December 4, 2009 – 1:19 pm
City officials are discussing a possible sale of the former basketball stadium now occupied by the nation’s largest megachurch, reports the Chronicle’s Nancy Sarnoff. When Lakewood Church took over the Compaq Center (formerly the Houston Summit) from the city in 2001, the institution prepayed the entire $12 million rent amount of the 30-year lease, and spent considerably more than that on renovations. The city won’t see any more income from the property for 22 years. According to the agreement, Lakewood has the option of extending its lease for a second 30-year period, for $22.6 million.
How much could the city get for the little church by the Southwest Freeway?
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Read more about: 77046, Buildings for Sale, Greenway Plaza, Lakewood Church, Land for Sale, Leasing, Religious Facilities
November 20, 2009 – 2:52 pm
What do all these Houston office towers have in common?
- The Fulbright Tower,
- 1 Houston Center,
- 2 Houston Center,
- 4 Houston Center,
- Post Oak Central One,
- Post Oak Central Three,
- Post Oak Central Two,
- One Greenway Plaza,
- Two Greenway Plaza
- Three Greenway Plaza,
- Four Greenway Plaza,
- Five Greenway Plaza,
- Eight Greenway Plaza,
- Nine Greenway Plaza,
- Eleven Greenway Plaza, and
- Twelve Greenway Plaza
That’s right — they’re all part of the vast Crescent Real Estate Equities empire, which at the peak of the market 2 years ago comprised 54 properties in all, stretching from Texas to the California coast. That’s when Morgan Stanley snatched up the whole thing for a mere $6.5 billion, thanks in part to a little $2 billion loan from Barclays Capital.
Today, Morgan Stanley announced it is giving up on the whole thing. Back to the bank all those properties go. All of them. (Okay, minus a few that were jettisoned along the way.)
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Read more about: 77002, 77046, 77056, Commercial Real Estate, Defaults, Downtown, Financing, Galleria, Greenway Plaza, Office Buildings, Real Estate Investing
