This Week’s Houston Deal Sheet
CBRE has been awarded the leasing assignment for Skanska USA’s new Class-A, 375K SF office building in Downtown Houston at Discovery Green, named 1550 on the Green.
The 28-story trophy office building at 1550 Lamar will anchor Discovery West, a three-block master-planned district that Skanska is developing. The firm announced the office building and mixed-use district in January. CBRE’s Kristen Rabel, Parker Duffie and Joel Douthit are the leasing agents representing the landlord.
1550 on the Green is the first tower project in Texas designed by Bjarke Ingels Group, and its design will be focused on sustainability and tenant wellness to achieve LEED Platinum certification. The building secured global law firm Norton Rose Fulbright US LLP, which will obtain naming rights upon occupancy, as the anchor tenant. CBRE’s Jon Lee and Craig Beyer represented Norton Rose Fulbright in the leasing transaction.
The building will break ground this year with completion expected in 2024.
Clint Bawcom joined Cushman & Wakefield as managing principal of its Houston office. Bawcom came from Brookfield Properties, where he was senior vice president of leasing and oversaw an approximately 10.5M SF Class-A portfolio in the Houston Central Business District. Former managing principals of the Houston office Tim Relyea and Scott Wegmann will remain with Cushman & Wakefield and continue to focus on all aspects of real estate for their clients.
Brad Hauser joined Transwestern Real Estate Services as vice president of Research & Analytics. Hauser will oversee market intelligence, data analysis and research deliverables for Houston. Hauser was previously the head of Data Intelligence at CBRE overseeing the Texas region. Stuart Showers, who previously held the vice president role, has transitioned into the position of senior vice president, Business Analytics.
Craig Bean and Brandon Avedikian have both been promoted to managing principals in Holt Lunsford Commercial’s Houston office. Bean and Avedikian will grow the HLC Houston leasing and management platforms. Bean will oversee the industrial division, while Avedikian will lead the office division. Bean previously served as senior vice president of leasing in Houston, while Avedikian relocated to Houston from Dallas in February 2020.
Lionstone Investments appointed Bryan Sanchez as its next CEO effective June 1. Sanchez, currently the firm’s chief investment officer, will succeed Jane Page, who joined Lionstone in 2012 and became CEO in 2014. Page will remain with the firm as chairman. Sanchez and Page will report to Ted Truscott, CEO of Columbia Threadneedle Investments, Lionstone’s parent company.
The succession plan includes the appointment of other new leaders. Andy Lusk, currently head of acquisitions and head of corporate strategy, has been appointed chief investment officer. Lusk will retain his responsibilities as head of corporate strategy. Bailey Jones, currently managing director of real estate acquisitions, has been appointed head of acquisitions. Both appointments are also effective June 1.
Walker & Dunlop has hired a property sales team, adding a new market to the Walker & Dunlop Investment Sales platform. Managing Directors Ryan Epstein and Jennifer Ray lead the team and are responsible for the marketing and sales of multifamily assets in Houston. Other team members include Nathan Jones, Scott Bray, Leslie Ginzel, Lauren Ehlers, Jamie VanWunnik and Chris Cassidy. Prior to joining Walker & Dunlop, Epstein and Ray led Berkadia’s Houston investment sales team.
Method Architecture promoted Jackie Rye to Houston market principal. Rye will oversee the day-to-day operations of Method Architecture’s Houston office. This includes managing and providing support for multiple design teams, working closely with some of the firms’ top clients, identifying new opportunities for the Houston market and strategic planning with the senior leadership team. Rye joined Method Architecture, previously Three Square Design Group, in 2011 as a project manager. In 2019, she became one of the first Method employees to be promoted to the senior leadership team as an associate principal.
Sam Pouns joined SquareFoot as managing director. The firm hired Pouns to kick off its expansion into the Houston commercial real estate market, which has been spurred by surging online interest from Houston-based companies. Pouns was formerly at Fritsche Anderson, where he guided tenants on negotiating leases and real estate transactions on office space since 2012. He began his career at Colliers International.
Robert Heineman has retired from his role of vice president of Planning and Design at Howard Hughes Corp. A member of the original planning team for The Woodlands, Heineman has been integral to the development of The Woodlands for 48 years, and he served as vice president of Planning and Design for the last 36 years. Heineman will remain engaged in the community as a consultant for Howard Hughes Corp. He will continue to be involved in various committees in The Woodlands including the Development Standards Committee, the Development Review Committee and the Community Standards Committee.
Bodka Creek Capital acquired Terraces Apartments, a 240-unit Class-C multifamily complex in Texas City, for $17.6M. Located at 2602 21st St. North, the 164.6K SF property was 99% leased at closing. Investment partners included Theodore E. Pritchett III, Daniel Hamann and Graham Crain, who also partnered on Gulfwind Apartments. Naval Sehgal, Ash Shah and Brian Pope rounded out the partnership. Walker & Dunlop's Jonathan Paine and Tom Fish and ReadyCapital's David Kwitman secured the debt. Newmark's Matt Saunders represented the seller.
A private investor purchased Capri Apartments, a 22-unit apartment property at 2128 Oakdale St. in Houston. Marcus & Millichap’s Jeffrey Fript and Christian Mazzini had the exclusive listing to market the property on behalf of the seller, a private investor. Fript and Mazzini also secured and represented the buyer.
Luton Underwood Development Partners purchased 10.62 acres at 11514 Trickey Road in the Greenpoint submarket. The majority of the land will be developed for use as a 44-home single-family for-rent community, while the remainder has an existing commercial building with 4.9K SF of warehouse space, 1.2K SF of mezzanine space and 1.6K SF of office space. The project marks Luton Underwood’s first development project since it was formed in 2020 by real estate developers Nick Luton and Carson Underwood. Avison Young’s Tommy LeBlanc and John-Michael Kamel represented the seller, Alpha Neutronics.
Fulu LLC purchased a 0.78-acre ground lease, housing a 3.1K SF Wendy’s restaurant, at 13334 Tomball Parkway. More than 10 years remain on the triple-net ground lease of the property, which was developed in 2015. The Real Estate Experts’ Gloria Chiu represented the buyer, while NewQuest Properties’ Chris Dray, David Luther and Rick Ragan represented the seller, McGowen Investments LLC.
THIS AND THAT
Transwestern Real Estate Services has been selected by Hicks Ventures and Taconic Capital to provide leasing services for 1177 West Loop South, a 341.9K SF Class-A office structure at 1177 West Loop South in Houston’s Galleria submarket. Transwestern’s Kelli Gault, Doug Little and Megan Snodgrass will represent ownership at the 18-story building.
Lee & Associates’ Landlord Agency team acquired four new office leasing and management assignments in January. Those assignments are 10700 Richmond (139K SF), 12946 Dairy Ashford (60.4K SF), 2180 North Loop West (72.6K SF) and 2190 North Loop West (63.1K SF). After leasing 550 Wescott to 91% occupancy and managing renovations, the firm was asked by the owner to lease more buildings, with the goal of raising occupancy across all buildings. The team consists of three principals: Jill Nesloney, Robert LaCoure and Chris Lewis. Shawn Harvey, managing director of Integrated Services, is the company’s head of property management.
Howard Hughes Corp. has relocated its regional office from Hughes Landing to The Woodlands Towers at The Waterway, a property it owns and manages. The Woodlands Towers at The Waterway encompasses the 32-story 1201 Lake Robbins tower and the 31-story 9950 Woodloch Forest tower.
The regional office will occupy 14.6K SF at the 9950 Woodloch Forest tower on the 12th floor, neighboring the corporate headquarters, which is on the 11th floor. The top four floors of the 9950 Woodloch Forest tower are occupied by Western Midstream Partners. The 1201 Lake Robbins tower is 100% leased by Occidental Petroleum.