This Week's Houston Deal Sheet: Downtown Skyscraper Lands $450M Refi

Newmark secured a $450M loan for the refinancing of Texas Tower, a 47-story trophy office skyscraper in Downtown Houston. The building, owned by Hines and CDPQ’s real estate group, Ivanhoé Cambridge, was delivered in 2021.

This is the first time in two years that a multitenant office tower outside of New York City was financed in the CMBS single-asset, single-borrower market, Newmark’s Jonathan Firestone said in a news release.

Firestone assembled the loan package along with Newmark’s Jordan Roeschlaub, Clint Frease, Blake Thompson, Travis Bailey, Peter Mavredakis and Tim Polglase. Wells Fargo and Morgan Stanley provided the funding.

The 1.2M SF Texas Tower at 845 Texas Ave. is 95% leased, with more than 500K SF of leasing over the past year. 

PEOPLE

Texas Medical Center appointed Transwestern Chief Revenue Officer Chip Clarke to its board of directors. Clarke has more than 30 years of experience in commercial real estate.

TMC expects Clarke to strengthen its life sciences development initiatives, TMC President and CEO William McKeon said in a statement. 

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KBC Advisors hired Jim Autenreith and William Carpenter as market leaders and Jax Rawlinson, Sam Rayburn and Tanner Thompson to its brokerage team in Houston. 

Autenreith was previously executive vice president and managing director of the industrial and investment services group at Moody Rambin. Rayburn and Thompson also worked for Moody Rambin. Carpenter was vice president at Stream Realty Partners in the industrial division, where Rawlinson also worked. 

The new hires join John Ferruzzo, Judd Harrison, Jack Ferruzzo and Sydney Orsak, who oversee and support brokerage operations in Houston.

SALES

Marcus & Millichap announced the following sales:

• Chris Gomes and Tulsee Nathu represented APF-Houston LLC in the sale of a 243-room unoccupied hotel at 9090 Southwest Freeway. The buyer wasn't disclosed. The hotel was previously branded under IHG Hotels & Resorts and has been closed since 2019. 
• A private investor bought Synott Flex Retail Center, a 29K SF retail center at 10555 Synott Road in Sugar Land. Built in 2024, the property is fully leased to seven tenants, including a tire shop and a smoke shop. Philip Levy, Allie Munday and Adam Abushagur represented the seller, also a private investor. Munday and Levy procured the buyer. 
• A Katy-based developer sold Gaston Retail Center, a newly built Class-A retail center at 10610 Gaston Road in Katy. The center is fully leased to nine tenants, including local restaurants and a dentist. Justin Miller and Irby Rozelle represented the seller and procured the undisclosed buyer. 

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CenterPoint Properties bought TruePort Distribution Center, a newly built Class-A industrial property at 2830 E. Pasadena Blvd. in Deer Park. The 255K SF cross-dock warehouse is fully leased to Ironwear, a manufacturer of personal protection safety products. The JLL Capital Markets investment sales and advisory team led by Trent Agnew, Charlie Strauss and Lance Young facilitated the off-market transaction.

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David Carter of Colliers represented the seller of 675 Bering Drive, a 136K SF office building in the Galleria area. Neither the buyer nor the seller was disclosed.

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CBRE’s Faron Wiley represented a joint venture between Griffin Partners Income & Value Fund IV and Peakline Real Estate Funds in the purchase of 18 acres in South Houston. The property will be home to a 225K SF industrial facility called Griffin 288/West Airport. 

CBRE’s Nathan Wynne secured the equity for the project, which is expected to deliver in the second quarter of 2026. Wiley and CBRE’s Billy Gold will handle marketing. 

LEASES

NewQuest selected Burlington to backfill a vacancy at the Shops at Stone Park in East Houston. Burlington will occupy 20K SF that was formerly leased to Staples. This was one of the largest vacancies in the shopping center’s 16-year history. 

This brings the shopping center at Beltway 8 and Wallisville Road to 99.4% occupancy. 

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Oliva Gibbs LLP leased 21K SF at 11750 Katy Freeway in Houston. Oxford Partners’ Ryan Hartsell represented the tenant, and Steve Bryant of Mac Haik Enterprises represented the landlord, Energy Tour IV Investments. 

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SM Energy Co. signed a long-term lease extension and doubled its space to 41K SF at One Eldridge in the Energy Corridor. The firm occupies the 10th floor, and it will relocate to the 11th and 12th floors after landlord Granite Properties completes the renovation of those floors. SM Energy expects to move into its new space in the third quarter.

One Eldridge is a 12-story, 245K SF office building at 777 N. Eldridge Parkway that is part of a 92.2% leased, three-building complex.

SM Energy was represented by Steven Mulhern of Mulhern & Co. along with Bill Scott of Real Estate One, and Granite was represented by Jon Dutton and Andrew Elliott of Granite Properties.

CONSTRUCTION AND DEVELOPMENT

Fairstead showcased the model unit completed during its $20M renovation of Yale Village Apartments, a 250-unit affordable housing community built in 1970. Residents and Houston City Council Members Julian Ramirez and Willie Davis toured the unit on Feb. 20.

The complex has 34 two-story buildings, with units ranging from one to five bedrooms. Fairstead acquired the property and began its rehabilitation project in summer 2024. Rents at Yale Village remain capped at 30% of residents’ income, and the units are income-restricted at 50% to 60% of the area median income.

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Skanska topped out the $54.5M building at Rice University that will be home to Rice Business, including the Jones Graduate School of Business and the Virani Undergraduate School of Business.

The 112K SF building will feature classrooms, office spaces, dining areas, gathering spaces and facilities for private events. It will complement Janice and Robert McNair Hall, the current home of Rice Business. 

Skanska is partnering with B. Bell Builders, a general contractor based in Sugar Land. Architecture Research Office leads the building’s design, while Houston-based Kirksey Architecture serves as the project’s executive architect. Completion is expected in spring 2026. 

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XAG Group broke ground on a 20-acre mixed-use development in Magnolia. The project includes Rasha at Audubon, a 326-unit Class-A multifamily community, and the two-story, 30K SF Audubon Place Retail Center. The development is at 39899 Mill Creek Road in Magnolia. 

The multifamily community will offer seven garden-style buildings, a 15K SF clubhouse and air-conditioned corridors, among other amenities. 

XAG Group is working with Sam Yager Inc., the developer of the Audubon master-planned community, as well as Gonzalez Group, Anchor Construction, Investwell Architects and Identity Architecture. 

THIS AND THAT

Lacee Jacobs, former senior vice president of strategic leasing and advisory for Midway, founded a boutique retail real estate and consulting firm called Rebel Retail Advisors. Jacobs will serve as president. 

Rebel Retail will focus on predevelopment, leasing and development, particularly for mixed-use destinations, Jacobs said in a news release. Rebel is working on retail developments, including CityCentre, Post Oak Central, Helix Park, East River and White Oak District.