7 posts tagged “houston”
NRG Texas and its retail business Reliant Energy have executed a long-term lease at Pavilions Tower in the Houston Pavilions complex, an agreement that includes the space in floors one through ten (Sheehy, Serpe & Ware occupy the top floor). Eric Anderson and Greg Tilton of Transwestern represented the owner, Houston Pavilions LP. NRG Texas was represented by George Strake and Christopher Oliver with Cushman & Wakefield of Texas, Inc.
With the completion of the NRG lease, the second largest lease to be completed within the last year in downtown Houston, the office section of the project is now completely leased. "Even in the best of economic times, it's not often that a 240,000-square-foot tenant comes along," said Geoff Jones, co-developer/principal of Houston Pavilions. "In today's climate, we feel extremely fortunate to have executed a lease of this size with a tenant like NRG."
For more news and information, visit Blumberg Capital Partners.
Just in time for Earth Week 2009, Houston, TX is marking its second year of the LightsOutHouston initiative, a commitment to become the "Energy Conservation Capital" by turning off the lights. Top property owners and their tenants, in conjunction with the Greater Houston Partnership, the City of Houston, Central Houston, Inc. and CenterPoint Energy, have joined the program to establish a sustained reduction in the use of non-essential electricity in commercial buildings.
In addition to signing sign a pledge of their commitment to energy conservation, participating buildings will "go dark" for the weekend, beginning at 10pm on Friday evening. Security lighting, any obstruction lighting, emergency lighting and lights in occupied offices will remain lit. The 2008 LightsOutHouston avoided 43,000 tons of CO2, which is equal to taking about 7,500 passenger vehicles off the road. The electricity saved is enough to power 4,600 average Texas homes for a year. If participating owners and tenants put this practice into action year-round it could mean a potential savings of $8 million in electric bills, according to a Houston Business Journal article.
For more news and information, visit Blumberg Capital Partners.
Blumberg Capital Partners was recently featured in a Saudi Gazette article titled "Commercial estate bailout needs ‘painful deleveraging’ to succeed".
An excerpt:
An analysis of commercial real estate values, leasing and vacancy trends shows that any government bailout of the industry will require a painful, significant deleveraging to succeed, Blumberg Capital Partners, one of US leading investment fund managers, said on Tuesday.
Blumberg Capital Partners’ new office market assessment, which takes into account the fresh economic data from the past two months, comes on the heels of its widely cited prediction in October that commercial real estate prices in 2009 could drop some 20 percent further- - on top of an anticipated 15 percent drop this year.
Market Exceptions: Philip Blumberg of Blumberg Capital Partners discusses the distinction between the contradiction in advising to sell and not buy in the current economy, and where the exceptions are. For more real estate news and information, visit Blumberg Capital Partners.
Grubb & Ellis Realty Investors, LLC has acquired Oak Park Office Center III, a Class A office building in Houston, on behalf of tenant-in-common investors from Realty Associates Oak Park III, L.P., for $34 million as reported in a GlobeSt.com article. According to Grubb & Ellis Company's most recent Office Market Trends Houston report, overall full-service asking rents continued their upward trek and increased across the board, rising by $0.31 to $26.44 per square foot per year. Class A asking rents within Houston's CBD now stand at $39.29 per square foot per year as Class A vacancy still remains low at 6.8 percent.
Oak Park Office Center III, an approximately 151,000-square-foot building, is located within Oak Park at Westchase, a 225-acre master-planned office park. Situated on more than 11 acres, the building is adjacent Sam Houston Parkway (Beltway 8). Oak Park Office Center III features a two-story atrium complete with marble walls, wood accents, and both cove and pendant lighting. The building has open floor plans, card key access, two electric vehicle fueling stations and security cameras at all entries. The property offers ample parking with 855 spaces, an overall ratio of 5.7 spaces per 1,000 rentable square feet. It is located 30 minutes from both of Houston's major airports and 10 minutes from the Houston Galleria. Jacobs Engineering Group Inc. is the sole occupant of Oak Park Office Center III and operates the building under a long-term triple net lease.
For more real estate news and information, visit Blumberg Capital Partners.
Blumberg Capital Partners was featured today on PR Newswire for using commercial real estate sales to raise cash for future investments. Blumberg Capital Partners Completes Two-Year Real Estate Disposition Strategy.
An excerpt:
Blumberg Capital Partners today announced it has completed a two-year strategy to dispose of its major commercial real estate holdings nationally, raising cash to capitalize on strategic investment opportunities, amid a tightened credit environment and lower asset prices. The most recent transaction was completed last month, with the $9.3 million sale of its smallest holding, a 76,397-square-foot office building in Tampa, Fla.
Chief investment strategist Philip Blumberg, Chairman and CEO of Blumberg Capital Partners, said the cash raised from the dispositions will allow his Funds to explore investment opportunities in office building investment, media and entertainment, distressed debt, and European REITs. "The sale of our Tampa office building encapsulates a strategy we've undertaken since 2006, in anticipation of a weakening economy," said Blumberg. "We originally bought the property for $3.3 million, and it provided great cash flow and growth. We more than achieved our expected return, even though we believe there is more upside."
To read the rest of this article, click here.
Twenty Twenty Properties Inc. recently acquired the 226,000-square-foot six-building office portfolio in Houston from KBS Realty Advisors for an undisclosed amount. The properties are located in south Houston near NASA, approximately 20 miles southeast of the central business district, and include:
- the four-building Armand Plaza at 16441 Space Center Blvd., which is 100% leased;
- Camino Center I at 17629 El Camino Real, which is 92% leased;
- and Camino Center II at 17625 El Camino Real, which is nearly 75% leased.
"The marketing campaign had just begun when a very compelling preemptive offer was received and the ownership decided to take it," said Dan Miller of Holliday Fenoglio Fowler LP. Miller and Marty Hogan of HFF brokered the deal on behalf of KBS while the firm's Susan Hill arranged financing for the acquisition through Viewpoint Bank. Twenty Twenty Properties owns, manages and leases 20 office buildings in the Houston area.
For more real estate news and information, visit Blumberg Capital Partners.
