H-Town Man Posted December 3, 2014 Share Posted December 3, 2014 It seems eerily similar to the situation with Camden's Midtown Superblock project. Year after year of wrestling with courage... Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted December 3, 2014 Share Posted December 3, 2014 Makes me admire Hines decision to move forward with 609 Main. Of all the proposed towers, the most significant proposal is being built. We'll have to see what energy prices do. It looks like the Saudis want to curtail new exploration. Happily, lower energy prices can spur global economic growth which increases demand for energy....and the cycle will come full circle. 1 Quote Link to comment Share on other sites More sharing options...
Avossos Posted December 3, 2014 Share Posted December 3, 2014 This building is the more frustrating buildings. How can they compete with 609 main? Are they just waiting for Capitol Tower to get built so they really have a lot of competition??They won't get a tenant to sign. Not without construction started. Hines built BG place as spec. Didn't sit there long without renters. Also that building was built in economic tough times. Anyway... 2 groundbreakings and no construction... Lame Quote Link to comment Share on other sites More sharing options...
BigFootsSocks Posted December 3, 2014 Share Posted December 3, 2014 This building is the more frustrating buildings. How can they compete with 609 main? Are they just waiting for Capitol Tower to get built so they really have a lot of competition??They won't get a tenant to sign. Not without construction started. Hines built BG place as spec. Didn't sit there long without renters. Also that building was built in economic tough times. Anyway... 2 groundbreakings and no construction... LameThis is so very wrong lol. Quote Link to comment Share on other sites More sharing options...
swtsig Posted December 3, 2014 Share Posted December 3, 2014 you guys sure are brazen with other people's money. if they thought they could get the demand to lease a solid portion of the building at rates that provide an adequate return to themselves and their investors than they most certainly would. unfortunately, the downtown market is not nearly as strong as one would believe from a cursory glance and the drop in oil prices curtails a lot of future expansion for energy companies. on top of that, drastic oil price decreases greatly increase the risk of m&a activity which almost always impacts the office markets. to blame crescent for not wanting to exposie themselves to tremendous risk, particualrly during a period of extremely high construction costs, is pretty ridiculous. fact of the matter is they thought they had a major tenant ready to go for about 250K SF and that tenant ultimately decided to stay where they were. with few major prospects on the horizon it makes sense they would postpone this building for the near term to let the market correct itself. 2 Quote Link to comment Share on other sites More sharing options...
tigereye Posted December 3, 2014 Share Posted December 3, 2014 Honestly, I don't mind if the project is on hold. It was nothing more than a baby-BG Group Place anyways. The Capitol/Rusk corridor is so hot with development currently, maybe once all those projects are complete revitalizing the area, it could lead to a project revision to a better design, offering more amenities for what could be a marquee address by then. 4 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted December 3, 2014 Share Posted December 3, 2014 If you've been marketing a 600,000 SF building for 7 years, and meanwhile Hines has developed two million square footers a stone throw away, people on the internet are going to say things. I understand about the lease falling through, but people on the internet are going to say things. 4 Quote Link to comment Share on other sites More sharing options...
Avossos Posted December 3, 2014 Share Posted December 3, 2014 If you've been marketing a 600,000 SF building for 7 years, and meanwhile Hines has developed two million square footers a stone throw away, people on the internet are going to say things. I understand about the lease falling through, but people on the internet are going to say things.This is exactly my point... And it kills me that they had the 2nd groundbreaking.They can handle their money how they want. Just would have liked to see this go up. 3 Quote Link to comment Share on other sites More sharing options...
Triton Posted December 3, 2014 Share Posted December 3, 2014 This is exactly my point... And it kills me that they had the 2nd groundbreaking.They can handle their money how they want. Just would have liked to see this go up. Of course they would have liked this to go up too...... 1 Quote Link to comment Share on other sites More sharing options...
H-Town Man Posted December 3, 2014 Share Posted December 3, 2014 This is exactly my point... And it kills me that they had the 2nd groundbreaking.They can handle their money how they want. Just would have liked to see this go up. Did they really have an actual groundbreaking both times? Seems like if you're breaking ground, you're telling the world you're going to build. Even if you're just doing it in a sandbox. Quote Link to comment Share on other sites More sharing options...
LTAWACS Posted December 4, 2014 Share Posted December 4, 2014 Did they really have an actual groundbreaking both times? Seems like if you're breaking ground, you're telling the world you're going to build. Even if you're just doing it in a sandbox. Yes. I remember the first one. I was working in downtown at that time and drive right by it. While at the red light at this same corner, it started raining so hard, it was difficult to tell what colors the semaphores were. Started out of the blue. Guess that was a sign. Too bad this thing is dead. Again. Quote Link to comment Share on other sites More sharing options...
toxtethogrady Posted December 19, 2014 Share Posted December 19, 2014 (edited) Put this in the "some people are just too jaded" category. BisNow closes out the year with this headline: "SIX OFFICE BUILDINGS THAT DIDN'T BREAK GROUND IN 2014" https://www.bisnow.com/houston/news/office/Six-Office-Buildings-That-Didnt-Break-Ground-in-2014-41364#0 Edited December 19, 2014 by toxtethogrady 1 Quote Link to comment Share on other sites More sharing options...
Luminare Posted December 19, 2014 Share Posted December 19, 2014 Some people just can't be happy can't they... 1 Quote Link to comment Share on other sites More sharing options...
Fortune Posted January 24, 2015 Share Posted January 24, 2015 Six Houston CenterLocation: Downtown block bounded by Rusk, Caroline, Walker and San JacintoDeveloper: Fort Worth-based Crescent Real Estate HoldingsOriginal plan: In February, Crescent said it would break ground over the summer on a 30-story, $250 million office tower designed for the site. It was prepared to start construction without having a tenant lined up first. Completion on the 600,000-square-foot building was scheduled for the end of 2016.Status: An emailed statement from the company said: "Crescent is committed to Six Houston Center. We are in discussions with several large tenants, and the response to our location, design and amenities has been very favorable. We have our permits and financing in place, and we are targeting a 2017 completion - which coincides with many significant lease expirations in the market."http://www.houstonchronicle.com/business/real-estate/article/Cracks-forming-in-commercial-real-estate-market-6037038.php#/0 4 Quote Link to comment Share on other sites More sharing options...
Triton Posted January 24, 2015 Share Posted January 24, 2015 As I've been saying for a long time in this thread, they've had their permits...... and they've had their financing in place for quite a long time now. They kept waiting to see which direction to go and eventually they decided they were not going to press forward until they got a tenant. And so that's where we've been for a while now... just waiting for that tenant. Now swtsig and I have been saying this probably won't happen this cycle and the oil industry isn't doing too great right now... we're going to see layoffs, budget cuts and mergers. But oil isn't the only thing in this city. Like I've said, it is absolutely possible that some financial company such as JPMC or Fidelity or just anything non-oil related like Sysco takes advantage of this tower. The rest of the economy is doing great so maybe we'll see something there but I wouldn't hold your breath. 5 Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted January 24, 2015 Share Posted January 24, 2015 Like I've said, it is absolutely possible that some financial company such as JPMC or Fidelity or just anything non-oil related like Sysco takes advantage of this tower. The rest of the economy is doing great so maybe we'll see something there but I wouldn't hold your breath.Is Sysco really thinking about leaving their glitzy Beltway building, or are you just throwing out different options for companies that do well regardless of oil prices? Regarding financial firms, we did see an influx of that (handed down from NYC), a decade or so ago. Do we have potential to pick up a little more steam? Serious questions, I'm not being sassy. 2 Quote Link to comment Share on other sites More sharing options...
Triton Posted January 24, 2015 Share Posted January 24, 2015 Just throwing out names. Quote Link to comment Share on other sites More sharing options...
Sparrow Posted January 25, 2015 Share Posted January 25, 2015 How much money could a developer save on construction by breaking ground with the price of oil as low as it is? (labor, materials, etc.) It would be rather foolish to think oil will remain so low for the next 5-10 years. I would think the absolute best time to begin a spec building such as this would be at the bottom of the cycle so it comes online on the uptick before the peak hits. 1 Quote Link to comment Share on other sites More sharing options...
fernz Posted January 25, 2015 Share Posted January 25, 2015 How much money could a developer save on construction by breaking ground with the price of oil as low as it is? (labor, materials, etc.)It would be rather foolish to think oil will remain so low for the next 5-10 years. I would think the absolute best time to begin a spec building such as this would be at the bottom of the cycle so it comes online on the uptick before the peak hits.That makes sense. The only problem is you can only tell when you hit the bottom of the cycle in hindsight. For all we know, the bottom is a couple of years from now, when all buildinga that are currently under construction are finished, and nothing has broken ground, or leased, in a couple of years. 2 Quote Link to comment Share on other sites More sharing options...
mollusk Posted January 25, 2015 Share Posted January 25, 2015 That makes sense. The only problem is you can only tell when you hit the bottom of the cycle in hindsight. For all we know, the bottom is a couple of years from now, when all buildinga that are currently under construction are finished, and nothing has broken ground, or leased, in a couple of years. Agreed. Prime example: Heritage Tower. It was see through for years. Quote Link to comment Share on other sites More sharing options...
LTAWACS Posted January 25, 2015 Share Posted January 25, 2015 Is Sysco really thinking about leaving their glitzy Beltway building, or are you just throwing out different options for companies that do well regardless of oil prices?Regarding financial firms, we did see an influx of that (handed down from NYC), a decade or so ago. Do we have potential to pick up a little more steam?Serious questions, I'm not being sassy.Just an fyi... nothing on the beltway is "glitzy". Kthnx. 2 Quote Link to comment Share on other sites More sharing options...
Triton Posted January 25, 2015 Share Posted January 25, 2015 Just an fyi... nothing on the beltway is "glitzy". Kthnx. Sysco is pretty nice. 4 Quote Link to comment Share on other sites More sharing options...
Montrose1100 Posted January 25, 2015 Share Posted January 25, 2015 Just an fyi... nothing on the beltway is "glitzy". Kthnx.GE Oil & GasWhat's that new white building with the servers?ConocoPhillipsThat teal and white building in GreenspointI kind of like that super 80's Marriott over there tooMy office building (just kidding)There's a new high school in Pasadena they just built that is very contemporary with wind turbines 1 Quote Link to comment Share on other sites More sharing options...
toxtethogrady Posted January 26, 2015 Share Posted January 26, 2015 My problem is none of the real estate brokers in this town appear to have had to work hard to get tenants, and they've gotten soft and lazy. Rumor has it that despite the apparent change of heart that two Fortune 500s had about moving to the Woodlands, there are still plenty of others looking to relocate from out of town. Have any of these developers like Crescent told them they have a building they'd quite like to lease up? Quote Link to comment Share on other sites More sharing options...
democide Posted February 10, 2015 Share Posted February 10, 2015 Crescent has updated the tower's website, check it out. http://sixhoustoncenter.com/ 3 Quote Link to comment Share on other sites More sharing options...
Timoric Posted February 10, 2015 Share Posted February 10, 2015 (edited) - Edited July 8, 2019 by Timoric 1 Quote Link to comment Share on other sites More sharing options...
monarch Posted February 10, 2015 Share Posted February 10, 2015 ^^^ This. very very very nice. however, i am just stunned at how the design as per this prospective edifice is almost a mirror image of BG GROUP PLACE. it shall seem like the BG GROUP building, somehow gave birth to 6 HOUSTON CENTER. hmmmmm.... 1 Quote Link to comment Share on other sites More sharing options...
houstontexasjack Posted February 10, 2015 Share Posted February 10, 2015 It would be a nice surprise to see this move forward, but with all the headwinds in the market, color me skeptical. Quote Link to comment Share on other sites More sharing options...
WestUdweller Posted February 10, 2015 Share Posted February 10, 2015 Looks perfect for some Big 4 Accounting Firm to take up residence in.... Quote Link to comment Share on other sites More sharing options...
ZKB9 Posted February 10, 2015 Share Posted February 10, 2015 I'm skeptical, but it can be done. Quote Link to comment Share on other sites More sharing options...
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