September 28, 2012
The city’s top chefs are eyeing restaurant spaces that will be culinary anchors of a new office tower under construction near the Galleria.
The building is the 22-story BBVA Compass Plaza, an office tower that will be completed next year.
Chef John Sheely, owner of Houston’s Mockingbird Bistro, has leased 4,000 square feet in the building, which is located at 2200 Post Oak Boulevard, according to a report in CultureMap.com.
And Hugo Ortega, the James Beard Award finalist who formed Hugo’s restaurant, is reportedly locked up on an 8,000 square foot eatery in the same tower, according to people in the real estate community. A spokeswoman for the Ortega organization declined to comment, saying it was premature to discuss any new deal that Hugo may have planned.
The BBVA Compass building will sit on a 6.5-acre parcel just north of the Galleria, between Westheimer and San Felipe.
The developers will develop a hotel and another office tower on the remaining land next to the new building. The office project is being developed by Stream Realty Partners and Redstone Cos. in a 50/50 joint venture.
The BBVA Compass Plaza tower will open next spring. The 312,000-square-foot office building is over 60 percent leased currently with the namesake bank leasing the seven top floors and a ground-floor lobby space.
September 27, 2012
HOUSTON – Hines has formed a joint venture with KKR & Co., the private equity firm founded by Henry Kravis and George Roberts, to develop the Pinto Business Park, a 971-acre project located at the southwest corner of Beltway 8 and Interstate 45 in Houston. The business park is owned by Pinto Development Realty Inc.
At build-out, Pinto Business Park is projected to include 9 million-sf of space, representing an investment of $900 million. The development program includes an immediate focus on build-to-suit transactions and individual land sales to corporate end-users, and afterwards, an expansion into the development of inventory for-lease buildings.
The Studley real estate firm has been retained to market the property.
“With vacancy at a 35-year low of five percent, ongoing positive absorption, increasing values and moderate new construction, the Houston industrial real estate market continues to be one of the strongest in the country,” said John Simons, corporate managing director of Studley’s national Industrial Services Group. “Pinto Business Park is the largest development-ready business park in Houston.”
The expansion of the Panama Canal is expected to increase activity at the Port of Houston and enhance regional distribution business.
September 24, 2012
HOUSTON –Northline Commons, a 478,584-sf retail power center in Houston, has been sold, according to HFF. Northline Commons is a redevelopment of the Northline Mall that was originally built in the 1960s. Completed in 2009, the new center is 86 percent leased and anchored by Marshalls, Ross Dress for Less, Burlington Coat Factory, Conn’s and Palais Royal. The property is located at the northeast corner of Interstate 45 and Crosstimbers in north Houston, and is shadow anchored by a Wal-Mart Super Center.
HFF exclusively represented the seller, Berenson Associates, in the sale of the property to an affiliate of North American Development Group (NADG). NADG was led by Stephen Preston of the Dallas office.
The HFF team representing Berenson Associates was led by senior managing director Rusty Tamlyn and managing director Ryan West.
“Northline Commons was marketed as an ‘off market’ deal. Many buyers have indicated to us they prefer this method of purchasing assets as they feel they have a better shot at buying the property and it is a better use of their people resources. We convinced the seller to allow us to use this approach, which generated multiple offers in a short time frame,” said Tamlyn.
North American Development Group has been involved in the acquisition, development, redevelopment and management of more than 200 retail centers comprising more than 25 million square feet with an enterprise value in excess of $3 billion. In the last two years, the firm has acquired more than $600 million of retail properties throughout the USA comprising over four million sf. Based in West Palm Beach, Fla., NADG has 11 offices across North America.
September 20, 2012
AUSTIN – Thomas Properties Group and California State Teachers’ Retirement System (CalSTRS) have jointly acquired an eight-building, 3 million-sf portfolio of office properties in downtown and suburban Austin.
The Austin portfolio includes five downtown Austin properties known as Frost Bank Tower, 300 West 6th Street, One American Center, San Jacinto Center and One Congress Plaza, as well as three suburban properties known as Westech 360, Park Centre and Great Hills Plaza in Northwest Austin.
Madison International Realty has agreed to acquire a one-third stake in the portfolio.
The portfolio was purchased from TPG-Austin Portfolio Syndication Partners, a venture among Lehman Brothers Holdings Inc. (50%), an offshore sovereign wealth fund (25%) and TPG/CalSTRS, LLC (25%).