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Category Archives: Office

Houston Realty 2016: The Good, Bad and Ugly – Q&A with Cresa’s André Granello

The Houston office of Cresa, one of North America’s largest tenant representation firms, has reported significant growth in revenue and market share over the past two years. In 2014, Cresa’s North American revenue exceeded $290 million and the firm completed more than 10,000 brokerage transactions with a combined lease value of $10 billion. Nationally, Cresa’s revenues have grown by 85 ... Read More »

Bracewell & Giuliani Re-Ups at Pennzoil Place

HOUSTON – The Bracewell & Giuliani law firm has signed a 189,061-square-foot long-term lease renewal at Pennzoil Place, the twin trapezoidal towers that are considered the some of the most architecturally significant office buildings in downtown Houston, and in the entire state of Texas. Developed by Hines Interest some 40 years ago, Pennzoil Place was dubbed the Building of the ... Read More »

Apache Signs 524,000 SF Lease in Post Oak Central; Timetable for New Office Project Pushed Back

HOUSTON – Apache Corp. signed a one-year 524,000 square foot lease extension with Apache Corporation at the Post Oak Central in the Uptown Houston area. The lease extension indicates that Apache is not fast-tracking its plan to construct a new office tower on Post Oak Blvd. In 2012, Apache bought 6 acres on Post Oak, just south of San Felipe ... Read More »

Colliers: 70 Houston Office Buildings Have 100,000 SF (or More) of Vacant Space

HOUSTON – Seventy office buildings have 100,000 SF or more of contiguous office space available, according to Colliers International’s third quarter Houston report. Colliers reports 22 buildings have 200,000 SF or more of vacant space, including sublease space. As the energy industry stumbled, office vacancy increased to 14.5 percent citywide, compared to 12.2 percent in the third quarter of 2014. ... Read More »

CBRE: ‘Landlords are Nervous’ About Upcoming Challenges in Houston Office Market

HOUSTON – The third-quarter statistics for the Houston office market showed some improvement, but the market is waiting for the other shoe to drop. Third quarter numbers from CBRE showed Houston’s average office rental rate of $27.74 was up 6 percent from a year ago. Other positives: 1.5 million SF was absorbed in quarter, raising the year-to-date absorption to 3.6 ... Read More »

Marathon Oil Tower Expected to Fetch $300M; And Change Houston’s Investment Narrative

HOUSTON – CBRE Global Investors is selling the 1.2 million-square-foot Marathon Oil Tower in Uptown Houston for at estimated $300 million or $250 per square foot, according to Real Estate Alert. CBRE has been retained to market the 41-story building, 5555 San Felipe, near Yorktown Street. Marathon occupies 62 percent of the building. Baker Hughes Oilfield Operations occupies 42,000 SF, ... Read More »

Hines Project Gets ‘WiredScore’ Certification for Internet Connectivity

MINNEAPOLIS – Hines, the Houston-based real estate firm, announced that its new T3 office project has become the first office building in Minneapolis to receive preliminary WiredScore certification. “Strong Internet connectivity is becoming increasingly critical to the day-to-day operations of any business,” said Arie Barendrecht, CEO and co-founder of WiredScore. “T3’s Wired pre-certification ensures that tenants will have access to ... Read More »

Texas Leasing Magnate: The Q & A with Chip Colvill

Colvill Office Properties is an owner’s representative company specializing in office building leasing in Houston and Dallas. Colvill’s high-profile Houston assignments include Hines’ 48-story spec project under construction on Main Street and Frank Liu’s redevelopment of the downtown Post Office property. Colvill currently oversees a large portfolio of Class A office space in the nation’s fourth largest city and the ... Read More »

Transwestern/RBJ Close Deal in Boston’s Biotech Office Market

BOSTON – Transwestern | RBJ brokered the disposition of 1 Patriots Park, a 144,230-square-foot office building on Wiggins Ave. in Bedford, Massachusetts. Longfellow Real Estate Partners acquired the property for $11.3 million, or $78 per square foot, and plans to redevelop it into a Class A laboratory building. Chris Skeffington, John Wilson, Jon Varholak and Roy Sandeman of Transwestern | ... Read More »

Making Mixed-Use Work in Downtown Houston: The Q&A with Jane Page of Lionstone Investments

With more than 570,000 square feet of office and retail space, GreenStreet is one of the most interesting developments in downtown Houston.  Two weeks ago, Lionstone Investments, a privately-owned, Houston-based real estate investment firm, purchased an interest in the GreenStreet development, which was known as Houston Pavilions when it opened about seven years ago. GreenStreet, which has entertainment venues, restaurants ... Read More »

Thor Equities Starting $125 Million Mixed-Use Project on Houston’s Kirby Drive

HOUSTON – Thor Equities will start construction next month on the Kirby Collection, a 1 million-square-foot mixed-use project on Kirby Drive in Houston’s Inner Loop. The $125 million project will deliver a 25-story residential tower with 200 apartments, 210,000 square feet of office and 65,000 square feet of retail space with completion expected in late 2017. The site is on ... Read More »

Construction Cranes: Houston’s Endangered Species? The Q&A with Michael Scheurich of Arch-Con Corp.

With its continued dependency on the energy sector, Houston has been greatly affected by the downturn in the oil and gas industry. No where is this more evident than in the cranes that dot the Houston landscape. To gauge the health of the construction sector, Realty News Report talked with Michael G. Scheurich, President & CEO of Houston-based Arch-Con Corporation, a Texas-based general contractor ... Read More »

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