Zieben builds mixed-use tower in downtown Houston

The Zieben Group is planning the next skyscraper in Houston’s Uptown/Galleria district.

The local company aims to build a 33-story mixed-use tower next to Memorial Park, and plans to begin construction in January, the Houston Business Journal reported.

Spanning nearly 618,000 square feet, the first five floors of Woodway Tower will be devoted to boutique office space, followed by 11 residential floors with approximately 125 apartments. The top floor will feature two restaurants with views of Memorial Park and downtown Houston. A penthouse suite for tenants will also be part of the development.

The development is expected to cost around $100 million, or nearly $162 per square foot, with Zieben seeking tenant investors who will receive a share of the rental income. A lender will be chosen once the project reaches more than 50 percent pre-leasing.

The Zieben Group, headquartered at 1980 Post Oak Boulevard, plans to move its offices into the tower upon completion. The company purchased the 1.04-acre development site in 2021 from attorney Nomaan Husain for approximately $900,000.

Lee Zieben, CEO of the Zieben Group, believes that smaller offices will attract tenants in the era of remote work, which has prompted many companies to reduce their footprint. The downsizing trend contributed to a 25 percent vacancy rate in Houston last quarter, according to Partners Real Estate.

“Boutique space – what I mean by that is…law firms, family offices and insurance companies, smaller footprints that want premium space – this is being carried in done pretty well,” Zieben told the outlet.

Lucian Bukowski of CBRE will handle the leasing. The top floor will feature communal dining areas with a central lobby and outdoor areas for drinks with views of the city.

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The tenants’ penthouse suite, located below the restaurants, will serve as a common area, including meeting spaces, a large kitchen, a small library, a game room and patios.

The Zieben Group’s other projects include an affordable apartment complex on the Greenspoint Mall property and the Hardy Yards Apartment Homes on the Near Northside. The company’s multifamily portfolio has expanded to 23 properties across six states.

—Quinn Donoghue