Archive for ‘Office’

May 10, 2012

Bass Brother Starts 3 Mixed-Use Buildings in Downtown Ft. Worth

FORT WORTH – Sundance Square has started work on three new buildings in the center of the 35-block office, retail, and entertainment district in downtown Fort Worth. The building names were also revealed and in keeping with Sundance Square’s heritage, the new buildings will be known as The Commerce Building located at 420 Commerce Street; The Westbrook situated at 425 Houston Street; and The Cassidy at 407 Throckmorton Street. The buildings will open in 2013.

“This project has been part of the master plan in downtown Fort Worth for decades,” said Ed Bass, project developer. “To finally see dirt moving is gratifying for our team and it will forever change the landscape of Sundance Square.”

“Interest in space from office and retail users has been strong since we announced the project,” said Johnny Campbell, president and CEO of Sundance Square. “Now that the construction is in full swing, we expect to start signing leases and making some announcements this year. With these buildings in the heart of Sundance Square, we want to create a perfect blend of retail and restaurants. The merchandising will play an important role in activating the plaza. We are taking a little more time to make sure we have the right fit.”

The Westbrook at 425 Houston Street is named after the historic seven-story Westbrook Hotel, which was built in the early 1900s, closed in 1969, and was demolished in 1978. It will stand six stories tall and encompass more than 93,000 square feet including 12,393 square feet of retail space. The ground floor of the building will include an office lobby on Houston Street and retail space fronting Houston, 3rd and 4th Streets, as well as the future plaza space to the east.

The Commerce Building at 420 Commerce Street will encompass more than 83,000 square feet with nearly 17,000 square feet of significant retail and restaurant space. The ground floor will include an office lobby on Commerce Street and retail space fronting Commerce, 3rd and 4th Streets, as well as future plaza space to the east.

The Cassidy at 407 Throckmorton Street will be six floors in height and more than 99,000 square feet, including 12,196 square feet of retail and 12,187 square feet of residential space. This L-shaped site will have frontage on W. 3rd and Houston Streets as well as Throckmorton Street with different portions featuring three distinct architectural façades. The Cassidy’s top floor will feature residential living with six luxury penthouse apartments. The one- and two-bedroom units will have outdoor terraces with floor to ceiling glass walls and sweeping views of Sundance Square and the City of Fort Worth.

April 26, 2012

Largest Lease Ever in NYC Office History

New York – SL Green Realty Corp.  announced that Viacom Inc. has renewed its commitment at 1515 Broadway by extending and expanding the company’s occupancy at the iconic Times Square tower through 2031. The headquarters lease covers 1.4 million square feet. Viacom’s future expansion is expected to cover the balance of the 1.6 million-square-foot building’s office space after 2020.  One of the world’s largest media companies, Viacom is synonymous with Times Square resulting from its longstanding presence and highly visible broadcast studio overlooking the bow-tie of the square.

The transaction announced today is believed to be the largest-ever New York City office lease other than a few sale-leaseback arrangements.

This record breaking lease follows right on the heels of a recently closed $775 million first mortgage refinancing by Bank of China.

April 19, 2012

Pat Hicks Makes Value-Add Investment in Energy Corridor

HOUSTON -   Hicks Ventures, led by Patrick Hicks, purchase two office buildings in the Energy Corridor of West Houston. The buildings, located at 16350 Park Ten Place and 16360 Park Ten Place, include a total of 141,265 square feet.

Managing Director Rudy Hubbard and Vice President Leah Gallagher led the Jones Lang LaSalle Capital Markets team on this transaction.  American Spectrum Realty, a Houston REIT, was the seller.

These properties represent a classic underperforming value-add opportunity for the buyer. The two buildings are a combined 73 percent occupied and there is the ability to put together 30,000 square feet of contiguous space, said Hubbard.

The Energy Corridor is one of Houston’s most dynamic submarkets and leasing opportunities here will be tremendous. Built in 1979, 16350 Park Ten Place is a Class B multi-tenant property with 72,599 square feet of space. The Class B+ property at 16360 Park Ten Place was built in 1981 and has 68,666 square feet of space. Both buildings are located in Park 10 Regional Business Center, a master-planned mixed-use development comprising a major portion of the West Houston Energy Corridor.

April 19, 2012

Khoshbin Buys Pair of Office Properties in Houston’s Greenspoint

HOUSTON -  The Khoshbin Company purchased two office buildings in the Greenspoint market in North Houston. The two properties are: 333 North Sam Houston Parkway East and 10700 Interstate 45 North, multi-tenant office buildings totaling 395,424 square feet.

333 North Sam Houston Parkway East and 10700 Interstate 45 North are located within the Greenspoint submarket of Houston close to the George Bush Intercontinental Airport north of downtown Houston. 333 North Sam Houston Parkway East is a 12-story, 213,777-square-foot building with a four-level, 704-space parking garage. The property is currently 72 percent leased. 10700 Interstate 45 North has 181,647 square feet of space that is currently 47 percent leased. The property features a five-level, 434-space parking garage.

HFF marketed the property under leadership of HFF’senior managing director Dan Miller and director Martin Hogan.

“The very positive and improving real estate fundamentals in Houston present one of the best buying opportunities in decades,” said Manny Khoshbin, head of The Khoshbin Company.

The Khoshbin Company, headed by Manny Khoshbin, is a privately-held commercial real estate company based in Irvine, California that specializes in acquiring, managing and repositioning of Class A and Class B industrial, retail and office properties.

The Greenspoint market is expected to be challenged when ExxonMobil vacates a large amount of space and relocates to its new corporate campus, which is under cosntruction.

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