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Monthly Archives: June 2011

Howard Hughes buys The Woodlands

The Woodlands, a 28,000-acre master-planned community north of Houston, is being sold. The Howard Hughes Corporation has entered into an agreement to acquire from Morgan Stanley Real Estate Investing its 57.5% legal interest, which equates to a 47.5% economic interest based on the parties’ financial arrangement, in The Woodlands for $117.5 million. In 2010, The Woodlands sold 789 residential lots ... Read More »

Gables Post Oak breaks ground

Gables Residential has broken ground on the 316-unit Gables Post Oak apartments in Houston, near Loop 610 and San Felipe at the SE corner of Post Oak Park and Post Oak Place, according to a report by Jennifer Dawson of the Houston Business Journal. Northwestern Mutual is JV partner with Gables, Dawson said. Read More »

New Convention Hotels for Austin

Two convention hotel proposals are being floated in Austin. Manchester Financial of San Diego has proposed to build a 1,035-room hotel at the northeast corner of Red River and Cesar Chavez streets, on a block owned by local developers Perry Lorenz and Robert Knight. A few blocks away, on Congress Avenue, White Lodging Services has proposed a 1,003-room Marriott Marquis. Read More »

Leasing News

CB Richard Ellis has closed on six office deals totaling 146,987 SF at Sage Plaza, a 519,966 SF, 25-story, Class A office development located at 5151 San Felipe Street in Houston’s Galleria/Uptown area. Bonnie Kelley of CB Richard Ellis represented the landlord, a fund managed by BlackRock, in all five transactions, which include a 55,500 SF office lease to Columbia ... Read More »

Legends at Cinco Ranch

Jones Lang LaSalle’s Capital Markets has been hired to market Legends at Cinco Ranch in Houston for sale for Sterling Investco, a Dallas-based multifamily developer. The brand new, Class A, 260-unit community in Houston’s Energy Corridor is expected to fetch in excess of $40 million. The firm has also been hired to secure eight million dollars in construction financing for ... Read More »

6671 Southwest Freeway Sold

Fugro Inc. bought 6671 Southwest Freeway, an eight-story, 148,751-square-foot office building in Houston, Texas. The seller was represented by HFF’s Dan Miller and real estate analyst Brad Elmore. The buyer was represented by Bob Gulley with Moody Rambin Interests. Read More »

Houston Club under contract

Skanska USA has contracted to buy the 18-story Houston Club Building in downtown Houston, reports Nancy Sarnoff of the Houston Chronicle. The 350,000-sf building is located at 811 Rusk at Travis. The 63-year-old building has been mentioned as a possible target for demolition by a group that would build a new tower on the site. Hines is also looking at ... Read More »

Multi-Family Update

SL Green Realty refinanced 919 Third Avenue, which it owns in a joint venture partnership with New York State Teachers Retirement System. The new 12-year, $500 million mortgage, was originated jointly by Metropolitan Life Insurance Company and Pacific Life Insurance. The 1.4 million sf, 47-story building is located on Third Avenue in NY. Read More »

Units Sold for $76 Million

Hendricks & Partners announced the sale of Trillium Pinnacle Peak in Phoenix, AZ. The 724-unit apartment community was sold for $76 million. Built in 2008, Trillium Pinnacle Peak is a premier luxury apartment property situated in North Phoenix and it consists of 340 one-bedroom, 316 two-bedroom, and 68 three-bedroom units. Read More »

Multi-Family Update

The Hilton Dallas/Park Cities, a 224-room hotel in Dallas has been sold to Apple Nine Hospitality Ownership. The Hilton Dallas/Park Cities is located at 5954 Luther Lane in Preston Center. The HFF team representing the seller was led by director John Bourret, senior managing director Whitaker Johnson and senior managing director Dan Peek. Read More »

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