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Texas Leads the Hit Parade of Adaptive Re-Use as Strong Demand for “Creative Office Space” Transforms Historic Structures

HOUSTON – (By Dale King) – Creative office projects – which typically encompass the conversion of a property from non-office use (i.e., industrial or retail) to office space – are generating big dollars for investors, says a report by Transwestern, a global real estate firm based in Houston. The study examines 30 developments across the nation, 10 finished, and the ... Read More »

Houston Office Market Slides as Vacancy Hits Highest Mark in 22 Years as Negative Absorption Prevails

HOUSTON – The vacancy rose sharply in the first quarter while the Houston office market recorded 789,000 SF of negative net absorption, according to the NAI Partners real estate firm. In layman’s terms, this means more office space became vacant since the beginning of the year. This stumble occurred even though a lot of folks believed the worst was over. ... Read More »

Dallas Multifamily Firm Launches Houston Buying Spree

HOUSTON – Dallas-based Performance Properties has kicked off a quest to acquire Houston multifamily properties with the recent purchase of the 300-unit Timberwalk Apartments in northwest Houston. Performance Properties principals Todd White and David McQuaid stated their goal is to buy 1,500 units in Houston in 2017. Located on 10.2 acres, Performance Properties’ Houston project, 5635 Timber Creek Place Drive, ... Read More »

Want a Screwhorn Antelope? A Camel? 15 Lakes? Houston-Area Zoo Can Be Yours for Only $7 Million

  ALVIN, Texas – (By Dale King)  – Singer/songwriter Paul Simon once vocalized: “Someone told me it’s all happening at the zoo.” Actually, something unique is happening at the Bayou Wildlife Zoo in Alvin, Texas, a town in Galveston County about 20 miles south of Houston. The 80-acre parkland that houses 500 exotic birds and animals and draws more than 90,000 ... Read More »

Big Redo Underway at 5718 Westheimer Tower

HOUSTON – UBS Financial Services has launched a $10 million renovation of the 22-story 5718 Westheimer building in the Galleria area. The 500,000-SF building, located on the north side of Westheimer at Bering Drive, was originally developed by Alfanco Inc. UBS is creating a two-acre green space adjacent to the building providing tenants with a pleasant outdoor environment. “The adjacent ... Read More »

With Foundation Already Poured, New Skanska Skyscraper Will Zoom Onto Houston Skyline in Record Time

HOUSTON – Skanska USA’s Capitol Tower will make its appearance on Houston’s downtown skyline in record time, perhaps with building being completed before the start of 2019. Work appears to be starting now on the 35-story, 750,000-SF tower. Construction cranes have been erected, a sure sign Skanska is serious. Typically, a 35-story office tower will take two years to complete. ... Read More »

HFF: Developers from Around the Nation Will Pursue Prime 30-Acre Chevron Campus in Bellaire

BELLAIRE, Texas – Chevron’s 30.5-acre tract along Loop 610 in Bellaire will attract interest from significant developers from around the nation, according to the HFF real estate firm, which was recently retained to handle the disposition of the prime site near Houston’s Inner Loop. The Bellaire City Council voted Monday night to adopt planning language that could pave the way ... Read More »

With Google, Facebook and 6 Million SF Under Construction, Downtown Austin is Hot: Q&A with Mike Kennedy of Avison Young

Austin’s commercial real estate, driven by corporate relocations and high technology expansions, the market is among the strongest in the Lone Star State. The city’s economy remains robust, with18,800 new jobs over the past twelve months ending December, 2016. Those numbers are reflected in the increased real estate activity. New downtown office tenants include Google and Facebook. One of the largest developments under construction is the ... Read More »

Accesso Retains Transwestern to Lease Energy Corridor Building

HOUSTON – Transwestern has been retained by Accesso Partners to lease its office building in the Energy Corridor in west Houston. “Transwestern has been a strong performer in leasing our office properties in Austin and San Antonio and we’re confident they will tap their vast network of resources and relationships to raise occupancy at One Park 10,” says Michael Adams, ... Read More »

Saying It Must Be in a ‘Global City’, Firm Moves HQ from Sugar Land to Miami

CANTORIA, Spain – (By Dale King) — The Cosentino Group, a major producer and distributor of innovative surfaces for architectural and design work, has issued a statement saying the firm will move its North American headquarters out of Houston and to the city of Coral Gables near Miami, this summer. A Cosentino executive said the family-owned company based in Spain wants to ... Read More »

Prologis Buys Four Buildings in West by Northwest Industrial Park for $55 Million

HOUSTON – Prologis has purchased four industrial buildings, totaling 809,000 SF, in the West by Northwest Industrial Park in northwest Houston for $55 million. The seller was TH Real Estate, an affiliate of Nuveen, which is the investment arm of TIAA. Rusty Tamlyn and Trent Agnew of HFF represented the seller. The Class B buildings, which are 95 percent leased, ... Read More »

W.P. Carey Group Sells Downtown Houston Tower

HOUSTON – The 500 Jefferson building, developed as part of the Cullen Center complex in downtown Houston, has been purchased by Jefferson Smith LLC. The seller was Corporate Property Associates 17 – Global, an affiliate of the W.P. Carey investment firm based in New York. The 22-story, 390,000-SF office building, completed in 1962, was renamed last year, although a KBR ... Read More »

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