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Ralph Bivins' Realty News Report |
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Bivins Blog Real Estate Log Archives
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Today's Conversation Piece: The retail space market in the Inner Loop of Houston is turning in a strong performance this fall. “In the Inner Loop we do not have overbuilding,” said Greg Lewis of Lewis Property Co., which manages of leases 23 projects in the Inner Loop. Lewis said all 23 of his retail properties are 100 percent leased. “Houston is one of the bright spots for retail. Retailers are expanding here,” Lewis said at the recent O’Connor & Associates retail breakfast. Another speaker at the breakfast, architect Marc Geftman of TurnKey Concepts, which is expanding into the Houston market, said shopping center owners will find it profitable to make their projects more green. Energy usage, recycling and gaining LEED certification are issues that property owners should address, said Geftman, an expert in restaurant design. For more information please go to RNR’s National Items page.
November 24, 2008 - Lewis Realty Advisors, the nation’s leading eminent domain advisory firm, has announced the formation of its nationwide Acquisition Counseling Network.
November 20, 2008 The Houston Gulf Coast Chapter of the Society of Industrial and Office Realtors announced the 2009 board officers and directors: the Houston Chapter of SIOR’s new board of officers and directors comprises the following individuals: November 14, 2008 - Cushman & Wakefield of Texas announced that the proposed Eco Centre at Lake Pointe building received the Leadership in Energy and Environmental Design (LEED) Core & Shell Platinum-level pre-certification from the United States Green Building Council (USGBC). “We are very excited and humbled that Eco Center at Lake Pointe is now one of only a few multi-tenant buildings in the nation to receive this designation," said Bill Stone, director of project leaing with Cushman & Wakefield. “PRISMA Properties, the owner, has raised the bar for other developers and companies seeking to introduce sustainable, environmentally-friendly practices into their facilities.” The 7-story, 153,000-sf Eco Centre at Lake Pointe is located 20 miles from downtown Houston on Creek Bend Drive between Lake Pointe Parkway and Flour Daniel Drive in Sugar Land.
November 13, 2008 - Houston's strong job growth - which has been best in the nation - is about to lose some of its golden luster, says economist Dr. Barton Smith of the University of Houston's Institute for Regional Forecasting. Houston gained over 100,000 new jobs in 2007 and it will add about 60,000 in 2008. Next year Houston will probably lose at least 5,000 jobs, maybe a bit more, but less than 20,000 jobs, said Dr. Smith in his annual fall speech to business leaders at the Hyatt Regency Hotel in downtown Houston. The decline in oil prices - down from $147 per barrel to less than $60 per barrel in four months is going to have a sobering impact on Houston's economy. Exploration for oil and the need for more oil rig manufacturing will decline, taking some of the momentum out of the Houston economy, Smith said. It won't be horrendous, but Houston can't remain immune from the global economic slowdown. OF NOTE: Dr. Smith is not a fan of the Federal Reserve's Ben Bernanke. "The Bernanke Fed has been slow and directionless," Smith said. The Fed has an "excessive preoccupation with inflation" during these times, Smith said.
November 12, 2008 - Grubb & Ellis Realty Investors has purchased Oak Park Office Center III, a 151,000-ft office building in Houston’s Westchase submarket. Holliday Fenoglio Fowler's Robert Williamson, Jeff Hollinden and Barbara Guffey. represented the seller, Realty Associates Oak Park III, L.P. Situated on an 11.4-acre site at 6001 Rogerdale Road, Oak Park Office Center III is within the Oak Park at Westchase office park close to the intersection of Beltway 8 and the Westpark Tollway in Houston. The two-story property was developed by Myers Crow & Saviers, Ltd. in 2008 and is fully leased to Jacobs Engineering for a 10 year term. HFF also arranged the prior sale of Oak Park Office Center I and II on behalf the same development team in 2004 and February 2008. Myers, Crow & Saviers is a real estate development and investment firm focusing on the development of office and industrial buildings in Houston, the Dallas/Fort.Worth metroplex and San Antonio.
November 10, 2008 - M/PF YieldStar reports that Texas has the nation' top markets for multi-family development. list of top U.S. apartment-building markets. Dallas/Fort Worth ranked No. 1 with 20,585 units currently under development. Houston was second with 16,282 units and Austin ranked third with 13,366 units.
November 8, 2008 - The Two Riverway building, 370,000-sf tower on Woodway, just north of the Galliera area, ha been sold to a Dubai investment group for $54 million. The 17-tory tower is 92 percent leased with major tenants including Chicago Bridge & Iron and IBM. Holliday Fenoglio Fowler's H. Dan Miller, Robert Williamson, Marty Hogan and real estate analyst Trent Agnew led the HHF investment sales team on behalf of the seller, Coventry Fund X, Ltd. The buyer was Two Riverway Holdings LLC, a subsidiary of Donerail Corp. “Two Riverway’s location within the Galleria submarket provides strong barriers to entry due to the scarcity and high cost of available sites coupled with the current capital market environment,” said Miller. “Since 1999, only two Class A buildings have been built in the Galleria submarket and both are owner occupied.” “The purchase of Two Riverway is testament to Houston’s desirability from the global investment community,” said Hogan.
November 4, 2008 - PROGRAMMING NOTE -- Tune in tonight to the "Real Estate Corner" radio show at 1430 AM at 6:00 pm. Shad Bogany of ERA Bogany is the host and his guests will include Mark Geftman of TurnKey Concepts and Ralph Bivins, editor of RealtyNewsReport.com. ............. TAM International, an independent oilfield services company that provides inflatable packers, swellable packers, and downhole products and services to the oil and gas industry, has purchased 26 acres of land near the southeast corner of Pinemont and US Highway 290. TAM acquired the property from Sueba Investments in an off-market transaction that closed earlier this month. TAM plans to build a state-of-the-art 150,000 sf air-conditioned manufacturing plant on the site which is close to its existing facilities on Southerland Road. Micheal Palmer, John Simons and Susana Rosas with CB Richard Ellis represented TAM in the transaction.
November 2, 2008 - Two historic office buildings, situated in Houston’s Museum District, has sold to real estate developer Fred Sharifi. Both buildings were designed and in 1924 by William Ward Watkin, who oversaw construction of the first buildings of the Rice Institute in 1910. Watkins also designed the Broadacres and Southampton Place subdivisions that are also in the area. In 1935, John Staub, a designer of many grand houses in River Oaks including the Hogg mansion, completed additions to the main building. 1150 and 1128 Bissonnet were updated in 1996 by Ray Bailey Architects and has won awards from the Houston A.I.A. Chapter as well as The Greater Houston Preservation Alliance. Micheal Palmer, John Simons and Susana Rosas with CB Richard Ellis represented the seller, Moriarty Family Partnership LTD, in the transaction. Tony Pour represented Fred Sharifi. October 28, 2008 - What's happening with retail space in Houston? Certainly there have been a lot of new projects going up recently. Nancy Sarnoff of the Houston Chronicle reported in her Sunday column that the retail realty market is looking up. In you want more, be sure to attend the O'Connor Retail Forecast Breakfast on Nov. 5. Greg Lewis of Lewis Property Co. and architect Marc Geftman of TurnKey Concepts are on the forecast program. Call O'Connor & Associates for more detail on the breakfast. Also, hope you were able to attend the CB Richard Ellis Retail party at Rockefeller's Friday night. It was a lot of fun -- and proved the spirits are up in the shopping center business. October 27, 2008 - Grubb & Ellis Realty Investors will install original works of sculptor George Sugarman in and around several Houston area buildings. All works are completely restored and will be permanent additions to the properties. Buildings receiving sculptures include: 602 Sawyer, Sugar Land Medical, Beltway 8 Corporate Center, 100 Cyberonics and Waterway Plaza I & II in the Houston area. “As a long-time admirer of George Sugarman, I know these vibrant and momentous works will be an incredible addition to these spaces,” said Ross Crowe, vice president of asset management, Grubb & Ellis Realty Investors. October 25, 2008 - 4S Investments #1 LLC has purchased 5.41 acres at SH-96 & FM 1266 in League City, Texas to be developed as a self storage facility. Laura Smith and Larry McWherter with CB Richard Ellis represented the seller, South Shore Harbour Development, LTD, in the transaction. Ward Arnold with Reward Realty represented the buyer.
October 20, 2008 - Colliers International has released a positive report on Houston's industrial market. "Houston’s industrial market continues to stand firm with positive indicators prevailing in the third quarter 2008," Colliers said. "Over the past four years, the local industrial sector has benefited from a series of perfect storm conditions generating a frenzy of activity from both the supply and demand side of the market. Houston’s robust economy, grounded in expanding energy and international trade industries, has been a dynamic catalyst driving strong tenant demand for industrial space, at a time when regional and national developers (many new to the Houston area) have been aggressively introducing significant amounts of new state-of- the-art industrial product in their efforts to increase market share."
October 17, 2008 - Veteran real estate journalist Jennifer Dawson of the Houston Business Journal reports in the newspaper's latest edition that Hess Corp., a New York-based energy firm, is considering leasing the entire Discovery Green office tower in downtown Houston. No substantive comment from Hess, which currently occupies 500,000 sf in One Allen Center. The 31-story, 871,000 sf Discovery Green, developed by Trammell Crow, is slated for completion in 2011. Discovery Green is under construction near the Geo. R. Brown Convention Center and will overlook the new downtown park. The Hess lease would be one of the largest office leases ever in Houston. The deal would tighten the downtown office market considerably. Financing for additional new office towers will not be easy to obtain in the current credit crunch, even if a building has substantial pre-leasing.
October 16, 2008 - Wells Real Estate Funds has purchased Parkway at Oak Hill, a new, 146,000-sf, two-building office development in the southwest suburbs of Austin. Keith Willby, senior vice president, acquisitions represented Wells. The buildings, not yet occupied, were acquired from PKWY LLC. The property, located at 4801 Southwest Parkway, was marketed by the Dallas office of HFF. It’s the seventh Texas acquisition in Wells’ current portfolios, and the only one in the capital city. Wells Real Estate Funds is a national real estate investment company based in suburban Atlanta. October 12, 2008 - Historic Real Estate Inc. has announced impressive plans for the WaterLights District, a mixed-use development on Highway 288 in Pearland. The 150-acre development will include: the Restaurant Row of unique waterfront eateries, a planned 7,500-seat enclosed arena, and the 12-acre Presidential Park and Gardens, which features a lake and pathway lined with 20-foot statues of all 42 American presidents. The project, which will also include residential units, will benefit from long-term growth at the Texas Medical Center, the developer said. For more information please go to our Houston Deals page. October 11, 2008 - Planned Community Developers has announced plans to develop a six-story office building in Sugar Land Town Square, near the intersection of Highway 6 and US Highway 59 on the southwest side of Houston. With an estimated completion date of first quarter 2010, the new building will offer 166,561 sf of Class A office space and 13,176 sf of ground level retail space. PCD also plans to construct a two-story building located at 2185 Texas Drive, which will offer an additional 9,000 sf of second-story office space and 9,000 sf of ground level retail. “The emergence of mixed-use developments such as Sugar Land Town Square has made it increasingly difficult for the stand-alone suburban office building to compete for tenants,” said Don Janssen, Jr., senior vice-president of PCD. “Overwhelmingly, our office tenants tell us they prefer the mixed-use environment."
October 9, 2008 - PinPoint Commercial of Houston is developing a 315,120-sf LEED certified distribution building called Satsuma Station. Situated on nearly 20 acres within the 115-acre Satsuma Industrial Park, the property is close to the intersection of U.S. Highway 290 and Texas State Highway 6 in northwest Houston. The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) arranged $3.4 million in joint venture equity for the project. HFF associate director Cameron Cureton worked exclusively on behalf of the client, PinPoint Commercial to assemble the joint venture equity with Phoenix Capital Partners, a Dallas-based private equity provider. October 7, 2008 - A whopping $4,900 psf or $235 million is being paid for a San Francisco parcel by the San Francisco offices of Hines and MetLife Real Estate Investments, both international real estate firms. The deal would represent a record land sale price for San Francisco. The development is a transit oriented development. The Hines project is called Transbay Tower. Hines’ proposed 1,000-foot Transbay Tower will be sited on a 48,000-sf parcel at Mission and First streets in San Francisco’s financial district, immediately adjacent to the planned Transit Center. The tower, designed by renowned architects Pelli Clarke Pelli, will offer approximately 1.6 million sf of office space with ground-floor, convenience retail serving office tenants, commuters and local residents. October 6, 2008 - Behringer Harvard, a Dallas-based REIT, has purchased One BriarLake Plaza, a 20-story office tower in the Westchase area of Houston. The 500,000-sf building is located on the Sam Houston Tollway near Briar Forest. The seller was a group led by Crescent Real Estate. Holliday Fenoglio Fowler had been marketing the property, which is 94 percent leased. "The robust Houston economy also is contributing to one of the strongest commercial real estate markets in the United States," said Thomas F. August, chief operating officer of Behringer Harvard.
October 1, 2008 CMC Realty Group has broken ground on CIGNA’s new regional headquarters in Plano. CIGNA plans to consolidate employees and operations which are currently in four separate facilities around the metropolitan area. The building will serve as a major regional center for CIGNA. Named CIGNA Pointe, the 210,000 sf office building is situated in a prime location on the northeast corner of the Dallas North Tollway and Plano Parkway, one block north of the President George Bush Turnpike. CIGNA Pointe will be a four-story office building, divided into two wings on each floor, with each floor to be about 50,000 sf. The exterior façade of the building is enhanced with brick, aluminum, and painted surface as well as a glass curtain wall. The project sits on the northern 13 acres of a 43-acre, master-planned project and is the first building constructed in the development.
September 30, 2008 - John Cole of Twenty Twenty Properties has purchased a six-building portfolio of office buildings in the NASA/Clear Lake area of Houston. The portfolio has 226,000-sf of office space. The seller, KBS Realty Advisors was represented by Holliday Fenoglio Fowler (HFF). For full details please go to the Houston Deals page.
September 24, 2008 - Cushman & Wakefield of Texas Inc.’s Houston office negotiated the sale of 50 acres of industrial land for a future industrial development in the Fairmont Industrial Park on the eastern side of Houston.The buyer was Notsuoh Development Corp., which was represented by Lane F. Guinn of JML Commercial Advisors. The seller , NDI Fairmont Parkway Partners Ltd., was represented by B. Kelley Parker, John F. Littman and Coe Parker of Cushman & Wakefield.
September 23, 2008 - Fogarty Klein Monroe has signed a lease for 39,506 sf, taking the top two floors at 1800 West Loop South. Michelle Wogan and Monte Calvert of Transwestern represented the landlord, 1800 West Loop South, LTD. Kevin Gardner with CresaPartners, LLC represented the tenant, Fogarty Klein Monroe. 1800 West Loop South is located within the Uptown Galleria submarket. With its strategic location at San Felipe and Interstate 610, the building is accessible to every major business area of Houston. The building offers 399,777 sf of office space. September 18, 2008 - The Los Angeles office of Hines, the international real estate firm, announced that its Hines U.S. Office Value Added Fund II, L.P. has acquired Citigroup Center from Broadway Partners. The 48-story, 891,056-sf office tower is located at 444 Flower Street in downtown Los Angeles. The seller was represented by Eastdil Secured. Designed by A.C. Martin & Associates and completed in 1981, the distinctively modern office tower—made famous as the backdrop of the 1980s television series LA Law—occupies a premier site on the corner of Flower and 5th streets in the Bunker Hill/financial district. Citigroup Center is 93 percent leased to tenants including: BP, Citicorp and Wells Fargo Bank. The seller was New York-based Broadway Partners, a group led by Scott Lawlor.
September 9, 2008 - An 80,000-sf office building will be constructed in Pearland's Shadow Creek Ranch, just west of Highway 288. The developers of the project are T.A.B. Lone Star Holdings, Inc. and Wallace Bajjali Development Partners. T.A.B. Lone Star Holdings, Inc., is affiliated with Houston -based ZT Group of Companies, and is led by Taseer Badar, which is comprised of ZT Investments, ZT Financial Network, ZT Consulting and ZT Properties USA. The project, called ZT Shadow Creek Business Center, will be the firm’s first office development in the Houston area. Completion is slated for the fall of 2009. FINANCING: The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) arranged a $12.84 million construction loan for the office development. Working exclusively on behalf of ZT Group Business Center One (Pearland), L.P., HFF’s Charlie Gasper and Colby Mueck placed the 24-month, 80% leveraged loan through Lance Schielack at Sterling Bank.
September 8, 2008 - A $22 million 250-unit age-restricted apartment complex is under development on the Grand Parkway in West Houston. Blazer Building Inc. and Perseus Realty Partners are developing the project. Please go to our Multi-Family Magazine for more details.
September 6, 2008 - An energy firm leased space in the Greenway Plaza area. Hines, the property and leasing manager for Phoenix Tower in Houston, on behalf of building owner FSP Phoenix Tower Limited Partnership, an affiliate of Franklin Street Properties Corp., announced that Express Energy Services Operating, L.P. has signed a full-floor lease for 25,113 sf at Phoenix Tower. The 34-story, 629,000-sf office tower is located at 3200 Southwest Freeway.
The oilfield service provider was represented in lease negotiations by David Anderson of Fritsche Anderson Realty Partners. Paula Bruns, a director of leasing for Hines, represented FSPLP. September 2, 2008 - J P Kenny, one of the world's largest pipeline and subsea engineering contractors, has leased 53,808 sf at Park Ten Plaza, an office building the in the Energy Corridor district of west Houston. Brad Fricks, Vice President of Stream Realty Partners represented Park Ten Plaza in lease negotiations and Steve Hesse of CB Richard Ellis represented the tenant, J P Kenny. September 1 , 2008 - Labor Day. August 27, 2008 - The first building in Houston to receive the gold-level of LEED certification has been sold. San Francisco-based, Seligman & Associates has purchased 11000 Equity Drive, a 3-story, 65,000 sf green building located in Westway Park, located on the West Sam Houston Tollway near Clay Road. CB Richard Ellis handled the sale. The seller was Satterfield and Pontikes Construction, a key tenant in the building. The buyer, Seligman, also owns the Esperson buildings in downtown Houston. ..... In other news, Colliers International has named Doyle Toups to be Senior Vice President of the Colliers' Industrial Services Group in Houston. Toups, with 36 years experience in commercial real estate, was formerly with Grubb & Ellis.
August 23, 2008 - Spear Street Capital has purchased the Riata Corporate Park and Riata Crossing, a Class A office complex totaling 1.1 million sf in Austin, Texas. Holliday Fenoglio Fowler ( HFF) marketed the property exclusively on behalf of the seller, a partnership between institutional investors advised by JPMorgan Asset Management and Equity Office. The Riata complex is situated within a 95-acre corporate park adjacent to a city park and lake near Research Boulevard, Parmer Lane, State Highway 45 and The Domain in northwest Austin.
August 22, 2008 - Thor Equities of New York has acquired three acres on Kirby Drive, just north of RIchmond Avenue for a proposed retail development called the Kirby Collection, according to an article by Jennifer Dawson in the Houston Business Journal. The acquisition includes the Settegast-Kopf property. The property was assembled by Houstonian Blake Tartt III, who had owned some of it for years. Tartt is prominent in retail center leasing, brokerage and development.
August 20, 2008 - Adams LaSalle Realty, a Chicago-based private equity real estate investor, has announced that its multi-family operating arm has acquired the 322-unit Lodge at Baybrook apartments, located on a 13.7-acre parcel in the Clear Lake submarket of Houston. Adams LaSalle purchased the property from MBS-Baybrook, Ltd., with Houston-based, Craig LaFollette, Todd Stewart, Todd Marix and Tre Banks of CB Richard Ellis representing the seller in the transacion. Tim Burns, a company principal, represented Adams LaSalle.
August 15, 2008 - Seismic Exchange, the seismic data firm, has started construction on a building that more than doubles the size of its operation in Westway Park, Wolff Companies’ 150-acre business park at the intersection of the Sam Houston Tollway and Clay Road. The five-story, 73,400-sf office building will be located at 11050 Capital Park Drive. Completion is scheduled for March. Powers Brown Architecture has designed the building and Rosenberger Construction is general contractor. The firm recently relocated its headquarters from Louisiana to Houston. August 14, 2008 – Chroma Oil & Gas, LP, a private oil and gas company engaged in the acquisition, exploitation and exploration of oil and gas located on the Louisiana and Texas Gulf Coast, has expanded their lease by taking an additional 5,100 sf at 1010 Lamar, 17th floor, in Downtown Houston. Chroma, headquartered in Houston, signed-on at the Lamar location in April of 2006 with the initial lease of 6,847 sf when they relocated from their office from Sugar Land to Downtown Houston. Ron McWherter with CB Richard Ellis represented Chroma in the transaction while Wade Bowlin with PM Realty Group represented the landlord, YPI 1010 Lamar, LLC.
August 13, 2008 - Weingarten Realty Investors has sold off its Brodie Oaks Shopping Center, a community retail and office complex containing 244,242 sf in Austin. Brodie Oaks is located at the northeast corner of Loop 360 and South Lamar Boulevard.The buyer was L&B Realty Advisors, LLP and its joint venture partner, Barshop & Oles Co. The HFF investment sales team of Jim Batjer, Barry Brown, Doug Hazelbaker and Judy Boyd marketed the property on behalf of the seller, Weingarten. Stacie S. Crown is vice president, portfolio management for L&B Realty Advisors. Bernadette Mussell is director of acquisitions at L&B. Brodie Oaks is anchored by Neiman Marcus Last Call and Sun Harvest Market.
August 10, 2008 - Lambright Inc. purchased a large manufacturing building in Houston, where the surge of the energy industry has increased demand for industrial space. Lambright bought a 142,000-sf building on 5.5 acres at 3131 South Richey Road. James E. Foreman and Louis "Beau" Kaleel of Cushman & Wakefield represented Lambright. John Talhelm and Ryan Fuselier of the Staubach Co. represented the seller, Metals USA Inc.
August 7, 2008 - The National Association of Real Estate Editors has announced the call for entries for the 7th Annual Bivins Fellowship. NAREE offers $5,000 in fellowship stipends to mid-career journalists who write on real estate topics and commercial real estate news. The deadline to enter is Sept. 15. The entries will be judged by Professor George Harmon, who directs the business writing program of the Medill School of Journalism at Northwestern University. Please go to www.NAREE.org for an application. Work can be self-directed or linked with a university or professional association. The award is named for Ralph Bivins, a NAREE past president and dedicated volunteer. Bivins is editor of RealtyNewsReport.com. The National Association of Real Estate Editors, is celebrating 79 years as the nation’s only professional organization devoted to real estate journalism. www.NAREE.org.
August 6, 2008 - Healthcare Realty Trust purchased the Pyramids at Park Lane, a two-building, 291,389-sf office complex in Dallas. HFF represented the seller, an affiliate of Goddard Investment Group of Atlanta. The project is 98 percent leased with major tenants including Baylor Health Care, The Dallas Plastic Surgery Institute and XO Communications.
August 4, 2008 - Creekbend, a community of 87 courtyard homes, is being developed in Lake Pointe Town Center – a mixed-use urban community located at the intersection of Highway 6 and U.S. 59 in Sugar Land. The community provides an urbanized environment for residents to live, work and play. Anchored by the existing 1.2 million-sf headquarters of Fluor Corp. Lake Pointe contains office and medical employers including the new St. Luke’s Hospital; retail stores and restaurants such as Whole Foods Market and Life Time Fitness; and custom homes and home sites. August 1, 2008 - The Houston Ballet has acquired a half-block on Smith St. between Preston and Congress for its new headquarters facility, according to an article by Jennifer Dawson in the Houston Business Journal. The site is adjacent catty-cornered from the Wortham Theater. Funds are being raised for the new building, which will include offices and a training facility.
July 27, 2008 - MSC Properties, a commercial brokerage firm, and its president, Marshall Clickscales, have joined the Houston office of Colliers International. Since 1981 Clinkscales has handled retail realty and land for retail center development. Clinkscales was recently involved in the sale of 126 acres at Beltway 8 and Fairmont Parkway. Eighty-four acres of that land was subsequently sold to Trammell Crow for a power center.
July 25, 2008 -A prominent figure in Houston real estate, Mike Boyd of Boyd Commercial, is featured in photos and an artcle in the lifestyle section of the Houston Chronicle today. Boyd and his family were the audience for a small-scale classical music concert at his home. These inimate concerts are a new trend.
July 24, 2008 - A subsidiary of Genesis Energy, L.P. has leased 22,666 sf at 919 Milam in Houston. Brad Sinclair, Jennifer Leroy and Michelle Wogan of Transwestern represented the landlord, Transwestern 919 Milam, L.P. The tenant was represented by Kyle Kelley, Lance McCarthy and Lesa Nickelson of CB Richard Ellis.
July 16, 2008 - Houston has one of the best retail realty markets in the nation and has two malls opening this year. Based on center openings through the first half of 2008, plus projects under way for estimated year-end completion, a new report estimates that 2008 construction will total 4.9 million sf. This construction level exceeds the strong activity seen in 2006 and 2007, according to the mid-year retail market report by The Weitzman Group and Cencor Realty Services. For more detail, please go to our In-Depth Stories page.
July 12, 2008 - Behringer Harvard has begun construction on Three Eldridge Place, a 13-story, 303,000 sf, pre-certified LEED silver Class A building, that will sit adjacent to both One and Two Eldridge. The new building is expected to be completed in the Summer of 2009. In the adjacent One Eldridge Place, Canatxx Energy Ventures, Inc. has renewed their lease of 9,272 sf at 777 North Eldridge Parkway, in Houston’s west energy corridor. Kristen Rabel and Jessica Ochoa with CB Richard Ellis represented the landlord, Behringer Harvard, in the transaction while Chad Baker with Staubach represented Canatxx.
July 10, 2008 - The Houston office market is holding its own. Rents are still increasing slightly, said Sanford Criner of CB RIchard Ellis. Citywide average rent stood at $22.81 in the second q |