This Week’s Houston Deal Sheet
National CPA and advisory firm Weaver and Tidwell LLP has leased 60K SF at Five Post Oak Park in the Uptown/Galleria submarket of Houston.
The lease is an expansion for the firm, which had a 43K SF lease at Wesleyan Tower in the Greenway Plaza submarket. Weaver and Tidwell LLP said it intends to move into its new Houston headquarters at Five Post Oak Park by May 2022.
The firm will receive exterior signage on top of Five Post Oak Park. Its offices will span three floors, connected by an interior staircase, and will have several open, collaborative spaces for employees.
The lease follows Boca Raton, Florida-based CP Group’s acquisition of Five Post Oak Park in July, a joint venture purchase with Miami-based Rialto Capital Management. The property was just over 50% leased at the time of acquisition.
Five Post Oak Park is CP Group’s first property in the Houston market since 2014 when it sold off Lakes on Post Oak, a three-building office development in the Galleria/Uptown submarket.
SALES
River City Land Ventures LLC purchased a 46K SF industrial property at 6614 Gant Road in northwest Houston. JAR Real Estate’s Jeremy Roberts represented the buyer, while NAI Partners’ Travis Land and A.J. Williams represented the seller, Ellisor Investments.
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An undisclosed local investor purchased a 12.6K SF retail center on 0.95 acres in the Greater Inwood submarket. High Street Net Lease’s John Baddour represented the buyer, while Newman Kelly Commercial Real Estate’s Jared Pinto represented the seller.
LEASES
JFC International leased a 134.8K SF industrial building at Langfield Distribution Center, located at 6415 Langfield Road in northwest Houston. CBRE’S Billy Gold represented the tenant, while Colliers International’s John Nicholson and Trey Horne represented the landlord, Cabot Properties Inc.
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Burlington Coat Factory leased 25K SF of retail space in Fort Bend Town Center Phase 2 in Missouri City. New Regional Planning’s Greg Stackhouse represented the tenant, while NewQuest Properties’ Andrew Alvis and Bob Conwell represented the landlord.
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Restoration Hardware renewed its 70.8K SF at Rampart Corporate Center, 7355 Yorkfield St. JLL represented the tenant, while Stream Realty Partners’ Matteson Hamilton and Jeremy Lumbreras represented the landlord, Prologis.
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Shaw Systems Associates LLC leased 16.1K SF at Westchase Oaks, located at 10111 Richmond Ave. SE. Covington & Co. Commercial Real Estate Services’ Scott Covington represented the tenant, while Stream Realty Partners’ Matthew Asvestas and Adam Ross represented the landlord, Westchase Corporate Center Holdings LLC, an entity controlled by AEW Capital Management.
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Leaf Home Enhancements LLC leased 11.9K SF at The Gulf Point Business Park. Finial Group’s Jason Gibbons and Doc Perrier represented the landlord.
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Vicostone Houston leased 47.3K SF of industrial space at 4710 North Sam Houston Parkway West in northwest Houston. NAI Partners’ Chris Kugle, Mark Miller and Robert Lynn represented the tenant, while landlord Exeter 4702-4802 N Sam Houston was represented by Graham Gardner.
CONSTRUCTION AND DEVELOPMENT
Retail owner, operator and developer Edens announced plans to refresh Plaza in the Park, an outdoor mall with a collection of shops, restaurants and services in the West University submarket near the intersection of Buffalo Speedway and Bissonnet Street in Houston.
Construction is underway. Modernization plans include the addition of a central outdoor seating space. Building exteriors will receive a new coat of paint, and an extensive landscaping plan will incorporate elements such as creeping vines, trees, flower beds and improved hard landscape features. New retail tenants include YogaSix and Current Meditation.
All retailers, restaurants and services will remain open while updates to Plaza in the Park are completed. Edens is leading all leasing efforts during Plaza in the Park’s modernization.
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Pelican Builders broke ground on The Hawthorne, a 17-story, 67-residence condominium at 5656 San Felipe in the Tanglewood neighborhood. The firm is developing the project with Ranman USA.
Condos in the new building are expected to start at $1.2M, with an average size of 2.7K SF per residence. Amenities will include large terraces, a 67-foot lap pool, fitness center, resident lounge, and 24/7 concierge, valet and porter service. The property was designed by Kirksey Architecture, while interior design was handled by Rottet Studio Interior Design. Douglas Elliman Development Marketing Texas is leading all sales and marketing efforts at The Hawthorne.
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PDR has completed the renovation of the lobby space of what was formerly known as One Shell Plaza, located at 910 Louisiana St. in Downtown Houston. PDR created a refreshed lobby and tenant entrance and developed building amenity spaces. The firm also reduced the number of security desks to one and moved the location away from the center of the lobby.
Lush paintings and metal sculptures were commissioned to create additional focal points in the main lobby. Lounge settings were planned to allow access to natural light and views of City Hall park across Smith Street. PDR completed the project in 2020.
THIS AND THAT
The 92-room Fairfield by Marriott hotel in Katy will celebrate its grand opening a full year after opening in August 2020. Located at 22100 Grand Corner Drive, the Fairfield by Marriott Houston Katy will operate as a Marriott franchise, owned by Jay Parbhu Hospitality LLC and managed by Dalwadi Hospitality Management.
