Pat Hicks Hires Transwestern to Lease Tower

HOUSTON–  (Realty News Report) – Transwestern Real Estate Services has been selected by Hicks Ventures and Taconic Capital to lease the 1177 West Loop South office building.

The 18-story, 341,947-SF office structure is located in Houston’s Galleria submarket on the east side of Loop 610. Transwestern Vice President Kelli Gault, Managing Director Doug Little and Associate Megan Snodgrass will represent ownership of the building.

“We’re excited to have Transwestern on board,” said Houston real estate investor Pat Hicks of Hicks Ventures. “I’ve admired the firm as both a competitor and industry colleague for over 30 years, and we look forward to the energy and market reach the team will bring to our leasing efforts at 1177 W. Loop South.”

Transwestern takes over the building as the Houston office market is in a rough patch. The NAI Partners real estate firm recently released an office market update regarding activity through the first month of the year. “One month into 2021, overall vacancy is at 23.7 percent and availability is at 26.2 percent, both up from this time last year. The Houston office market has recorded 519,000 SF of leasing activity— which is comprised of both new leases and renewals—while net absorption (move-ins minus move-outs) is at negative 590,000 SF,” NAI Partners January report said.

Many Houston office building owners are spending heavily on remodeling to elevate their buildings above the competition.

The 1177 West Loop South office building is no exception. A recent $6 million renovation program includedupdates to the building’s lobby, common areas, multi-room conference facility with reception and registration area, onsite café, fitness center with full-services locker rooms and outdoor patio.

“Hicks Ventures has done a phenomenal job executing an aggressive capital improvement plan that has truly reimagined this already distinctive building,” said Transwestern’s Gault. “New amenities and updated common areas offer tenants alternative workspace that is convenient and comfortable – perfect for those returning to the workplace in a COVID world.”

The 1177 W. Loop South building, which sits on a 4.4-acre tract, is just south of the Katy Freeway, near Memorial Park.

The Hicks/Taconic venture acquired the building about two years ago from Spire Realty Group, a Dallas firm led by Caleb Smith. That transaction was handled by Danny Miller, Marty Hogan and Johnny Kight who were with HFF at the time.

Taconic Capital Advisors L.P. is a global institutional investment firm founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody.

March 2, 2021 Realty News Report Copyright 2021

Photo courtesy Transwestern

File: Pat Hicks Hires Transwestern

File: (2) Venture of Taconic Capital and Pat Hicks Hires Transwestern to Lease Tower in Houston. 2021. Spire Realty. West Loop. Goldman Sachs. Frank Brosens. Ken Brody. Caleb Smith. Danny Miller. Marty Hogan. Kelli Gault. Doug Little. Megan Snodgrass

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