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Tuesday, February 26, 2008

New West Loop Tower: Keeping the Uptown Office Market Up to Date

February 26, 2008 – 4:31 pm

According to a report by Jennifer Dawson in the Houston Business Journal,, the first new spec office building built in the Galleria area in more than 25 years will be . . . a 20-story tower that was designed 15 years ago!

In the early 1990s, [Novati Group CEO Ken] Moczulski ran Transworld Properties, a developer of office, industrial and multifamily properties. Transworld owned the land at 1600 West Loop South at that time, and commissioned Ziegler Cooper Architects to design an office for the site.

“We had planned a building,” recalls Moczulski. “It was all designed.”

The economy turned south, he says, so the facility did not get built. . . .

Last year, Novati co-founders Moczulski and Fernando De León start looking in the Galleria area for an office development site. Moczulski approached Landry’s about buying the West Loop land because, as in the 1990s, he still thinks the location and high visibility make it a good site for an office building.

To top it off, Novati is saving months of development time by dusting off the original plans from Ziegler Cooper. The only design changes needed are those to make the 475,000-square-foot structure eligible for certification as a green building.

Hey, maybe it’s one of those towers that kinda looks like a tall glass cylinder is bulging out from the center? That was a hot nineties look, wasn’t it?

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4:31 pm | Read more about Commercial Real Estate, Development Strategy, Green Design and Development, Highrises, Houston Architects, Neighborhoods: Galleria, New Construction, Office Buildings, Proposed Developments
Monday, February 18, 2008

Eldridge Oaks: Turn on the Lights!

February 18, 2008 – 3:45 pm

Eldridge Oaks, Proposed Office Building in Houston Energy CorridorA reader who works in the Energy Corridor reports that a sign has just appeared at the Northwest corner of Enclave Parkway and Eldridge Parkway announcing Eldridge Oaks, a 350,000-sq.-ft. 14-story office tower being developed by Transwestern.

Transwestern is apparently taking energy issues in this Energy Corridor building seriously: It will pursue an unspecified LEED rating, and has signed the project up as a sponsor of this spring’s Gulf Coast Green conference. Plus, this drawing from the project website shows what the building will look like when the lights go on . . . then off . . . then on!

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3:45 pm | Read more about Commercial Real Estate, Green Design and Development, Highrises, Neighborhoods: Energy Corridor, New Construction, Office Buildings
Thursday, February 7, 2008

Discovery Tower: Ready to Climb

February 7, 2008 – 4:54 pm

Drawing of Discovery Tower, Downtown HoustonHere’s a small discovery from today’s permit report: Work on the site and foundation of Discovery Tower — a 30-story office tower developed by Trammell Crow and designed by Gensler — has been approved by the city. The tower is planned for a block next to Discovery Green downtown, at 1501 McKinney St.

The tower will have retail space at street level and will reportedly tie into the tunnel system . . . by skybridge. A new parking garage will go up one block north.

The tiny image above shows the view from Discovery Green. Discovery Tower is at the far right. (The hazy image in the background to the left is the Finger Companies’ One Park Place, which is now under construction.)

Got any better images of Discovery Tower you’d like to share? Send them in!

Photo: CBRE, via HAIF user lockmat

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4:54 pm | Read more about Highrises, Neighborhoods: Downtown, New Construction, Office Buildings
Thursday, January 24, 2008

Dismembering and Remembering the Tinseltown Westchase Theater

January 24, 2008 – 8:11 am

A reader writes in with a question about the movie theater that appeared in Swamplot’s Daily Demolition Report earlier this week:

Do we happen to know the reason for the demolition of the Tinseltown Westchase location? If I can remember right, this theater has only been here for not even 10 years yet.

Actually, the Cinemark Tinseltown USA Westchase movie theater had reached the ripe old age of 12. According to the Houston Business Journal, Simmons Vedder Partners is tearing it down to build twin 6-story spec office buildings with a parking garage between them and a “signature water feature” fronting the Beltway — all designed by Ambrose, McEnany and House Architects. It’ll be called Westchase Park.

After the jump, a few fond memories of the theater in its “Hey!” day.

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8:11 am | Read more about Commercial Real Estate, Demolitions, Neighborhoods: Westchase, New Construction, Office Buildings, Openings and Closings, Proposed Developments
Thursday, January 17, 2008

River Oaks District Development Reaches Advanced Watercolor Stage

January 17, 2008 – 5:52 pm

Watercolor of Proposed River Oaks District Mixed Use Development Planned for Westheimer by OliverMcMillan

With new bold, rich watercolor renderings now posted to its website, OliverMcMillan shows its mixed-use proposal for Westheimer is serious. The River Oaks District won’t be in River Oaks exactly, but it would mark a serious upgrade for this portion of Westheimer just inside the Loop, on a portion of the site of the Westcreek Apartments.

What’s planned here: 300,000 square feet of retail space, 300 fancy apartments, 250,000 square feet of office space, plus two hotels — rumored to be a W and a Le Meridien. The W Hotel will house 150 condos on its top floors.

After the jump: those shiny watercolors, plus plans and an aerial view!

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5:52 pm | Read more about Apartments, Commercial Real Estate, Condos, Highrises, Mixed Use, Neighborhoods: River Oaks, Office Buildings, Proposed Developments, Retail, Shopping Centers
Thursday, December 20, 2007

Younan Building Empire: Buy Low, Stack High?

December 20, 2007 – 11:25 pm

Younan Tower, the former Northbelt Corporate Center, Houston

He boasted back in July that he would build the world’s tallest building — a 200- to 300-story tower in either Houston or Chicago. Meanwhile, Zaya Younan has been continuing his Houston-area office-building buying spree. Back in May, Younan told the Houston Business Journal’s Jennifer Dawson that he’d own 5 million square feet of office space in this city by the end of this year.

So how much has he been able to buy?

Just 2.2 million square feet, according to a company press release dated December 18th — which ain’t bad. Even better: by confusing his Houston and statewide numbers, he’s been able to convince Globe St. that he’s bought much more — and actually exceeded his goals for the year. Plus, Younan tells that publication’s Amy Wolff Sorter, he plans to buy an additional 5 million square feet in Houston next year, which will help his company achieve the goal of being the largest office landlord in both the city and the state:

“Since the subprime and credit crunch happened in August, building contracts fell through,” he says. “We were suddenly inundated with calls from owners and brokers, so we bought a significant amount of assets.”

After the jump, some of the properties Younan’s snapped up lately, plus Younan Tower, revealed!

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11:25 pm | Read more about Buying and Selling, Highrises, Office Buildings, Real Estate Investing
Thursday, November 8, 2007

High on Westheimer?

November 8, 2007 – 1:49 pm

Drawing of Proposed High Street Development at 4410 Westheimer, Houston, near Highland Village

Trademark Property has released this new image of its High Street development, slated for the site of the demolished Central Ford dealership at 4410 Westheimer, just west of Highland Village. So . . . is it really gonna happen?

The project had been on hold. It’s now described as “a 6-acre, pedestrian-oriented urban village featuring 93,000 square feet of restaurant and retail space combined with Class A offices and urban residences.” The Fort Worth developer — who also developed Market Street in the Woodlands — had planned to break ground this past spring. Instead, the company has leased part of the site to the sales trailer for the Highland Tower, and politely thrown a picture of that condo building into the background of the new drawing as well.

Don’t confuse High Street with the River Oaks District, a similar but larger project planned for next door.

Continue reading for a site plan and lots more images!

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1:49 pm | Read more about Apartments, Commercial Real Estate, Mixed Use, Neighborhoods: Highland Village, Office Buildings, Proposed Developments, Retail, Shopping Centers
Tuesday, October 30, 2007

Sugar Land: New O.J. H.Q.

October 30, 2007 – 10:03 am

Minute Maid is moving to Sugar Land. The Minute Maid Building near the Galleria has been sold.

Should we expect added sweeteners in our O.J.?

Cameron Management, Wachovia Bank and a group of local investors recently purchased the 351,000-square-foot office building at 2000 St. James Place for an undisclosed amount.

Minute Maid, a Houston-based division of Atlanta-based Coca-Cola, will lease back 150,000 square feet of space until its new home is ready in late 2008. Coca-Cola is negotiating a lease for 120,000 square feet in an office building that Planned Community Developers Ltd. began constructing last July in Sugar Land Town Square at U.S. Highway 59 and State Highway 6.

Why not . . . Pearland? Probably less appealing.

And what will happen to the empty building on St. James after the juice is gone?

In preparation for Minute Maid’s move-out, Cameron is marketing the 12-story building, located between Westheimer and San Felipe, as the largest block of contiguous office space in the Galleria area.

Sweet.

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10:03 am | Read more about Buying and Selling, Commercial Real Estate, Fort Bend County, Leasing, Neighborhoods: Sugar Land, New Construction, Office Buildings
Thursday, October 11, 2007

Downtown’s New Tower of Parking

October 11, 2007 – 11:28 am

Heritage Plaza, Downtown Houston, TexasA new multistory parking structure is about to go up at the northeast edge of downtown, across the street from Heritage Plaza. A building permit for the parking garage at 1200 Bagby, which is classified as a “high rise” itself, was approved by the city yesterday.

“We’re going to offer suburban parking ratios in downtown Houston,” Russell F. Read, a principal at Goddard Investment Group, told the CoStar group two years ago. “That will be hard to beat.”

Photo: flickr user Corrine Martin

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11:28 am | Read more about Highrises, Neighborhoods: Downtown, New Construction, Office Buildings, Parking
Friday, October 5, 2007

St. Luke’s: We’re Selling So We Can Renovate and Demolish

October 5, 2007 – 9:16 am

The O’Quinn Medical Tower at St. Luke’sWhy did St. Luke’s decide to sell the Texas Medical Center’s most recognizable building?

Once the tower sale goes through, St. Luke’s — which plans to lease back its current space on floors nine through 12 for continued hospital operations — plans to extensively renovate and update the 27-story patient tower, which opened in 1971. The original seven-story hospital building, built in 1954 and now used for administrative functions, will be torn down, and new facilities will be built on that space as well as possibly on other nearby undeveloped land owned by St. Luke’s, according to [St. Luke’s senior vice president David] Koontz.

“That is the ‘why’ behind the move to sell this medical building,” he says.

For sale: The Madonna tower. Designed by Cesar Pelli. Officially named only a couple of years ago for donor and breast-implant litigator John O’Quinn.

After the jump, a picture-postcard-perfect view of the original 1954 St. Luke’s Episcopal Hospital building, not long for this world.

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9:16 am | Read more about Demolitions, Highrises, Institutional Buildings, Medical Buildings, Neighborhoods: Texas Medical Center, Office Buildings, Renovations
Friday, September 28, 2007

The 1031 Exchange Buyer Advantage

September 28, 2007 – 8:41 am

Parkview II, 333 Cypress Run, Houston

Everyone knows having money gives you a big advantage when you try to make money. But think about the advantage already owning real estate gives you when you’re trying to buy real estate.

Imagine a buyer bidding against a crowd of competitors on a pair of fully-leased West Houston office buildings—say, Parkview I and II:

“They’re not active buyers and they had a specific need with 1031 exchange money,” says Marty Hogan, associate director in Houston for Holliday Fenoglio Fowler LP. Texas is a non-disclosure state so he won’t discuss the sale price of the 333 Cypress Run properties, but local experts confirm that similar class B buildings are trading for $110 per sf to $120 per sf.

Hogan says the assets attracted 10 offers, with a partnership from Greenwich, CT ending up with the deal because it offered a short due diligence and certainty of close. “The buyers also had a large amount of equity and the purchase wasn’t contingent on financing.” Hogan tells GlobeSt.com. “Given the market at this time, they weren’t high-leveraged buyers looking to get 80% to 90% of the purchase price financed so that was appealing.”

Sure, a lot of cash in the transaction is going to be pretty attractive to a seller. But other aspects of 1031 exchange requirements—if the buyer knows that’s what you’re doing—give like-kind-exchange buyers a decided advantage in any market: The seller knows you’ve got time constraints to complete the deal. And that you’ll likely have to pay a lot of taxes if you can’t pull it off. You look like a sure thing.

Of course, if the seller knows that you have no other 1031-exchange options available and the terms of your deal aren’t fully worked out yet, that’s another story.

Photo: Parkview II

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8:41 am | Read more about Buying and Selling, Commercial Real Estate, Financing, Office Buildings, Real Estate Investing
Friday, September 21, 2007

Supermod Boulevard Place: Replacements First

September 21, 2007 – 10:23 am

Aerial View of Blvd Place

Having trouble leasing upscale retail space in your giant mixed-use redevelopment project? No prob. Just build sleek new quarters for your existing tenants first. When they move, demolish their old building and build your new project in its place. Somebody else has gotta sign up by then, right?

The Houston Business Journal gives some details of Wulfe & Co.’s plans at the Galleria-area Boulevard Place:

The first building will rise at the project’s southern boundary, at the northwest corner of Post Oak Boulevard and Ambassador Way. The 70,000-square-foot building will house seven tenants currently in the Pavilion on Post Oak and Fashion Place retail centers that are relocating to Blvd Place — including Cafe Annie, Americas and Hermes. Once the tenants move, the older retail centers will be demolished and the remainder of Blvd Place will go under construction.

Retail, of course, is just part of the picture. There’s a hotel, condos, and an apartment building in the project . . .

Wulfe would not disclose the hotel name because the hospitality company wants to make the announcement, probably in about a month. However, he did reveal that the 225-room luxury hotel will include 175 to 200 high-end condominiums on the upper floors.

Wulfe also said it is “pretty definite” that the apartment building will be developed by Houston-based Hanover Co. An industry source says Hanover plans to buy Wulfe’s land for a 55-story apartment tower, making it the second-tallest building in the Galleria area behind the Williams Tower.

But what about the rest of that retail?

Whole Foods Market Inc. announced last year that it will build a 78,000-square-foot flagship store at the southwest corner of Post Oak and San Felipe. There are currently no other new tenants signed.

No other new tenants signed? That leaves just over 350,000 square feet of planned retail space in the development still available. No word in the article either about the 120,000 square feet of boutique office space, mostly on two stories above the retail. And construction is scheduled to start next month.

Wulfe joked at last week’s Commercial Real Estate Women luncheon that come Oct. 1, “somebody’s going to be shoveling something” at the site . . .

After the jump: renderings of that superbig, supermod Whole Foods that ate Eatzi’s, plus more Boulevard Place images.

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10:23 am | Read more about Apartments, Commercial Real Estate, Condos, Demolitions, Development Strategy, Highrises, Hotels, Leasing, Mixed Use, Neighborhoods: Galleria, New Construction, New Construction: Residential, Office Buildings, Proposed Developments, Retail, Shopping Centers
Monday, August 27, 2007

Houston Pavilions: Woulda Coulda Shoulda

August 27, 2007 – 8:34 am

Houston Pavilions Aerial View, Downtown Houston

If you’re curious why the developers of Houston Pavilions, the $70 million mixed-use development under construction downtown, decided not to mix anything other than office space with their 360,000 square feet of retail and “entertainment” space, you’ll be interested to read the comments L.A. developer Bill Denton made to the CoStar Group:

[Entertainment Development Group] put the site under contract in January 2004, then three surface parking lots and a multi-level parking garage sitting on just over 4 acres, and the project has evolved ever since. “We originally planned for a hotel/condo component, but at the time, the city was just finishing off convention center hotels and hotel occupancy was only 52%; now its difficult to find a hotel room in Downtown Houston. So, we changed the plan into two residential towers, which stuck until 12 months ago. Demand on the residential was tremendous, but because of the mixed-use and density, we would have had to do subterranean parking, which blew the economics of the residences out of the water. So now its 200,000 square feet of office space, and based on demand for that so far, I wish we could do 400,000 square feet.”

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8:34 am | Read more about Commercial Real Estate, Condos, Development Strategy, Mixed Use, Neighborhoods: Downtown, New Construction, Nightlife, Office Buildings, Parking, Proposed Developments, Retail, Shopping Centers
Friday, August 24, 2007

MainPlace: Hines’s 46-Story Green Pipe-Wrench Dream

August 24, 2007 – 7:43 pm

View of MainPlace, Hines’s Proposed 46-Story LEED Silver Office Building on Main Street in Downtown HoustonIt rises dramatically from the center of Downtown to face the morning sun. And the renderings sure make it look like a sleek, giant pipe wrench, the business end looking out over Houston’s industrial east side. Yep, there’s nothing the head office won’t be able to fix!

It’s MainPlace, a 46-story, one-million-square-foot green spec office tower, planned for most of the block surrounded by Fannin, Rusk, and Walker, at 811 Main.

The developer is the Hines CalPERS Green Fund, established by Hines and the California retirement fund to develop “sustainable” office buildings around the country. The core and shell, they promise, will be given a LEED-Silver rating by the USGBC. Don’t worry too much about all that, though: tenants will presumably be free to decorate their interiors with the usual endangered rainforest hardwoods and petroleum-based finishes.

That’s a five-story atrium up there on the 39th floor, facing a “sky garden.” Enjoy those trees in the rendering while you can; eventually, the engineers will start to think long and hard about hurricanes. More details and lots more zoomy pics, including closeups of that pipe-wrench jaw sky garden, after the jump.

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7:43 pm | Read more about Demolitions, Green Design and Development, Highrises, Neighborhoods: Downtown, Office Buildings, Proposed Developments
Friday, August 10, 2007

River Oaks To Move West, Add Hotels, Apartments, Offices, and Shopping

August 10, 2007 – 7:29 pm

Street Perspective of Proposed River Oaks District Development by Oliver McMillan

Aerial View of Proposed River Oaks District Mixed Use DevelopmentThe Houston Business Journal gives more details on the River Oaks District, a 15-acre, $600 million mixed-use development proposed for Westheimer just inside the loop, on the site of the Westcreek Apartments, between Highland Village and the Galleria. It’s hard to imagine River Oaks moving further west than that. Once you get to the other side of the loop of course, you might as well call yourself Tanglewood.

Two luxury hotels are on tap. The five-star properties will have a total of 500 guest rooms, and 150 condominiums for sale at the top of one tower.

Another building will hold 300 upscale apartment units. A 10-story office building with 250,000 square feet of space also is part of the mix. And since the Galleria is synonymous with shopping, the developer plans 350,000 square feet of mostly ground-level retail space.

San Diego developer OliverMcMillan says groundbreaking is scheduled for a good year-and-a-half from now. So there’s plenty of time for this project to morph into a more typical Houston-style mixed-use project: maybe a stylish Sam’s Club next to some shiny new apartments?

After the jump, plans and more flashy drawings!

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7:29 pm | Read more about Apartments, Commercial Real Estate, Condos, Highrises, Malls, Mixed Use, Neighborhoods: Highland Village, Neighborhoods: River Oaks, New Construction, New Construction: Residential, Office Buildings, Proposed Developments, Retail, Shopping Centers
Monday, August 6, 2007

Downtown Rents: Going Up

August 6, 2007 – 10:39 am

5 Houston CenterLeasing rates at Five Houston Center downtown have reached $30 a square foot triple net, reports Globe St. That’s quite a jump from the building’s $18 rate a year ago. Other Class A buildings are not far behind.

Will prices stay high after all those new downtown buildings get built?

[Transwestern senior vice president David] Lee points out that when newer product comes on line, older buildings will work to catch up by making rates competitive. But with new buildings still 18 months to two years from completion in the CBD, current owners have an interesting advantage, he adds. “The guys that got their stuff in the ground a year and a half to two years ago and before are in great shape now,” he says. “In a two-year period, rates have essentially doubled Downtown.”

Photo of 5 Houston Center: HKS

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10:39 am | Read more about Commercial Real Estate, Leasing, Neighborhoods: Downtown, New Construction, Office Buildings