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Hines Progressing with Tallest Tower on the West Coast

SAN FRANCISCO – Salesforce Tower, which is under construction in San Francisco, has surpassed other towers in height to become the tallest building on the West Coast.  Hines and co-development partner the Boston Properties REIT, announced that on Friday, October 14, 2016, Salesforce Tower will officially be the tallest building in San Francisco. Soaring to new heights – Salesforce Tower surpasses the ... Read More »

Shell’s Departure and the Future of Downtown Houston’s Office Market: Q&A with Paula Bruns

Houston’s office market has seen better times.  Affected by the downturn in the energy market, more office space is chasing fewer tenants.  Several weeks ago, one of the global energy giants, Shell Oil, announced plans to leave downtown for its suburban facilities — Shell’s Woodcreek Campus and the Shell Technology Center. Shell had been an anchor in downtown Houston for ... Read More »

RNR Apartment News Briefs from Realty News Report

  DALLAS DEAL by JLL DALLAS — On behalf of Criterion Property Company and Cypress Real Estate Advisors, JLL’s Capital Markets experts completed the sale of VV&M, a newly developed, luxury multifamily asset in the Addison/Bent Tree Market near the Dallas-Addison line. Mindful Management, LLC, purchased the 310-unit complex. JLL also secured $44.8 million in acquisition financing through Freddie Mac. …………………………………. ... Read More »

Hines Sells Project in Disney’s Innovative “Celebration” Community

CELEBRATION, Fla. – Hines has sold its multifamily complex in Celebration, the utopian master-planned community developed by The Walt Disney Company near Orlando. Southstar Capital Group purchased the 306-unit complex from Hines, which was represented by ARA/Newmark in marketing the apartments, called Aviva at Celebration. Aviva at Celebration was developed on 14.4 acres and contains 290,000-SF in six four-story buildings. ... Read More »

Shell Oil Leaving Downtown Houston

HOUSTON – Shell Oil Co., a stalwart anchor for downtown Houston since 1971, is vacating the 50-story One Shell Plaza and other downtown office space. In the first quarter of 2017, Shell’s 3,400 downtown employees will transfer to suburban facilities — Shell’s Woodcreek Campus and the Shell Technology Center. Shell is subleasing its 350,000 SF in One Shell Plaza and ... Read More »

Hines Developing 34-Story Apartment Tower in Houston’s Montrose Area

HOUSTON – Hines, in a joint venture with TIAA Global Asset Management and Houston’s Zimmerman family, announced plans to develop the Residences at La Colombe d’Or, a 34-story apartment near Montrose Boulevard in Houston’s Inner Loop. The project will be adjacent to La Colombe d’Or, a boutique hotel developed by Steve Zimmerman, who transformed the 1923-vintage Fondren Mansion into a ... Read More »

Hines Signs Another Tenant in New Houston CBD Tower

HOUSTON – Orrick, Herrington & Sutcliffe LLP, the international law firm, has signed a 12-year, 56,731-SF  lease at 609 Main at Texas, the new downtown office tower developed by Hines. The building, one of the biggest spec buildings under construction in the U.S., is now 50 percent leased with construction due to be completed in early 2017. The firm was represented ... Read More »

Delivering for Landlords: Q&A with Michael Anderson of Colvill Office Properties

HOUSTON – As unpredictable energy prices continue impacting the global economic market, one thing remains fairly constant: Houston’s commercial real estate market has too much space chasing too few companies. It’s been that way for more than a year; analysts and others are divided on when the situation will improve. But what about the landlords?  What’s their perspective?  To find ... Read More »

New Hines Skyscraper Reaches 50 Percent Leased Mark

HOUSTON – The new Hines office tower in downtown Houston, has reached 50 percent occupancy with the signing of a 225,000-sf lease by Chicago-based United Airlines. Located at the corner of Main and Texas streets in downtown Houston, the 48-story, 1,050,000-SF office tower will be complete in early 2017. United will consolidate its Houston office employees in the building from ... Read More »

Hines Sells California Tower for $616 Per SF

LOS ANGELES – Hines has sold the 12100 Wilshire building in the Brentwood area of Los Angeles for $225 million or $616 per SF. The 19-story building was purchased by a joint venture of the Douglas Emmett Inc. REIT of Santa Monica, Calif. and the Qatar Investment Authority. Hines, on behalf of its U.S. Office Value Added Fund II, acquired ... Read More »

RNR’s Texas Real Estate Briefs

NAI: SPRING BRIDGE PROPERTIES BUYS WAREHOUSE HOUSTON – NAI Partners represented Spring Bridge Properties, LP in the purchase of a 15,000 SF warehouse on 2 acres in Hardy Industrial Center located at 21430 Spring Bridge Drive in Houston Michael Keegan of NAI Partners represented the Buyer, Spring Bridge Properties, LP during the negotiations, while Richard Quarles and Mark Nicholas of ... Read More »

Hines REIT Selling Major Properties in Liquidation Move

HOUSTON – Hines Real Estate Investment Trust, Inc., one of three public non-listed REITs sponsored by Houston-based Hines, will sell seven West Coast office buildings to a Blackstone affiliate for $1.162 billion as part of a plan to liquidate the REIT. Blackstone is acquiring 3 million SF of Hines REIT office properties including the Howard Hughes Center in Los Angeles; ... Read More »

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