HOUSTON - Executives at PM Realty Group (PMRG), a national, full-service commercial real estate firm, today announced development plans are underway for a new medical professional building that will provide much-needed office space for physicians in northwest Houston.
PMRG is developing the CyFair Professional Building, to be located at the corner of Steepletop Drive and FM 1960 on the Cypress Fairbanks Medical Center campus. The new three-story, 60,000-square-foot facility will feature medical offices and related services. The project is valued at approximately .5 million.
Architectural details and engineering drawings are currently in the approval stage. PMRG will break ground this spring and estimates completion by late fall 2006. Once finished, PMRG will provide property management and leasing services for the new facility.
The CyFair Professional Building is located on a six-acre parcel of land that was jointly acquired by PMRG and New York-based AIG Global Real Estate Investment Corporation in August 2005. In addition to this land acquisition, the project included the purchase of the Steeplechase Professional Building, located at 11301 Fallbrook Drive, adjacent to the Cypress Fairbanks Medical Center. This existing, three-story, 62,000-square-foot medical office facility is currently home to more than 30 physicians. PMRG is currently overseeing property management and leasing services for the Steeplechase Professional Building.
Ernest Johnson, PMRG's executive vice president of capital ventures, and Roger Gregory, PMRG's executive vice president and chief financial officer, worked jointly with AIG to put the two-tiered project together.
"Cypress Fairbanks is one of the fastest growing communities in Texas, and with that growth comes an increased demand for medical services," Johnson said. "Currently, the community has a shortage of physicians. Successful recruitment of additional medical professionals requires having sufficient office space. We saw this as a great opportunity to support the community's growth and meet a very specific need."
Development of the CyFair Professional Building is managed by PMRG's Glen Perkins and Kerry Burden. Leasing of both facilities is managed by Glenna Duke. Rhonda Huff currently manages the Steeplechase Professional Building and will also manage the new CyFair Professional Building.