HOUSTON – The Lakes on Post Oak, located just south of Houston’s Galleria, is trading hands and Trammell Crow Residential is making a play on the four acres of development land there – in what may be the hottest strip of real estate in the nation this summer.
The 23-acre development, developed by Hines, consists of three office buildings totaling 1.2 million square feet. The site is just west of Loop 610 between Westheimer Road and Richmond Avenue.
The Real Estate Alert newsletter reports that two of the office buildings in Lakes on Post Oak are under contract.
- FG Asset Management, a Korean syndicator, has agreed to pay $175 million for the 3000 Post Oak Boulevard building, which has 441,000 square feet.
- MetLife Real Estate Investors has agreed to pay $130 million for the 3040 Post Oak Boulevard building, which has 425,000 square feet.
- The Chinese oil company Sinopac has already closed on the 3050 Post Oak Boulevard office tower, paying $100 million for the 337,000-square-foot building.
The seller of the Lakes on Post Oak is a partnership led by Five Mile Capital of Stamford, Conn. Five Mile owns a 90 percent stake and Crocker Partners of Boca Raton, Fla. owns 10 percent of the partnership, Real Estate Alert reported. The Five Mile partnership bought Lakes on Post Oak in 2011 for $176.1 million, Real Estate Alert said.
Trammell Crow is moving to buy the four acres of undeveloped land in Lake of Post Oak, the Real Estate Alert said, for what will become a multifamily project.
This strip of Uptown is probably the hottest half-mile strip, or at least the most deal-intensive zone in the nation right now.
A six-acre tract of land, immediately adjacent to Lakes on Post Oak, was just purchased by billionaire Bob McNair, owner of the NFL’s Houston Texans. That site at the northwest corner of Richmond Avenue and Post Oak Boulevard, is located just south of the WaterWall park and Williams Tower. It is considered one of the finest development sites in Houston. McNair bought the tract from a Dubai group for an undisclosed price.
To the north of Lakes on Post Oak, Hines just completed construction on the WaterWall Place apartments, the Alliance’s Broadstone Post Oak is in initial lease-up and last fall Skanska sold its new 20-story office tower, 3009 Post Oak, to Alliantgroup for $112 million.
With office investments, land purchases and new multifamily deals this half-mile stretch of Post Oak Boulevard has generated a huge amount of real estate activity in recent months.