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Labor Shortage Pinches Construction Industry

(By Dale King) Nearly a million workers in construction trades lost their jobs during the “Great Recession” and its aftershocks that slammed the United States in 2008 and subsequent years. Ironically, that same economic downtown continues to adversely impact the construction trade. Only today, it is causing a labor shortage that is forcing industry costs up, even though the price ... Read More »

Perot’s Hillwood Urban Plans Turtle Creek Office Tower

DALLAS – Hillwood Urban, a firm led by Ross Perot Jr., is planning a 17-story office tower on Turtle Creek Boulevard, reports Steve Brown of the Dallas Morning News. Pickard Chilton and the Office of James Burnett have been retained for the Turtle Creek project. The new office project is near the site where the Perot family is building its ... Read More »

Griffin/Investcorp Buy 10 Denver Buildings from Hines REIT

DENVER – A partnership of Houston-based Griffin Partners and Investcorp, a Bahrain-based investment adviser, has acquired 10 buildings in Denver for $78.5 million. The seller, Hines REIT, was represented by Newmark Grubb Knight Frank. The 485,000-SF Denver portfolio, which is 95 percent occupied, includes seven buildings in the Arapahoe Business Park and three buildings off of Inverness Drive South. Based ... Read More »

Austin: How it Became an 18-Hour City with a Diverse Economy

AUSTIN – Record-setting office market performance and the increasing adoption of co-working spaces are just two of the six trends transforming Austin, Texas, into an 18-hour city, according to a new report from CBRE. Over the past decade, Austin has evolved from its ‘college town’ attitude into a dynamic metro with a dense urban core. In its new report, CBRE ... Read More »

Dow Chemical Leases Office Space in Clay Development’s New Deer Park Building

DEER PARK, Texas – Clay Development & Construction has landed Dow Chemical as an tenant in the “Petrochemical Corridor” office market on the east side of Houston. “Situated in Houston’s petrochemical corridor, Deerwood Office III is a full-service office location for companies serving industrial operations near the Ship Channel,” says company president Robert Clay. “This is Class A office space ... Read More »

In the Wake of Exxon Mobil’s Departure: Pain Felt; Patience Required

HOUSTON – (By Ralph Bivins) – On June 7, 2011, Exxon Mobil formally announced what Houston’s real estate community already knew – the energy firm purchased 385 acres for a 3 million square-foot campus north of Houston. Everybody knew the new campus would reshape the Houston real estate market. But the Houston real estate market was so strong, there wasn’t ... Read More »

Historic Downtown Houston Office Building to be Transformed into AC Marriott Hotel

HOUSTON – Boxer Property has sold a 102-year-old building on Main Street in downtown Houston to a group that will redevelop it into an AC Hotel by Marriott.  The 10-story, 92,000-SF building, 723 Main at Rusk, was sold to an affiliate of Dallas-based Newcrest Image, which is being assisted by Houstonian Bill Franks in the redevelopment. The building, known as ... Read More »

The Biggest Refi in Texas History

HOUSTON – The oil business may be bleak and Houston’s job growth has ground to a halt. But that didn’t scare away the lenders who just backed the refinancing of the tallest tower in Texas – the 75-story Chase Tower in downtown Houston. In what could be the biggest refi in the history of Texas real estate finance, JLL’s Tom ... Read More »

Hines Opens Business Park in Southwest Houston

HOUSTON – Hines has completed the first phase of its Beltway Southwest Business Park, a 75-acre industrial project at the northeast corner of Beltway 8 and Fort Bend Toll Road on the south side of Houston. The master-planned business park is expected to have 950,000 SF of light manufacturing and distribution space. The development of Phase I, which consists of ... Read More »

Third Palm Planning Co-Working Space in Energy Corridor as Need for Republic Square Office Space Dims

HOUSTON – Third Palm Capital is preparing to move ahead independently with its repositioning of the former Exxon Chemical campus, a prime, 35-acre site on the Katy Freeway in the Energy Corridor. The new plan calls for transforming existing office space on the site into a co-working location where self-employed people and small entrepreneurs share office space. The existing conference ... Read More »

What Oil Bust? Houston’s Home Sales Up 10 Percent in May

HOUSTON – Houston’s single-family home sales were up 10 percent in May over May of last year, according to the Houston Association of Realtors. HAR reported a total of 7,343 homes sold in May compared to 6,678 in May 2015. The association credited the gain to an increased supply of homes for sale. “We are seeing more normal market conditions ... Read More »

Hines/GM Pension Fund Greenspoint Buildings Posted for Foreclosure

HOUSTON – Greenspoint Place, a 1.5 million square foot office complex owned by a partnership of Hines and the General Motors Pension Fund, has been posted for foreclosure after losing Exxon Mobil as a major tenant. The foreclosure, slated to be concluded on July 5, is a rarity for Hines, a huge Houston-based development firm established by master developer Gerald ... Read More »

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