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Category Archives: Capital Markets

Heritage Plaza is on the Market; Price could be near $480 Million

Heritage Plaza, known as one of Houston’s most distinctive towers because its top resembles a Mayan temple, is up for sale, according to the authoritative Real Estate Alert newsletter. A Brookfield Office Properties partnership is putting the 53-story Heritage Plaza building in downtown Houston up for sale and the price could go as high as $480 million, the newsletter said. Brookfield ... Read More »

Going Public: Marcus & Millichap Files for IPO

CALABASAS, Calif.  — Marcus & Millichap has filed a registration statement with the U.S. Securities and Exchange Commission relating to a proposed initial public offering of shares of its common stock. The number of shares and the price range for the offering have not been determined. Upon completion of the initial public offering, Marcus & Millichap Real Estate Investment Services, ... Read More »

West Loop Building Purchased by APF

HOUSTON – APF Properties purchased 2200 West Loop South, a 201,720-sf Class A office building in the West Loop/Galleria section of Houston. HFF’s investment sales team marketed the property on behalf of the seller, Parmenter Realty Partners. The building is located in a prime location adjacent to the Royal Sonesta Hotel on the west side of Loop 610 between San ... Read More »

Cousins Buys $1.1 Billion of Texas Properties: Greenway Plaza and Ft. Worth Tower

HOUSTON – Cousins Properties closed on its purchase of the 10-building Greenway Plaza project in Houston for $950 million, the Atlanta-based REIT announced. The $1.1 billion deal, announced earlier this year, also gives Cousins ownership of 777 Main Street, a 980,000-sf Class A building in downtown Fort Worth. The seller is a joint venture operated by Crescent Real Estate Holdings ... Read More »

MetLife Provides $235 Million for Downtown Houston Office

HOUSTON – MetLife has closed a $235 million loan secured by the 46-story BG Group Place, for a partnership advised by Invesco Real Estate. Completed by Hines in 2011, BG Group Place is a 973,861 sf office building in downtown Houston at 811 Main, on the block bordered by Fannin, Rusk and Walker streets. BG Group Place is just two ... Read More »

Multi-Family Wire

RICHMOND, Va. – Landmark Apartment Trust of America, a multifamily REIT bought three multifamily properties valued at $42.15 million from Elco Landmark Residential Holdings, MB Equity Holdings, Inc. and Legacy Partners. Collectively, the properties contain 703 units and are 94 percent occupied. The projects are in Clearwater, Fla.; Melbourne Fla; and Raleigh, N.C. HOUSTON – Cortland Partners acquired three communities ... Read More »

Real Estate Alert: Historic 712 Main Building For Sale in Downtown Houston

By Ralph Bivins The former Gulf Building – an Art Deco landmark on Houston’s skyline is being marketed to investors by HFF. The 37-story Main Street landmark could bring as much as $110 million in the sale, reports the authoritative Real Estate Alert newsletter. The building, 712 Main, was completed in 1929 by legendary developer Jesse H. Jones, the former ... Read More »

Korean Capital Flees to Houston with $480 Million Purchase of Hines Tower

By Ralph Bivins HOUSTON – The 46-story BG Group Place in downtown Houston is being acquired by Invesco Real Estate, with backing reportedly from Korean institutional investors, for $480 million, according to Real Estate Alert, an investment newsletter. Invesco is believed to be acting on behalf of the National Pension Service of Korea, the newsletter reported. Korean money is been reallocated and ... Read More »

Shorenstein Buys Exxon Mobil Tower for $50 Million

By Ralph Bivins HOUSTON – Shorenstein Properties has acquired the 45-story Exxon Mobil building in downtown Houston for a redevelopment that will restore the property to Class A status. The Exxon Mobil building, located at 800 Bell at Travis, was built in 1962 as the headquarters of Humble Oil & Refining, a predecessor to Exxon Mobil. The sales price was ... Read More »

Wells REIT Buys San Fran Tower

SAN FRANCISCO – Wells Real Estate Investment Trust II has acquired 333 Market Street, a 33-story office tower in the heart of San Francisco’s Financial District. The Class A asset was purchased from the Korean Federation of Community Credit Cooperatives.  The 657,000-sf building, constructed in 1979, has undergone over $80 million in capital investments and tenant improvements over the past ... Read More »

Houston Office Property Sells for $124 Million

HOUSTON – Parkway Properties purchased Phoenix Tower, a 626,000-sf office building in Houston’s Greenway Plaza area, for $123.8 million, or $198 per square foot. Phoenix Tower was built in 1984 and fully renovated in 2011. It is a LEED Gold Certified, 26-story, Class A office tower that sits atop an eight-story parking garage. The building is currently 84.5% leased with ... Read More »

Office Sells for $35 Million in Houston’s Energy Corridor

HOUSTON – The Reserve at Park Ten, a 145,114-sf, Class A office building located in Houston’s Energy Corridor was purchased by a subsidiary of CapLease for $35.5 million. The building, constructed in 2009, is 100 percent leased. The Energy Corridor, located in west Houston along Interstate 10, is one of the strongest submarkets in Houston with occupancy ovr 90 percent. ... Read More »

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