Insight

Memorial City heads north of I-10

July 10, 2015

In its first move north of the Katy Freeway, MetroNational, the developer of Memorial City, plans to build a 240,000-square-foot office building, which will be anchored by Mexico-based Cemex SAB de CV’s U.S. headquarters.

Cemex (NYSE: CX), a building materials company, will occupy 80,000 square feet on the second and third floors of the six-story building. Cemex has had an office in Memorial City since 2005. Sue Rogers and Steven Heal of Cresa represented Cemex, and MetroNational represented itself in the deal.

A representative for MetroNational said there’s been “significant interest” in the rest of the new building at 10100 Katy Freeway as well as inquiries into the space Cemex will vacate in the Memorial Hermann Tower.

The announcement of the new building north of Interstate 10 gives a hint at Houston-based MetroNational’s future plans for its 265-acre Memorial City community. In a statement, new president Jason Johnson called the construction of the office building “the first step in expanding Memorial City north of I-10.”

The property sits adjacent to a city-owned detention basin. A variance application to the city shows plans for MetroNational and TIRZ 17 to widen the basin and transform it into a park area with bike lanes, which was referred to in the application as the Energy Gateway District.

MetroNational has stayed mum about its future plans, saying only that the new building represents a continuation of its plans to make Memorial City a “city within a city.”