This Week's Houston Deal Sheet
Axiom Space Inc. leased 32.4K SF of office space at 1290 Hercules Ave. in Clear Lake, expanding to another full floor in the building.
The move comes less than a year after the commencement of Axiom’s first lease, which was for 31.3K SF, and brings the building’s occupancy to 100%. Hercules II is a two-story, 63.7K SF Class-A office building less than a mile from the main entrance to NASA Johnson Space Center.
Ownership of the property has invested $3M in a complete renovation of the property. Recent capital upgrades include a renovation of the common areas, including courtyards with custom landscaping.
Axiom landed a major NASA contract in January 2020 to build and attach commercial modules to the International Space Station. The company has previously said it intends to launch the first module in the second half of 2024. To achieve this, Axiom announced significant expansion plans in February 2020, including the construction of a large facility at the Houston Spaceport.
Savills’ Noah Kruger and Derrell Curry represented the tenant, while Transwestern’s Matthew Seliger, Doug Little and Louann Pereira represented the landlord, Capital Commercial Investments Inc.
David Hudson joined Griffin Partners as president of Griffin Partners Development. Hudson will assist the company in its expansion into the industrial sector, leading the management of its national industrial development practice. Previously, Hudson led the establishment of Duke Realty Corp.’s Houston office and coordinated new development, leasing, acquisition and property management activities for a portfolio of 7.8M SF. Prior to Duke Realty, Hudson worked for Trammell Crow, where he was responsible for the marketing and leasing of approximately 9M SF of warehouse space.
Russell Hodges, Bubba Harkins and Jessica Ochoa joined CBRE’s Advisory & Transaction Services business in Houston. Hodges and Harkins join CBRE as executive vice presidents and Ochoa joins as a senior vice president. The team comes to CBRE from JLL, where they were responsible for marketing and leasing a Class-A office portfolio totaling more than 6M SF. They are joined by Jenny Mueller, Andrew Elliott, Grant Rexrode and Francie Breen.
Joe Burke and Charles McGahren joined NewQuest Properties’ land group as vice president and associate, respectively. Burke is a U.S. Marine Corps veteran with more than 20 years of active duty service. Formerly with Colliers International, Burke will focus on the north and northwest Houston submarkets. McGahren most recently worked in land brokerage at Cushman & Wakefield and will specialize in acquisition and disposition of land for developers of all property types.
Travis Waltmon also joined NewQuest as a senior associate in tenant advisory services. Prior to joining the firm, Waltmon was an associate with Edge Realty Partners.
Integrated Induction Inc. purchased a 52K SF manufacturing building on 7.95 acres at 9110 Taub Road. Lee & Associates’ Mike Spears and Frank Blackwood represented the buyer, while Boyd Commercial’s David Boyd and Wes Williams represented the seller, Allegiance Bank.
Bolcof Liberman Realty LLC purchased a five-building, 42K SF industrial business park at 6315-6363 Theall Road in Houston. Lee & Associates’ Clint Hankla and Justin Cole represented the buyer, while Colliers International’s Michelle Soderberg represented the seller, LCG Lieberman Realty LLC.
An undisclosed buyer purchased Summer Creek Plaza, a 22.3K SF retail property at 11501 North Sam Houston Parkway East in Humble. Marcus & Millichap’s Riley Sharman had the exclusive listing to market the property on behalf of the seller, a developer. The California buyer used a 1031 tax-deferred exchange.
Turner & McKiernan purchased an 11.89-acre site at 9711 FM 2920 in Tomball to develop a Class-A business park called Tomball Commercial. The business park will feature 10 free-standing buildings. First Houston Properties’ Patrick McKiernan represented the buyer.
An undisclosed buyer purchased 0.29 acres on the southwest corner of Beltway 8 at Fuqua Street in Houston. RESOLUT RE’s Mohamed Gamal represented the seller, Kareem Gamal.
An undisclosed buyer purchased Shops at Louetta, a 15.1K SF retail center at 27230 Highway 290 in Cypress. Houston Sinus & Allergy will occupy 5.2K SF and is slated to open in summer 2021. NewQuest Properties’ David Luther represented the buyer, while Blue Ox Group’s Joshua Jacobs represented the seller, 290 Louetta Project Ltd.
First Continental Mortgage leased 22.1K SF at One Oak Park, a 150K SF Class-A office building in Westchase. The tenant had previously occupied space at the location and will be returning to occupy the fifth floor. New Regional Planning’s Adam Strauss and Cassie Crabtree represented the tenant, while JLL’s Matt Pruitt and Christian Canion represented the landlord, Clarion Partners.
CONSTRUCTION AND DEVELOPMENT
Wan Bridge, a Texas-based developer, builder and manager of build-to-rent communities, has completed 30 units and a model home in its Clearwater at Balmoral community, located within the Land Tejas lagoon development in northeast Houston. Wan Bridge first announced Clearwater at Balmoral in August. Upon completion, it will be an upscale duplex and triplex community with 94 units ranging from 1.4K SF to 1.8K SF with three to four bedrooms each.
The firm also announced the name of its new in-house property management team, TBD Management. Clearwater at Balmoral will be TBD’s first leasing assignment of a new community, and the group will also manage Wan Bridge’s existing developments on-site around Houston and Dallas.
THIS AND THAT
Law firm Baker Botts LLP has joined Rice University’s The Ion as a founding partner, alongside previously announced partners Microsoft and Chevron Technology Ventures.
Baker Botts has supported The Ion since its inception and has provided programming for the past few years. The firm will frequently be on-site at The Ion when the 266K SF mixed-use structure opens later this year. Baker Botts’ presence at The Ion will enable attorneys to more easily provide programming to Houston’s tech community, support initiatives for the diverse entrepreneurs The Ion serves as part of its Accelerator Hub, and mentor new emerging companies.
The firm has also announced it will become a founding supporter of the Rice Alliance for Technology and Entrepreneurship and its new Clean Energy Accelerator. The Accelerator will be based out of The Ion, and The Ion and Alliance will work together to increase the likelihood of success for early stage energy startups.