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houstonfella

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About houstonfella

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  • Birthday 08/13/1950

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    Houston sports' teams - my favs
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  1. I glanced at the Chronicle this morning and it stated 51 stories, so you were close.
  2. At 19.5 percent, downtown Houston's vacancy rate is still well-above the national average of around 14 percent. But since 2016, downtown Houston's trophy towers have been home to 64 percent of signed leases in downtown greater than 20,000 square feet, per the report. This is despite those towers comprising 36 percent of downtown's office inventory. Among those deals is Targa Resources Corp. (NYSE: TRGP), a Houston-based energy company, signing a 127,734-square-foot lease in 811 Louisiana in March. And though this tower is still under construction, Charlotte, North Carolina-based Bank of America Corp.(NYSE: BAC) preleased 210,000 square feet in Capitol Tower in the second quarter. The building's underway at 800 Capitol St. The healthy activity in downtown Houston signals an ongoing flight to quality, per the report. Among the submarket's top Class A towers, which includes Hines' new tower 609 Main, rent rates are 28.8 percent higher on-average than other Class A buildings in downtown. The average asking rent in top-tier Class A buildings in downtown is $46.46 per square foot gross, per the report. Throughout Houston, the average Class A asking rent is $33.04 per square foot gross. “Despite ongoing headwinds in Houston’s office market, many tenants in the market are still seeking trophy and Class A+ space,” said JLL's executive vice president John Pruitt in a statement. The steady rent and healthy leasing activity among downtown's top-tier buildings is attracting investors, too, per the report. Discrepancies in seller expectations versus the realities of what buyers were willing to spend hindered investment activity in 2016. But things are starting to pick up in that sphere. In 2017, Houston's seen roughly 1.3 million in total investment volume, a stark increase from the $330 million in investments that closed throughout all of 2016, according to the report. “Cautious optimism and the belief that the worst may be behind us has investors feeling more positively about Houston," said Rudy Hubbard, managing director of JLL's capital markets group, in a statement. "Many groups who have been on the sidelines waiting for the right opportunity and the right time are beginning to look again.” Several new investors have entered the Houston market this year. Earlier this month, Lingerfelt Commonwealth Partners made its first Houston purchase by acquiring the property 1700 West Loop South. It won't be the last Houston acquisition from Lingerfelt, a company executive told the Houston Business Journal. San Francisco-based Spear Street Capital purchased three Houston properties– 5 Houston Center, Energy Center I and 515 Post Oak Boulevard – in a 1.2 million-square-foot deal valued at $272 million. That deal closed in January. Shortly after, Spear Street acquired Exxon's former 16.88-acre campus in the Greenway Plaza area.
  3. Bisnow article: https://www.bisnow.com/houston/news/economy/waiting-for-the-bounce-as-houston-rebounds-back-76781
  4. Pennzoil is 523 ft. tall and Capitol Tower will be 579 ft. tall. So, yes, it should be quite visible from I-45 coming into town from the north.
  5. Finally! http://www.chron.com/business/real-estate/article/Bank-of-America-lease-jump-starts-construction-of-11068370.php
  6. Absolutely fabulous. I couldn't believe my eyes when driving in early this morning!
  7. Regarding the stadium, of the $442 million price, $284 million is being paid for with hotel occupancy and car rental taxes earmarked for use by the sports authority, with the remainder coming from tenant payments and user fees. So, unless you are staying in hotels here or renting cars, your tax dollars aren't "being wasted" on NRG Stadium.
  8. And, from my understanding, that's what Bracewell is going to do.
  9. Inside sources confirm that this is just the garage being built. I was told the tunnel would be open by the end of the year. They are looking for a very large tenant before building the tower. The large law firm has decided to remain in its Pennzoil Place.
  10. (1) Currently the law firm has approx. 104 attorneys in 4 floors. (2) The law firm that will be leasing new space in 2018 has 220 or so lawyers and have about 9 or 10 floors now.
  11. I know one is in talks with Skanska. I am not 100% sure that the second is, but I am trying to find out.
  12. I know of one fairly large downtown law firm in negotiations with Skanska to move in 2017. I also know that another large downtown law firm is looking to move in early 2018 and are possibly in talks with the Capitol Tower folks. Fingers crossed.
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