venture. “We are evaluating opportunities in Texas, the Southwest and the Southeast regions of the U.S.,” said Randy Touchstone, vice president of KDC and director of the industrial program. “We feel we can find great opportunities in these markets for industrial development, just as we have with the Intellicenter program, which has been very successful in these regions.”
HMC is an investment management firm focusing on alternative asset classes including real estate, private capital and absolute return strategies. “We are excited about bringing KDC into our expanding network of strategic operating and development partners. The first-class quality and track record of KDC will serve our investors well,” said Alan Fuller, senior managing director of HMC Domestic Real Estate.
John Ferruzzo and Griff Bandy of NAI Houston will be representing KDC on the leasing of the new project in Houston. KDC has selected Azimuth Architecture as project architects and Cobb, Fendley & Associates, Inc. as the civil engineer.
About Koll Development Company (KDC)
Koll Development Company (KDC), one of America’s leading commercial real estate firms, provides a full range of commercial real estate services including corporate build-to-suit development, acquisitions, corporate facility project/construction management, project financing, asset and land management, and marketing and leasing. KDC is headquartered in Dallas and has offices in Atlanta; Charlotte, N.C.; and Detroit. For more information visit www.kdc.com
About Harbert Management Corporation
Harbert® Management Corporation (“HMCSM”) is an investment management firm managing over $21.2 billion (as of December 1, 2007) of assets and committed capital in 11 alternative asset classes in three areas of concentration: real estate, private capital and absolute return strategies. HMC is headquartered in Birmingham and has offices in New York, Richmond, Nashville, London, Madrid and Warsaw. For more information visit www.harbert.net