This Week’s Houston Deal Sheet
DC Partners broke ground on 4411 San Felipe, a Class-A office and retail development.
4411 San Felipe will total 77.2K SF of Class-A office space across seven floors and an outdoor terrace for tenants. There will also be 16.8K SF of retail and restaurant space, with additional outdoor dining and three levels of parking and valet. The mixed-use project will be situated next to DC Partners’ luxury Arabella condominium development, which was completed in 2018.
SIBS International Inc. will relocate its corporate offices to the new development, taking over the sixth floor. Advancial will open its first location inside the 610 Loop on a first-floor, 4K SF retail space. DC Partners will also be relocating its corporate offices from 2506 West Main.
“While there has been a lot of focus on the office and retail industry’s challenges as a result of the pandemic, we are very optimistic and excited to be 60% leased prior to construction,” DC Partners Chief Operating Officer Acho Azuike said.
Construction on 4411 San Felipe is scheduled to be completed in the fourth quarter of 2021. Of the total 77.2K SF of office space, one-and-a-half floors remain for lease, and an undisclosed amount of retail/restaurant space is still available on the first level.
Wade Greene IV joined Colliers International as a principal and director of Retail Services. Greene previously served as a senior vice president with Transwestern’s Retail Services group, where he was recognized with the company’s Rising Star award. Greene is in his 10th year of retail brokerage, specializing in tenant representation of local, regional and national retailers.
Jennifer Pollock joined InvenTrust Properties Corp. as a senior leasing representative. Pollock will play a leading role in continuing to develop and manage leasing at the firm's Houston-area portfolio, which includes Cyfair Town Center, Eldridge Town Center, Windermere Village and Stables Town Center. Pollock was formerly at Simon Property Group, where she most recently served as senior specialty leasing representative at the Houston Galleria.
David Glover joined MetroNational as chief creative officer. In the executive role, Glover will oversee strategy and design for all real estate development, including a new master plan for the transformation of Memorial City. Glover most recently served as a principal and global director of mixed-use at Gensler, where he led the design and planning of mixed-use and retail centers around the world. Prior to Gensler, he served as vice president of design at Westfield and executive creative director at Universal Studios.
Multifamily developer Morgan has promoted four of its executives. Alan Patton was promoted to vice chairman, Evan Schlecker was promoted to president, Shelley Watson was promoted to executive vice president of operations and Joe Arentz was promoted to senior vice president of national property management.
NAI Partners has promoted three of its sales professionals to vice president and five to senior associate. It also promoted a member of its property services group to senior property manager. In Houston, Joe Bright was promoted to vice president, and Zane Carman, A.J. Williams, Lesley Rice, Andy Parrish and Jacob Aldridge were promoted to senior associate. Also in Houston, Nikki Gregory was promoted to senior property manager.
Avenue5 Residential promoted Lesa LaRocca to division president overseeing its North Central and Southwest regions. LaRocca will continue to lead senior vice presidents and vice presidents of operations overseeing more than 100 assets and 25,000 units spanning southern Nevada, Arizona, Colorado, Utah and Texas. Additionally, she will continue to partner with multifamily owners to maximize portfolio expansion and revenue opportunities throughout the division.
The Howard Hughes Corp. appointed Anthony Williams to its board of directors. Williams is the CEO of Federal City Council, a nonprofit organization dedicated to the advancement of civic life in the nation's capital. He previously served two terms as the mayor of Washington, D.C., from 1999 to 2007.
An undisclosed buyer purchased a 383.8K SF industrial property at 8017 Breen Drive for $56.8M. The facility is occupied by National Oilwell Varco. Lee & Associates’ John Berger and Mauricio Olaiz, based in Pasadena, California, represented the buyer, while Colliers International represented the seller. The buyer also purchased five industrial buildings totaling 72K SF in Phoenix for $14M.
Hargrove Engineers + Constructors leased 18.9K SF at 12000 Aerospace Ave. in Clear Lake. The lease brings the 80K SF property to full occupancy. NAI Partners’ Charlie Neuhaus represented the tenant, while Stream Realty Partners’ Matthew Asvestas represented Gemini Rosemont Commercial Real Estate, the landlord.
Berkeley Eye Center and Kelsey-Seybold Clinic extended their respective leases on the fourth floor at The Shops at Houston Center in Downtown Houston. Berkeley Eye Center committed to a lease extension on its 2.6K SF space, while Kelsey-Seybold Clinic finalized an extension on its 22.9K SF clinic and pharmacy. Berkeley Eye Center was represented by McAlpine Interests’ Adam McAlpine, while Kelsey-Seybold Clinic was self-represented. The landlord, Brookfield Properties, was represented in-house on both deals by Andrea Lukens.
CONSTRUCTION AND DEVELOPMENT
The NRP Group has broken ground on a five-story, 367-unit, mixed-income, market-rate apartment building on the corner of West Dallas and Montrose Boulevard. The community will offer one- and two-bedroom floor plans, an integrated clubhouse and structured parking. The project will be developed in partnership with the Houston Housing Authority. Of the 367 units being constructed, 50% will be reserved for residents earning below 80% of the area median income. Initial lease-up of the community is expected to occur in the summer of 2022, with final completion in early 2023.
Public Storage has completed construction of its facility at 2055 Hayes Road in west Houston. The facility was demolished and redeveloped into a three-story, 125K SF building. The project was completed in under 10 months.
VantagePoint Real Estate Group is developing a 25K SF, Class-A retail center at 14025 Northwest Freeway.
THIS AND THAT
Medistar Corp. has selected Cushman & Wakefield to provide agency leasing services for Horizon Tower, a new 485K SF life sciences building at Texas A&M Innovation Plaza. Horizon Tower will include 17 stories of life sciences and medical space, with three floors offering 38K SF floor plates and 14 stories offering 28K SF floor plates. The building will sit atop a 13-story, 2,700-space parking structure, as well as 15K SF of ground-floor retail.
Cushman & Wakefield’s Tim Relyea, William Hartman, Morgan Colt, Michael Baraldi and James Gale will represent Medistar in leasing Horizon Tower. The building is under construction and is slated to deliver in early 2023.
Hines and an affiliate of Cerberus Capital Management LP have renamed 600 Travis St. in Downtown Houston. The property will now be known as JPMorgan Chase & Co. Tower after the new anchor tenant. JPMorgan Chase signed the 250K SF lease in July, which took the property to 90% leased, and it will relocate its Houston Technology Center to the tower from 1111 Fannin.
The building was named the JPMorgan Chase Tower until 2006. Hines developed the tower in 1982 for Texas Commerce Bancshares, which later became JPMorgan Chase & Co. Hines and Cerberus reacquired the 600 and 601 Travis St. buildings in 2019 and launched a major transformation project, including significant updates to the first and second-floor lobbies, access to the tunnels and the exterior plaza. Renovations are underway with completion slated for September 2021.