Bridgeland Among Nine Houston Communities On Group’s Top-Seller List

Home sales at the nation’s 50 top-selling MPCs exceeded expectations in the first half of 2019, with a pace that indicates the potential for a 10% increase at year’s end compared with 2018. On average, communities on this year’s list experienced approximately 3% growth in sales over the same time period last year. Texas, Florida, and California account for 66% of total sales among the 50 top-selling communities, with the share of total top-selling MPC sales in other states decreasing from 38% to 34% since mid-year 2018. These results appear to validate the sentiments echoed in RCLCO’s Mid-Year 2019 Sentiment Survey that it is not quite time to stress a downturn. Professionals across the industry were polled about their perspective on the current state of various product types, and most did not yet believe a peak had been reached in the for-sale residential space. Indeed, the sales figures provided by the top-selling master-planned communities in the country would appear to agree with these professionals, as this cycle continues to provide further room to grow. Click to read more at www.houstonchronicle.com.

Ahead of the Storm New Ideas in Flood Protection

Weather-related flooding of homes in Texas is nothing new. Hurricanes and other heavy rainfall events have been damaging residential properties for decades. However, Hurricane Harvey’s unprecedented 50-plus inches of rain heightened many homeowners’ concerns about their vulnerability to flooding. In addition, strong population growth has led to more housing in low-lying and coastal areas of the state. As a result, home flooding has become more commonplace in Texas. To reduce the chances of flood-related damage, potential new-home buyers can familiarize themselves with effective flood-resistant techniques and products before construction begins when implementation cost is lowest. Existing homeowners can benefit from discovering what methods and products are most effective in protecting their current residence against flooding. Click to read more at www.recenter.tamu.edu.

WeWork Expands Its Houston Coworking Operation With New Downtown Location

WeWork, the coworking giant that’s blanketed the country with stylish office space for entrepreneurs and corporations, is planning its fourth Houston location since arriving here two years ago. The New York company has leased 56,000 square feet in downtown’s 609 Main, a new 48-story office tower between Texas Avenue and Capitol. The 609 Main building, developed and managed by Hines, is just a block away from WeWork’s first Houston location in the Jones building at 708 Main St. where it operates 86,000 square feet. Between both locations, WeWork will have more than 2,400 desks. WeWork often operates multiple locations near each other, the company said, citing examples in Dallas, Plano, Austin and other cities around the country. “We see businesses want to be in specific areas or neighborhoods,” said spokesman Leor Reef. Click to read more at www.houstonchronicle.com.

Ray’s Buzz: All Systems Go In The Industrial Market

United State Industrial Market-Takeaway:
All monitored US markets have industrial rates in the single digits, and occupancies are expected to remain high ongoing. E-commerce warehousing demand to accommodate sorting, distribution, and logistics is strong and we are seeing higher (even multi-story) warehouses as developers work with tenants to meet their evolving needs. Labor markets are tight and will get tighter, resulting in rising wages. Asked rents are rising and this may offset projected rising interest rates over time. Industrial remains the most attractive segment to lenders and investors alike. Click to read more at www.rednews.com.

Cerberus, Hines JV Buys Texas’ Tallest Tower for $627M: Report


Hariri Interests sold JP Morgan Chase Tower in downtown Houston, a 1.6 million-square-foot skyscraper designed by the late I.M. Pei, along with an adjacent 407,000-square-foot property.

by Dolly Dutton

A joint venture of Cerberus Capital and Hines has acquired Houston’s JPMorgan Chase Tower, the tallest building in Texas, for approximately $627 million, according to a report from Real Estate Alert. The seller, Hariri Interests, had owned the skyscraper since 1981, according to Yardi Matrix data. Also included in the deal was an adjacent property, the 407,000-square-foot Chase Center. The 75-story JPMorgan Chase Tower is situated at 600 Travis St., in the heart of downtown. Built in 1981, the Class A office property was designed by the late famed architect I.M. Pei. Hariri Interests purchased the property in 1985 through its investment vehicle Prime Asset Management in a joint venture with Hines and later acquired full ownership.

A joint venture of Cerberus Capital and Hines has acquired Houston’s JPMorgan Chase Tower, the tallest building in Texas, for approximately $627 million, according to a report from Real Estate Alert. The seller, Hariri Interests, had owned the skyscraper since 1981, according to Yardi Matrix data. Also included in the deal was an adjacent property, the 407,000-square-foot Chase Center.

The 75-story JPMorgan Chase Tower is situated at 600 Travis St., in the heart of downtown. Built in 1981, the Class A office property was designed by the late famed architect I.M. Pei. Hariri Interests purchased the property in 1985 through its investment vehicle Prime Asset Management in a joint venture with Hines and later acquired full ownership. Formerly known as the Texas Commerce Center, the LEED Gold building houses tenants including Merrill Lynch, Willkie Farr & Gallagher, KeyBank and the Buzbee Law Firm. JPMorgan Chase moved its offices from the building more than a decade ago.

The property has 22,000 square feet of underground retail and tenant amenities including a fitness center and 1,657 parking spaces. In 2008, the building’s façade was damaged during Hurricane Ike, when hundreds of windows blew out and littered the streets below with glass and tangled window blinds.

Hines declined to comment and a spokesperson for Cerberus did not respond to a request for comment.

The Houston office market has been experiencing strong market fundamentals over the past year, with 18,600 office jobs added from March 2018 to February 2019, according to a recent Yardi Matrix report. Traditionally a strong energy market, the biggest city in Texas has been diversifying its economy and growing its tech, innovation, and health-care sectors.

A joint venture of Cerberus Capital and Hines has acquired Houston’s JPMorgan Chase Tower, the tallest building in Texas, for approximately $627 million, according to a report from Real Estate Alert. The seller, Hariri Interests, had owned the skyscraper since 1981, according to Yardi Matrix data. Also included in the deal was an adjacent property, the 407,000-square-foot Chase Center.

The 75-story JPMorgan Chase Tower is situated at 600 Travis St., in the heart of downtown. Built in 1981, the Class A office property was designed by the late famed architect I.M. Pei. Hariri Interests purchased the property in 1985 through its investment vehicle Prime Asset Management in a joint venture with Hines and later acquired full ownership. Formerly known as the Texas Commerce Center, the LEED Gold building houses tenants including Merrill Lynch, Willkie Farr & Gallagher, KeyBank and the Buzbee Law Firm. JPMorgan Chase moved its offices from the building more than a decade ago.

The property has 22,000 square feet of underground retail and tenant amenities including a fitness center and 1,657 parking spaces. In 2008, the building’s façade was damaged during Hurricane Ike, when hundreds of windows blew out and littered the streets below with glass and tangled window blinds.

Hines declined to comment and a spokesperson for Cerberus did not respond to a request for comment.

The Houston office market has been experiencing strong market fundamentals over the past year, with 18,600 office jobs added from March 2018 to February 2019, according to a recent Yardi Matrix report. Traditionally a strong energy market, the biggest city in Texas has been diversifying its economy and growing its tech, innovation and health-care sectors.

Hughes Landing Apartment Midrise Tops Out in The Woodlands

Howard Hughes Corp. has topped out its Two Lakes Edge apartment development on Lake Woodlands. The final beam was lifted to the top of the eight-story building at a ceremony Tuesday attended by Preston Partnership, the project’s architect; Hoar Construction, its construction manager; and officials from Howard Hughes. The project, which will have retail and a restaurant on the ground floor along Hughes Landing Boulevard, is part of the 79-acre Hughes Landing lifestyle district near shopping, dining and outdoor recreation in The Woodlands. Click to read more at www.houstonchronicle.com.