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Bank Of America Tower: Office Building For Downtown


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Yes, the first tower crane is going up and according to a rigger and some Skanska workers, 2 more tower cranes will be going up in the next couple of weeks. The office portion is going up too!!!  They

It's kind of open, at least if you wander around from Pennzoil, there's nothing/no one to stop you continuing through the tunnel level.    It looks really well done. In one mole person's opi

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Outside of barriers being moved around the sidewalks and streets, this site has been silent all week, and today there's lots of activity. People everywhere and there are crane pieces everywhere, and flatbeds with more crane pieces.

 

They're definitely adding another crane to the scene.

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Or maybe the plan is, Skanska gets their cranes in place, and every time they get a lease, they build just enough floors to cover the space leased. The catch is, a new lease has to happen within six months each time, otherwise the cranes come down. So if only one tenant signs a lease this year, they build just a few floors, and then that's it, they finish the tower at 6 or however many stories. On the other hand, if tenants keep leasing more space, they keep going until it's over 100 stories. Pretty cool game on Skanska's part!

 

Otherwise I think hindesky is probably correct, the tower is going to be built as planned, full speed ahead.

 

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5 hours ago, enriquewx91 said:

I wet myself. In all seriousness though, will this tower be somewhat visible in the skyline or will it just get lost in the sea of buildings. 

From this video looks like the northern view may change a bit.

It'll only be seen from the folks driving in on the North Frwy or along I-10 as they pass in front of the skyline. Other than that, it'll be lost.

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2 hours ago, wxman said:

It'll only be seen from the folks driving in on the North Frwy or along I-10 as they pass in front of the skyline. Other than that, it'll be lost.

Thats not exactly true. It will be visible from the southeast on 288. I go over 288 at Magregor and from that angle it will be visible and on the Allen Parkway side of the bayou there will be another view of it. It will be the backdrop to  Pennzoil from the west. I looked at images of our skyline and there are several places where you can see the Pennzoil and the block to its east which is where this building is going. Its really just a few feet taller than Pennzoil and surrounded by 50 and 70 story buildings so its not going to change the overall skyline  much but it will create a denser and more varied texture to those views I mentioned.

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http://realtynewsreport.com/2017/04/05/with-foundation-already-poured-new-skanska-skyscraper-will-zoom-onto-houston-skyline-in-record-time/

 

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HOUSTON – Skanska USA’s Capitol Tower will make its appearance on Houston’s downtown skyline in record time, perhaps with building being completed before the start of 2019.

 

 

Quote

So instead of waiting two years for the building to be finished, the Capitol Tower could be finished with “core and shell” construction in 18 months.

We asked the hypothetical question to Michael G. Scheurich, CEO of Arch-Con Construction of Houston. “On a 35-story building with the excavation and foundation work done, I would say you are saving four to six months,” says Scheurich.

Why does this matter?

The Houston office market is in recovery right now. Houston has the highest office vacancy rate (21.5 percent) in the nation, according to a recent report by Marcus & Millichap. Houston leads the nation in sublease office supply – over 11 million SF, CBRE reports.

So with Skanska’s new building hitting the market, the supply of downtown space will be even more bloated. And Skanska’s tower is coming quickly.

 

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12 minutes ago, CREguy13 said:

 

Where does this put CBRE? It sounded like they were looking to move / centralize in one building.

 

It would be cool if they either took the space in BOA Building or was the lead tenant at 1 Market Square.

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2 hours ago, Avossos said:

 

Where does this put CBRE? It sounded like they were looking to move / centralize in one building.

 

It would be cool if they either took the space in BOA Building or was the lead tenant at 1 Market Square.

 

Oh, CBRE wouldn't centralize. We have several locations throughout Houston and I highly doubt they would leave Willis Tower. I could see them taking a floor or two at Capitol Tower and that was the rumor. Either way, this project is moving forward.

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1 minute ago, Triton said:

 

Oh, CBRE wouldn't centralize. We have several locations throughout Houston and I highly doubt they would leave Willis Tower. I could see them taking a floor or two at Capitol Tower and that was the rumor. Either way, this project is moving forward.

 

Ah ok. Well obviously CBRE needs offices in every city, but i had thought CREguy said something about them being a lead tenant. I might have been mistaken.

 

How many employees does CBRE have in Houston?

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This will be fun to watch rise.  Those of us who drive-in on the north freeway will have a front and center view of this tower every day. It should have a decent little impact on the skyline when viewing it from the north.

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27 minutes ago, Avossos said:

 

Ah ok. Well obviously CBRE needs offices in every city, but i had thought CREguy said something about them being a lead tenant. I might have been mistaken.

 

How many employees does CBRE have in Houston?

I have not heard anything about us being a lead tenant.

 

I would say we have several hundred employees (perhaps 600?) with the three main offices being Willis Tower, Memorial City Tower, and 700 Louisiana. We have a bunch of smaller branches sprinkled throughout. CBRE has such a large portfolio and so many deals with other buildings, I just don't see us moving all of our operations here. If they did, I would certainly welcome it though! But I am sure any amount of smaller tenants will help this building move forward. A lot of financial firms, law offices, and real estate companies are needing room to expand and with this being such a prime location, it's going to be snagged up unlike the other proposed office towers in downtown. 

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4 hours ago, Triton said:

I have not heard anything about us being a lead tenant.

 

I would say we have several hundred employees (perhaps 600?) with the three main offices being Willis Tower, Memorial City Tower, and 700 Louisiana. We have a bunch of smaller branches sprinkled throughout. CBRE has such a large portfolio and so many deals with other buildings, I just don't see us moving all of our operations here. If they did, I would certainly welcome it though! But I am sure any amount of smaller tenants will help this building move forward. A lot of financial firms, law offices, and real estate companies are needing room to expand and with this being such a prime location, it's going to be snagged up unlike the other proposed office towers in downtown. 

 

There's a Willis Tower in Houston?  I presume you meant to say Williams Tower?

 

FWIW, CBRE did recently consolidate their 3 Dallas offices into one location...

Edited by Houston19514
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5 hours ago, Houston19514 said:

 

There's a Willis Tower in Houston?  I presume you meant to say Williams Tower?

 

FWIW, CBRE did recently consolidate their 3 Dallas offices into one location...

Hmmm... wonder why I was thinking of Chicago. Yea, Williams Tower. Upper management could surprise me and move us into one place but I am just saying I haven't heard anyone saying that. But I believe the consolidation in Dallas had to do with our IT Services falling under one roof as Digital Technology Services... I don't know, CBRE has over 30K employees so I am not sure what happens in every city. You have an article for that?

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The articles I am reading about BOA are confusing. They keep saying BOA is expanding but they have over 400,000 currently and only signed for 210,000. So, they are either keeping their current space and this is additional space or the PR spin is Spiced with Conway.

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15 minutes ago, KinkaidAlum said:

The articles I am reading about BOA are confusing. They keep saying BOA is expanding but they have over 400,000 currently and only signed for 210,000. So, they are either keeping their current space and this is additional space or the PR spin is Spiced with Conway.

 

The Bisnow article linked above seems pretty clear that they are moving out of their current building. 400,000 to 210,000... ouch. Then again, they keep talking about the opportunity to "co-locate"/consolidate different teams, which sounds like they're bringing in other offices from around town to be with the main office. Also, new construction is going to have higher rent... not exactly a cost-cutting move. And Capitol Tower, while nice, doesn't exactly have that signature look that BoA goes for in their buildings.... making me think that this is an expansion. Guess we'll have to wait to hear more.

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5 hours ago, H-Town Man said:

 

 Also, new construction is going to have higher rent... not exactly a cost-cutting move. 

 

ehhhh... not so much.  A+ is A+.  It's going to be less unsettling to no longer get memos from BOAC (what they call it - we use 700 Louisiana or "the big building with the spikes on it)... a better version of this image keeps coming up.

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56 minutes ago, mollusk said:

 

ehhhh... not so much.  A+ is A+.  It's going to be less unsettling to no longer get memos from BOAC (what they call it - we use 700 Louisiana or "the big building with the spikes on it)... a better version of this image keeps coming up.

 

Right now asking rent at BoA is $32/SF NNN. If Capitol Tower doesn't lease for higher than that I'll be quite surprised.

 

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2 hours ago, houstonfella said:

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.

 

The Gulf Building might not be visible from I-45 N anymore, but times change. You can't see the Wrigley Building from any of Chicago's freeways.

 

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