This week, one of Houston's ghost buildings changed hands. An undisclosed buyer purchased Northborough Tower at 100 Glenborough in Houston. The 206k SF Class-A office building in Houston’s North District submarket was 99% leased to Noble Energy, but the energy giant does not occupy the space.
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Transwestern’s Leah Gallagher, Michelle Wogan and Hale Umstattd represented the undisclosed seller. Northborough Tower was an attractive opportunity to acquire a vacant, Class-A building at pricing substantially below replacement cost, according to a release by Transwestern. The asset has been institutionally maintained with significant capital investments.
SALES
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JLL’s Louis Rosenthal assisted Davis Holdings in purchasing a 100% leased, 33k SF office building at 1500 McGowen St. in Houston. David Husid and Brandi McDonald of Newmark Grubb Knight Frank repped the seller, Skyland Lodge Tract.
LEASES
NAI Partners’ Jake Wilkinson and Chris Caudill reped R. Pennington Investments in leasing 18k SF of industrial space at 6633 Lindbergh in Houston.
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NAI Partners' Shaffer Braun repped NPO 1495 in the lease renewal of 12k SF of retail warehouse space at 1499 North Post Oak in Houston. Boyd Commercial's David Munson represented the tenant, Niche Importing Group.
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Stream Realty Partners leased 29k SF feet of office space to RigNet at Park Ten Plaza in Houston’s Energy Corridor. This transaction brings the 155k SF Class-A office building to 83% leased. Brad Fricks repped the landlord, USAA Real Estate Co., while RigNet was repped by Cushman & Wakefield's Joe Peddie.
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Quality Metals signed a 28k SF industrial sublease at Santa Fe Business Park, 7600 South Santa Fe Drive in Houston. JLL’s Travis Secor and Ryan Fuselier repped the subtenant. Colliers International's Chase Spence and Trey Erwin repped the sublandlord, Lock Investments.
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NAI Partners’ Chris Caudill repped Kerbow-Dees in the sale of a 51k SF industrial facility at 12700 West Airport, Sugar Land. Vicki Yeomans repped the buyer, STGMJD.
HIRES/PROMOTIONS
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Randy Hopper joined JLL as vice president. Hopper will lead retail agency leasing and be responsible for growing JLL’s platform in Houston.
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Jerry Goldstein was named senior managing director of investments at Marcus & Millichap’s Houston office.
FINANCING
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HFF completed financing for The Plaza at Enclave, a 344k SF, Class-A office building with an attached multi-level parking garage in Houston’s Energy Corridor. HFF worked on behalf of the borrower, a foreign investor, to secure the 15-year, fixed-rate loan through Allianz Real Estate of America. HFF’s team was led by Wally Reid and Matt Kafka and real estate analyst Dustin Selzer.
DEVELOPMENT
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Upper Kirby's Levy Park is ready for its close-up. The reinvented public space at 3801 Eastside makes its official debut on Feb. 25 with a full day of free activities and a performance from Grammy-award winning Latin funk band Grupo Fantasma. The new park is set to become a prime outdoor destination similar to Discovery Green. The project was designed by the Office of James Burnett.
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