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Office Buildings

Thursday, May 8, 2008

The Secret New Downtown Tower Hidden on the Web

May 8, 2008 – 9:30 am

Rendering of New Hines North Tower, Downtown Houston

The L-shaped glass building at the center of this drawing is apparently a new 742,000-square-foot office tower planned by Hines for the northeast corner of Main and Capitol Downtown. But Hines hasn’t officially announced it yet. Houston Architecture Info Forum user ChannelTwoNews found the drawing earlier this week — only a few days after it had been posted on the website of an engineering firm working on the project. Fellow forum user lockmat later spotted it again . . . in a Hines presentation from February posted on the Texas A&M Real Estate Center website. By the end of the day yesterday, the engineering firm’s site had been scrubbed of all information about the building.

The tower is planned for a corner most recently occupied by a languishing sales trailer for the appropriately named Shamrock Tower, and a full-size McDonald’s before that. At the far end of the block is the vacant Texas Tower, which the new Hines building appears to wrap around.

The drawing shows a view looking northwest. The tower looks like 28 or so office stories perched atop a parking garage of . . . maybe 10 levels? After the jump, a closeup . . . and an even closer-up, so you can count the floors for yourself.

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9:30 am | 2 Comments | Read more about Commercial Real Estate, Highrises, Neighborhoods: Downtown, Office Buildings, Proposed Developments
Thursday, May 1, 2008

That Nineties Retro Tower Coming to the West Loop

May 1, 2008 – 10:56 am

Proposed Office Tower at 1600 West Loop South, Uptown, Houston

From Ziegler Cooper Architects’ website: Renderings of a 20-story office tower the firm designed back in the early 1990s.

As we reported in February, the Novati Group plans to build the 500,000-square-foot spec tower, along with an 8-level parking garage, at 1600 West Loop South — next to Post Oak Motor Cars, on land purchased from Landry’s. The only changes from the original design will be adjustments so the building can qualify for LEED Silver certification.

So what if the design is old? Worrying that your brand new building already looks dated is so . . . last decade!

After the jump: the marble in the lobby will be old, too!

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10:56 am | Comment | Read more about Commercial Real Estate, Development Strategy, Green Design and Development, Highrises, Houston Architects, Neighborhoods: Galleria, New Construction, Office Buildings, Proposed Developments
Monday, April 21, 2008

Pierce Elevated Face Change

April 21, 2008 – 11:53 pm


View Larger Map

The St. Joseph Professional Building, which looms over the Pierce Elevated, will be getting some sort of face lift soon, reports Amy Wolff Sorter in Globe St.:

The building, which underwent a $10-million renovation in the past year, will get an additional $7.8 million of upgrades from its new owners.

Alex Brown Realty of Baltimore and locally based Mission Equities GP LLC are taking on the 44-year-old building at 2000 Crawford St. St. Joseph Professional Building has a mix of retail and medical office space. . . .

Upgrades to the 18-story building will include replacements of the HVAC and sprinkler systems. Also on tap are upgrades to the elevator, life-safety system, exterior façade and interior common areas. The renovations are anticipated to be completed within six to nine months.

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11:53 pm | 1 Comment | Read more about Medical Buildings, Neighborhoods: East Downtown, Neighborhoods: Midtown, Office Buildings, Renovations
Monday, March 24, 2008

Sanctioned by the Congregation: The Office Building Next to First Baptist

March 24, 2008 – 11:25 pm

Rendering of Proposed Hines Office Building Adjacent to First Baptist Church, Houston

A reader directs our attention to this proposed 16-story office building facing the south side of the Katy Freeway, just outside the Loop — on the current site of a Houston’s First Baptist Church parking lot.

Hines plans to build the office building and an 11-level, 1,500-car parking garage on the lot, which the developer would lease from the church. The congregation has already voted to authorize church representatives to finalize and sign a 99-year ground lease for the property.

The garage would help solve the church’s chronic parking problems: According to the HFBC website, 300 cars currently park off-site on weekends. With the Hines development, the church would lose the 480 spaces in the lot now available during the week, but gain 1,500 spaces for church use on weekends and after office hours.

Below the fold, lots more images of the proposed office building and garage on HFBC property.

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11:25 pm | Comment | Read more about Commercial Real Estate, Development Strategy, Houston Architects, Neighborhoods: Bayou Woods, Neighborhoods: Memorial, Office Buildings, Parking, Proposed Developments
Monday, March 17, 2008

New Memorial Hermann Tower: Great Location for a Head Office

March 17, 2008 – 9:54 am

Memorial Hermann Tower at I-10 and Gessner Under ConstructionNewspaper and radio technology answer guy Jay Lee snaps this photo of the new 30-story Memorial Hermann tower going up along I-10 next to the Memorial City Mall . . . then posts it to the “Look Like a Robot” photo pool on Flickr.

Does he realize offices in that robot-head are available for rent? From a January report in the Houston Business Journal:

Marshall Heins, Memorial Hermann’s real estate guru, says he gets asked about the cone at least four or five times a day by inquiring citizens.

The top three floors of the cylinder will house mechanical systems, but the bottom three floors will house small offices. . . .

The cone’s footprint is 2,500 to 3,000 square feet, while the office floors below in the main building have a 25,000-square-foot floor plate.

Building developer MetroNational Corp. will lease the three small floors to tenants, but Memorial Hermann will not be one of them. No word yet from MetroNational on who might occupy the special space.

After the jump: what the whole thing’s supposed to look like when it’s finished!

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9:54 am | 3 Comments | Read more about Commercial Real Estate, Highrises, Medical Buildings, Neighborhoods: Memorial City, New Construction, Real Estate Marketing
Friday, February 29, 2008

Discovery Tower: Yep, They Are Wind Turbines

February 29, 2008 – 3:50 pm

Top of Proposed Discovery Tower, Downtown Houston

From our email comes a message from a reader who has heard from someone involved in the project that the white poles shown at the top of the new Discovery Tower drawing are . . . indeed, wind turbines.

So . . . if they do end up being put in, how much energy will they bring to the building? And . . . how many tenants?

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3:50 pm | Read more about Commercial Real Estate, Green Design and Development, Highrises, Neighborhoods: Downtown, Office Buildings, Proposed Developments, Real Estate Marketing
Thursday, February 28, 2008

Discovery Tower: Ready for Closeup?

February 28, 2008 – 5:13 pm

Rendering of Discovery Tower by Gensler, Downtown HoustonThanks to an alert poster on HAIF, we now have a more up-to-date and better view of Discovery Tower, Trammel Crow’s 30-story office building — designed by Gensler and planned for a perch on the north side of Discovery Green Downtown.

Other HAIF participants have been speculating whether the shorter white poles at the top of the image are supposed to be . . . wind turbines!

Well, are they? Scrutinize a larger version of the rendering and judge for yourself . . . below the fold.

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5:13 pm | Read more about Commercial Real Estate, Green Design and Development, Houston Architects, Neighborhoods: Downtown, New Construction, Office Buildings, Proposed Developments
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, 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
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, 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