Exclusive: Houston Center to trade hands for $875 million

Houston Center officially has a buyer.

Toronto, Canada-based Brookfield Asset Management agreed to buy Houston Center, sources familiar with the deal told the Houston Business Journal. Brookfield will pay $875 million for the property, per sources. The deal should close in around 60 days.

Houston Center went on the market in late June. The 4.2 million-square-foot office complex includes LyondellBassell Tower, 2 Houston Center, Fulbright Tower and 4 Houston Center, which also includes 200,000 square feet of retail space.

Click to read more at Houston Business Journal.

 

JLL’s new Texas office sales leader: ‘This is the right time to invest in Houston’

So far, this year’s office investment sales volume is four times as large as 2016’s office investment sales volume, per JLL research.

That’s good news for Michael Zeitsman, an international director with JLL’scapital markets group, who’s been tasked with leading the firm’s office investment sales efforts in Texas and Denver.

In 2016, approximately $330 million in office investment sales transactions were executed. To-date in 2017, though, more than $1.4 billion in office transactions have been closed.

“A lot of our clients are telling us that this is the right time to invest in Houston,” Zeitsman said.

Click to read more at Houston Business Journal. 

Houston among top 10 cities for millennials

How does Houston rank when it comes to appealing to millennials?

According to a new survey, there are only eight better cities for millennials than Houston. Click through the slideshow to see the top 10 cities, according to the analysis by Apartment List.

Apartment-finding company Apartment List surveyed 24,000 millennial renters, between ages 18 to 34, and ranked 75 U.S. cities for jobs, affordability and livability.

Houston received an overall “A+” grade, scoring high for its job market — based on median wages, wage growth and millennial unemployment rate. But its affordability score and livability score were about average.

Click to read more at Houston Business Journal. 

Why Houston is on the rise as a major retail distribution hub

Several factors, including Houston’s rapid population growth and its access to Port Houston, are solidifying the Bayou City as a viable retail distribution hub poised to compete with Dallas.

Over the past 12 months, a flurry of consumer goods retailers, including Seattle-based Amazon.com Inc. (Nasdaq: AMZN), The Netherlands-based Ikea and Minnesota-based Best Buy Co. Inc., have either leased or are looking to lease distribution space in Houston.

Click to read more at Houston Business Journal.

Houston-based industrial companies to consolidate onto new 32-acre site

Houston-based companies AIV LP and Gulf Coast Modification plan to consolidate three existing facilities into a new project built on 32 acres in northwest Houston.

The facility will be more than 320,000 square feet, but the site allows for future expansion of up to 700,000 square feet, according to a press release. It will be on NW Lake Drive, which is off of Telge Road just south of U.S. Highway 290.

Click to read more at Houston Business Journal. 

Savills Studley Houston office tenant team leaves for Newmark Knight Frank

Three prominent members of Houston’s commercial real estate community left their firm to join Newmark Knight Frank.

Mark RussellSteve Biegel and Jay Bonano, all previously of New York-based Savills Studley’s Houston office, joined the Houston office of New York-based Newmark Knight Frank, according to a statement.

Click to read more at Houston Business Journal.