San Antonio commercial real estate developer R.L. Worth & Associates on Wednesday cited 2017 as the most successful year in the firm’s three decades in the South Texas market and touted milestone achievements over the past 12 months.
“This year, we are celebrating our 31st year in business, and it has been a year brimming with successes,” said Rick Littleton, R.L. Worth senior vice president of leasing. “The marketplace has undergone many changes since our firm was established in 1986. Our flexibility and vision enabled us to adapt to them all, leading us to this milestone year and growing R.L. Worth & Associates into a firm large enough to control its own future.”
The tone for the firm’s prosperous year was set last January, when the Real Estate Council named R.L. Worth Founder Bob Worth the 2017 recipient of the prestigious Philip M. Barshop Award for his accomplishments in the industry. Worth has long been one of the city’s most prominent office developers and an acknowledged leader in San Antonio real estate.
Overall statistics for 2017 reveal that R.L. Worth & Associates completed three office buildings comprising a total of 137,000 square feet, with 156,000 square feet of office space under construction. Last year, Worth leased a total of 503,000 square feet of new and renewal office space, with the largest lease comprising 54,000 square feet to Ernst & Young LLP.
Other large leases include a 41,000-square-foot renewal to KCI, 50,000-square-foot renewal to KGB, and a 20,000-square-foot lease to Boon-Chapman. These achievements put the total space R.L. Worth & Associates owns and manages at 2.83 million square feet, a net portfolio gain of 325,000 square feet.
The Oaks IV is part of R.L. Worth’s four-building, high-end office project known as The Oaks at University Business Park in the highly desirable master-planned business community of University Business Park. Located in a growing regional center in the northwest submarket near The University of Texas at San Antonio, The Oaks at University Business Park’s four buildings encompass 363,000 square feet of space. Worth completed the 65,000 square-foot, single-story office building this year. WellMed Medical Group moved into 47,000 square feet of space and also occupies an additional 124,000 square feet in the complex within Buildings II and III. WellMed Medical Group is a network of doctors, specialists, and other professionals, with more than 12,000 doctors’ offices in Texas and Florida.
In 2017, R. L. Worth also acquired University Business Park Building A, a 31,800-square-foot structure that previously housed the ITT Technical Institute. Worth originally developed this building and sold it to ITT, then repurchased it when the institute closed its doors. Littleton said his firm has completely updated the interior of the now-vacant Building A to feature a more open office layout with new paint, carpeting, and LED lighting.
Last year also saw Worth’s completion of 73,700 square feet of flex/service center space in Buildings B & C of University Heights Service Center, a four-building flex/service center campus located at I-10 and DeZavala Road in San Antonio’s northwest submarket. Both buildings are single-story, with 38,400 square feet in Building B and 34,300 square feet in Building C. Texas Document Solutions, a Texas-based technical consulting firm, has leased 15,400 square feet in Building C. Building D, with 54,000 square feet, is under construction.
“This is the first service center we have developed in quite a few years,” said Rob Gish, R.L. Worth vice president of leasing. “We decided to build it because we were seeing strong demand for our existing service centers, and hardly any new projects being developed.”
In 2017, R.L. Worth & Associates began construction of Building II at Farinon Business Park, a three-building office complex located in University Business Park. Building 2 will have two stories and 102,000 square feet. Worth has leased more than half of that space – 54,000 square feet – to Fortune 500 Company Ernst&Young.
Also last year, RSM US LLP, a Texas tax and consulting firm, moved into a 37,000 square-foot space on the fourth floor of RidgeWood Plaza, a 147,000 square-foot Class A office building in San Antonio’s far north-central submarket. Completed in 2016, RidgeWood Plaza is the largest office building R.L. Worth & Associates has developed.
R.L. Worth & Associates, the leading development, leasing, property management, and investment firm based in San Antonio is celebrating its 31st anniversary in business in the Alamo City, with its primary market consisting of the greater San Antonio metroplex.