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2016 TCA Convention

Outperformance of Tilt-Up Office Buildings in a Downturn

Presenter: Paul Coonrod, Partner and Managing Director at Stream
Date and time: Tuesday, October 11 - 10:00a to 11:00a

In 2014, Stream developed two class A tilt-wall office buildings in Houston that total 350,000-square-feet. The first to deliver was “The Offices at Greenhouse,” a five-story, 200,000-square-foot tilt wall structure in Houston’s Energy Corridor. The other was Texas’ first six-story tilt wall office building that totals 150,000–square-feet in the northern Houston community, The Woodlands. Although both are beautiful buildings with high-end finishes, two-story lobbies, extensive landscaping and LEED certification, their timing could not have been worse.

Both buildings broke ground in the summer of 2013 when the price of oil was $105 per barrel. After about 14 months of construction, the buildings were completed in the fourth quarter of 2014, and the price of oil had dropped to $45 per barrel.

Houston is the “Energy Capital of the World” and many of the major office tenants are directly tied to the price of oil. Now that it’s been about two years since they were finished, how are they performing? Was the decision to construct a class A value office building the right one by using the tilt wall construction methodology? Lastly, how are the buildings that were built with traditional construction methods perform against Stream’s?

About the Speaker

David TomasulaPaul Coonrod serves as Managing Director of Stream’s Houston office team and is a Partner in the firm's Houston office. Paul is responsible for developing the platform’s principal service initiatives; expanding Stream’s leasing portfolio and the origination of key joint-venture relationships through acquisitions and development partnerships.

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About the TCA

Founded in 1986, the Tilt-Up Concrete Association (TCA) strives to improve the quality and acceptance of site-cast Tilt-Up construction, a method in which concrete wall panels are cast on-site and tilted into place. Tilt-Up construction is one of the fastest growing industries in the United States, combining the advantages of reasonable cost with low maintenance, durability, speed of construction and minimal capital investment. At least 10,000 buildings, enclosing more than 650 million square feet, are constructed each year using this construction method.

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