Hines Towers in Big D
|If you squint, you can probably see Hines SVP Clayton Elliott and VP Rob Witte through the window of Chase Tower below. The Hines REIT-owned building is the company’s new home and one of several (including One Victory Park, Two MacArthur, and CityMark) that Hines owns or manages in its 3.5M SF Dallas portfolio.|
Rob recently completed pre-development and is now marketing the Carillion mixed-use project in Southlake. He tells us the Carillon's residential side has 100 lots under letter of intent. As for the city's office side, Clayton says he hears that a dozen 100k SF lease deals may be in the works.
Clayton, left, just returned from his honeymoon to Greece and Istanbul about three weeks ago. His wife is a private chef, and he catered to her (pun intended) with a trip to a spice bazaar, bringing back $120 of pure Iranian saffron at a cost of $40 per gram. Rob's a UT fan and season ticket holder. Good thing Austin is his favorite city since he's spending so much time there.
Hines Las Colinas is down to 18 unused acres; it started with 600; Clayton tells us this growth has been typical even in the down market. (Our takeaway: Lakes that look like two dolphins kissing are counter-cyclical.) Through the end of October, sales have been about $20 million with under 170 residential lots left, which Clayton attributes to location and health in the housing market locally. The three builders are buying lots one at a time when they sell them.