Jump to content

Texas Tower: 47-Story Office Tower At 845 Texas Ave.


democide

Recommended Posts

  • Replies 2.2k
  • Created
  • Last Reply

Top Posters In This Topic

Im sorry but this Ralph Bivins guy seems like hes just playing crap shoot guesstimating the date.. Not sure why anyone is putting stock in what he has to say.

 

Ralph is a long time Houston real estate reporter and probably knows a little more than the average HAIFer. I'm not saying take what he says to the bank but I think he has a good reputation. Plus, I think what he says makes perfect sense anyway considering current economic conditions.

Link to comment
Share on other sites

Ralph is a long time Houston real estate reporter and probably knows a little more than the average HAIFer. I'm not saying take what he says to the bank but I think he has a good reputation. Plus, I think what he says makes perfect sense anyway considering current economic conditions.

Edit: I don't know whT I'm saying anymore. Married my cousin off earlier. Lol

Edited by cloud713
  • Like 2
Link to comment
Share on other sites

Im sorry but this Ralph Bivins guy seems like hes just playing crap shoot guesstimating the date.. Not sure why anyone is putting stock in what he has to say. And Lockmat, what do you mean that doesn't mean "Hines doesn't know what they have.."? Are you implying Hines dropped $55 million on a random property in hopes that their investment plays out? Lulz

 

What I meant is they do know what they have. They don't care what current conditions are. They know the value of the site.

Link to comment
Share on other sites

Not to mention if this IS a 100+ story building, it would take years to complete anyway. Far longer than any project to date in this city probably. What? 3 years maybe? It's hard to forecast market conditions for next year much less three years but it only stands to reason we won't be in the oil slump we're in now at that time.

Link to comment
Share on other sites

Not to mention if this IS a 100+ story building, it would take years to complete anyway. Far longer than any project to date in this city probably. What? 3 years maybe? It's hard to forecast market conditions for next year much less three years but it only stands to reason we won't be in the oil slump we're in now at that time.

 

As long as the global financial collapse doesn't happen in the next couple of years, yes. 

 

What I'm curious about is, what would a garage podium look like or be incorporate to a 100+ tower in Houston. If he could put a good portion of it in the ground that would be good.

Link to comment
Share on other sites

Small town businesses are closing ship in downtown, you have a new office tower on capital waiting to be build with the foundation already set in place. On top of this you have 609 main in the mix, you have a prolonged oil slump which forecasters have predicted once the Iranian oil market hits, the saudis will have no intent on playing ball again.

 

This 100 story tower isnt going to get built for years, the houston economy is in the DUMPS right now. Get a gasp of reality some of you guys. Theres a reason why Cheveron shelved their skyscraper and other projects have been put on hold.

 


Small town businesses are closing ship in downtown, you have a new office tower on capital waiting to be build with the foundation already set in place. On top of this you have 609 main in the mix, you have a prolonged oil slump which forecasters have predicted once the Iranian oil market hits, the saudis will have no intent on playing ball again.

 

This 100 story tower isnt going to get built for years, the houston economy is in the DUMPS right now. Get a gasp of reality some of you guys. Theres a reason why Cheveron shelved their skyscraper and other projects have been put on hold.

 

Link to comment
Share on other sites

I don't know how many there were. All I know is that photo is looking down Rusk from Main towards Travis, and there is the Second National Bank and Majestic Theater on the left side of Rusk there. The Chronicle building is 2 blocks to the right of that photo.

 

Glad we still have it then. I was afraid that was what was under the cladding of the Houston Chronicle Building. 

Link to comment
Share on other sites

Yeah Hines typically moves extremely slow, and their due diligence is second to none.  There are numberous committees within HInes that pass approval to these projects.  I can't reallly comment as much on the hotel, but equity for Multifamily and Office is completely dried up from any domestic investor.  The amount of sublease space coming on the market in CBD coupled with new office construction will total a few million square feet of vacancy.  In my opinion, the only way this thing finds legs in the next 5-7 years is if they go smaller on the office portion 600-700k SF, and more aggressive on the hotel flag (1000 rooms) and MF/Condo (400-500 units).  There are a number of tenants downtown that range in the 250-350k with leases rolling every few years, but not as many whales 500-1000k SF tenants that would leave their current buildings, when they likely already have building signage rights and likely prefer much lower rates.  One can only speculate, but maybe EPP has intent to move to this building eventually and wanted to have some ownership through an affiliate - along with their longstanding relationship with Hines.  A lot would have to occur for that to happen, but who knows. 

 

Clearly, more interest is coming downtown then before, but my guess is this will be a parking lot for the next 10 years, unfortunately.  The Hines effect on surrounding buildings is real, and I think that 609 main and their Market Square MF will change this area of downtown.  There are just too many unknowns and not enough demand for this project quite yet and we are years away.  Again, this is all my opinion. 

  • Like 9
Link to comment
Share on other sites

Yeah Hines typically moves extremely slow, and their due diligence is second to none.  There are numberous committees within HInes that pass approval to these projects.  I can't reallly comment as much on the hotel, but equity for Multifamily and Office is completely dried up from any domestic investor.  The amount of sublease space coming on the market in CBD coupled with new office construction will total a few million square feet of vacancy.  In my opinion, the only way this thing finds legs in the next 5-7 years is if they go smaller on the office portion 600-700k SF, and more aggressive on the hotel flag (1000 rooms) and MF/Condo (400-500 units).  There are a number of tenants downtown that range in the 250-350k with leases rolling every few years, but not as many whales 500-1000k SF tenants that would leave their current buildings, when they likely already have building signage rights and likely prefer much lower rates.  One can only speculate, but maybe EPP has intent to move to this building eventually and wanted to have some ownership through an affiliate - along with their longstanding relationship with Hines.  A lot would have to occur for that to happen, but who knows. 

 

Clearly, more interest is coming downtown then before, but my guess is this will be a parking lot for the next 10 years, unfortunately.  The Hines effect on surrounding buildings is real, and I think that 609 main and their Market Square MF will change this area of downtown.  There are just too many unknowns and not enough demand for this project quite yet and we are years away.  Again, this is all my opinion. 

 

You mentioned a month or two ago that there might be an announcement soon related to downtown office space. Did what you were thinking of end up happening or fall through, or is it still in process?

 

Appreciate your insights.

Link to comment
Share on other sites

Small town businesses are closing ship in downtown, you have a new office tower on capital waiting to be build with the foundation already set in place. On top of this you have 609 main in the mix, you have a prolonged oil slump which forecasters have predicted once the Iranian oil market hits, the saudis will have no intent on playing ball again.

 

This 100 story tower isnt going to get built for years, the houston economy is in the DUMPS right now. Get a gasp of reality some of you guys. Theres a reason why Cheveron shelved their skyscraper and other projects have been put on hold.

 

Small town businesses are closing ship in downtown, you have a new office tower on capital waiting to be build with the foundation already set in place. On top of this you have 609 main in the mix, you have a prolonged oil slump which forecasters have predicted once the Iranian oil market hits, the saudis will have no intent on playing ball again.

 

This 100 story tower isnt going to get built for years, the houston economy is in the DUMPS right now. Get a gasp of reality some of you guys. Theres a reason why Cheveron shelved their skyscraper and other projects have been put on hold.

Talk about a downer

Link to comment
Share on other sites

You mentioned a month or two ago that there might be an announcement soon related to downtown office space. Did what you were thinking of end up happening or fall through, or is it still in process?

 

Appreciate your insights.

It was a lead tenant for Capitol Tower and the deal fell through on the goal line.  It was close to being signed, but can't really elaborate anymore.  There are still some larger tenants in the market downtown, but we'll see with the current condtions.

  • Like 4
Link to comment
Share on other sites

It was a lead tenant for Capitol Tower and the deal fell through on the goal line.  It was close to being signed, but can't really elaborate anymore.  There are still some larger tenants in the market downtown, but we'll see with the current condtions.

 

Damn.

  • Like 1
Link to comment
Share on other sites

It was a lead tenant for Capitol Tower and the deal fell through on the goal line. It was close to being signed, but can't really elaborate anymore. There are still some larger tenants in the market downtown, but we'll see with the current condtions.

Uggghhhh close the deal!!!!

  • Like 1
Link to comment
Share on other sites

Yeah Hines typically moves extremely slow, and their due diligence is second to none.  There are numberous committees within HInes that pass approval to these projects.  I can't reallly comment as much on the hotel, but equity for Multifamily and Office is completely dried up from any domestic investor.  The amount of sublease space coming on the market in CBD coupled with new office construction will total a few million square feet of vacancy.  In my opinion, the only way this thing finds legs in the next 5-7 years is if they go smaller on the office portion 600-700k SF, and more aggressive on the hotel flag (1000 rooms) and MF/Condo (400-500 units).  There are a number of tenants downtown that range in the 250-350k with leases rolling every few years, but not as many whales 500-1000k SF tenants that would leave their current buildings, when they likely already have building signage rights and likely prefer much lower rates.  One can only speculate, but maybe EPP has intent to move to this building eventually and wanted to have some ownership through an affiliate - along with their longstanding relationship with Hines.  A lot would have to occur for that to happen, but who knows. 

 

Clearly, more interest is coming downtown then before, but my guess is this will be a parking lot for the next 10 years, unfortunately.  The Hines effect on surrounding buildings is real, and I think that 609 main and their Market Square MF will change this area of downtown.  There are just too many unknowns and not enough demand for this project quite yet and we are years away.  Again, this is all my opinion. 

 

Sounds reasonable.  Thanks for a very informative post.  As you say, surface parking seems a likely outcome for a while to come.  It wouldn't be the first time they have used blocks for parking for extended periods. 

Link to comment
Share on other sites

  • 2 weeks later...

From Realty News Report this morning

 

"Hines also recently acquired the Houston Chronicle building, which is a couple of blocks from Pennzoil Place. The Chronicle will be torn down and replaced with new high-rise development. A timetable for the Chronicle block development has not been set, but Realty News Report is projecting a 2018 groundbreaking and a 2020 completion there."

  • Like 7
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
×
×
  • Create New...