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Rethinking Downtown: Realty News Report’s Q&A with Bob Eury of Central Houston

HOUSTON – (Realty News Report) – What will Downtown Houston look like in 20 years?  It should have an Innovation District, a Green Loop – a five-mile pedestrian and bike circuit connecting downtown with adjoining neighborhoods — driverless cars and no traffic lights or street signs. That’s according to Plan Downtown: Converging Culture, Lifestyle & Commerce, which was unveiled earlier this month. One of the key recommendations is rethinking ... Read More »

Energy Corridor Office Building Sold

HOUSTON – (Realty News Report) – An investment group affiliated with Gearing Capital Partners of Dallas acquired a 137,000-SF office building at 16001 Park Ten in the Energy Corridor. The building, which is 100 percent vacant, will receive a multi-million-dollar redo, according to Stream Realty Partners, which handled the sale. Stream’s Ryan Bishop represented the seller, Spirit Realty. Bishop and ... Read More »

Only 40 of Houston’s 1,200 Office Buildings Damaged by Hurricane Harvey, CBRE Reports

HOUSTON – The vast majority Houston’s office buildings escaped major damage from Hurricane Harvey with flood loss primarily confined to West Houston, Allen Parkway, West Loop/Galleria and FM 1960/Highway 249, according to an analysis by global commercial national real estate firm CBRE. Forty of Houston’s 1,200 office buildings were damaged to a certain extent. Single-family homes and multifamily properties were mostly ... Read More »

Houston Firm Acquires Dallas Office Building

DALLAS – An affiliate of Tanglewood Property Group of Houston has acquired Preston Plaza, a Class A office building in Far North Dallas. CBRE’s Eric Mackey, Gary Carr, John Alvarado, Jared Chua and Robert Hill represented the seller, Caddo Holdings of Dallas. Built in 1986 and renovated in 2015, the building has 259,009 SF of office space, which is 91 ... Read More »

Stabilization in Sight: Houston Multifamily Market Heading Toward Recovery

HOUSTON – (By Dale King) – A combination of increasing demand and less new inventory in a particular housing market may not always be a healthy amalgamation. But in Houston right now, the combo seems to be working well, at least in the multifamily housing sector, says Berkadia’s second quarter 2017 report. “Continued apartment demand, coupled with less new inventory, ... Read More »

The Good, Bad and Ugly of Houston Real Estate: The Midyear Assessment by NAI Partners

HOUSTON – (By Michelle Leigh Smith) – Houston’s commercial real estate market presents some highs and some lows at midyear 2017. The retail and industrial sectors show strength while the office market has seen better days. And the failure of West Texas Intermediate crude to rise above $60 a barrel puts a damper on hopes for another major growth spurt ... Read More »

$10 Million Renovation Set for Museum Medical Tower

HOUSTON – The Museum Medical Tower, near Houston’s Hermann Park, is undergoing a $10 million renovation. The 177,476-SF medical office tower is on the north side of the Texas Medical Center at 1213 Hermann Drive, near Park Plaza Hospital and the Museum District. HCP Inc., the building owner, engaged Cassetty Architecture of Hendersonville, Tenn. to design the renovation. HCP owns ... Read More »

Transwestern Opens Office in Nashville

HOUSTON – Transwestern has expanded its operations to Nashville, Tenn. to provide agency leasing, tenant advisory, capital markets and asset services to real estate owners and users in Nashville. It is the thirty-fifth office for Houston-based Transwestern. “Nashville is increasingly a target market for investors that require strategic real estate advisory services,” said Chip Clarke, Transwestern’s President Americas. “With the ... Read More »

270-Acre Business Park Underway in NE Houston

HOUSTON – Mesa Business Park, a 270-acre development in northeast Houston near the intersection of Mesa Drive and East Mount Houston Road, is under development. Lee & Associates – Houston is marketing the new project, which is not far from the 4,000-acre Generation Park, a McCord Development project along Beltway 8. The first spec building in the Mesa Business Park ... Read More »

Midas Hospitality Buys Hotel Near Medical Center

HOUSTON – St. Louis-based Midas Hospitality purchased the 120-room Staybridge Suites near the Texas Medical Center. The hotel, 9000 South Main, is the first acquisition in Texas for Midas, which owns 41 hotels in 14 states. The seller, Pride Management of Beaumont, was represented by CBRE Hotel’s Michael Yu, Rahul Bijani, Eric Guerrero and Agrama Mannapperuma. The hotel has the ... Read More »

Goldman Sachs Provides $163.5 Million Refi for 717 Texas Building in Downtown Houston

HOUSTON – Goldman Sachs provided $163.5 million to refinance the 717 Texas Avenue building in downtown Houston on behalf Hines and Prime Asset Management. JLL’s Executive Managing Director Tom Melody and Senior Vice President John Ream led JLL’s capital markets team on the financing. The 33-story, 696,000-SF trophy office tower is located at the corner of Texas Avenue and Milam, ... Read More »

Construction (and Demolition) to Begin at Bellaire Town Center

BELLAIRE, Texas – The wrecking ball is rolling toward a 68-year-old shopping center with a parking lot studded with big, mature oak trees. The existing Bellaire Town Center has all the trappings of a shopping center built in another era: a two-story property with a microscopic set-back from South Rice Avenue. Most of the tenants interviewed recently say they would ... Read More »

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