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Texas Tower (Block 58) by Hines, 47-Story Office Tower


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The glass on the garage is starting to be installed.

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This tower is starting to have a clear presence when looking towards downtown  from where I am in the Second Ward (one of the angles where it will be most visible). They still have 5-10 more floors to go before it’s topped out, correct?

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4 hours ago, kbates2 said:

 

That garage on the left is the bane of my existence.  Just reminding everyone.

I really wish they could paint a giant mural or paint some type of photorealistic building on the flat surface. Oh well, I guess that's a discussion for a different thread. 

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10 hours ago, Ctaf said:

Does anyone know what spot Hines is eyeing for their next project, or what/if any lots they own downtown? It seems they announce a new project once the previous one is near completion

 

I think having two go up at once like we are seeing now is unusual.  Usually Hines builds a tower, holds it until it is pretty much all leased out, and then sells it to an investor, using the proceeds to fund their next project.  So usually there is at least a couple years between the completion of one tower and the beginning of the next one.  For example, 609 Main was open and leased out before this one was begin, 811 Main was open and leased out before 609 Main began, and 717 Texas was open and leased out before 811 Main began.

 

If Hines follows their normal process, they'll start their next tower a couple years after Block 58 opens, and probably not even announce anything until well after Block 58 opens.

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2 hours ago, rechlin said:

 

I think having two go up at once like we are seeing now is unusual.  Usually Hines builds a tower, holds it until it is pretty much all leased out, and then sells it to an investor, using the proceeds to fund their next project.  So usually there is at least a couple years between the completion of one tower and the beginning of the next one.  For example, 609 Main was open and leased out before this one was begin, 811 Main was open and leased out before 609 Main began, and 717 Texas was open and leased out before 811 Main began.

 

If Hines follows their normal process, they'll start their next tower a couple years after Block 58 opens, and probably not even announce anything until well after Block 58 opens.

 

Hines partnered up to build this one. According to the website https://www.ivanhoecambridge.com/en/portfolio/?id=17496  Ivanhoe Cambridge own 80.8% which might affect how quickly Hines begins their next development. I hope I'm wrong about this but with the passing of Gerald D. Hines there might be less impetus for the firm to develop in Houston.

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20 minutes ago, Yoda said:

 

Hines partnered up to build this one. According to the website https://www.ivanhoecambridge.com/en/portfolio/?id=17496  Ivanhoe Cambridge own 80.8% which might affect how quickly Hines begins their next development. I hope I'm wrong about this but with the passing of Gerald D. Hines there might be less impetus for the firm to develop in Houston.

 

I honestly doubt his passing will have any impact at all on future developments in Houston.  The company and its leadership (including Mr. Hines' son) are still headquartered here and I don't think he had been actively running the company, or living here, for some time anyway.

Edited by Houston19514
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19 hours ago, Ctaf said:

Does anyone know what spot Hines is eyeing for their next project, or what/if any lots they own downtown? It seems they announce a new project once the previous one is near completion

Not downtown but in TMC

 

https://www.hines.com/news/hines-and-2ml-real-estate-interests-to-build-levit-green

 

https://www.houstonchronicle.com/business/article/Large-Medical-Center-development-planned-by-15342162.php

 

https://www.bizjournals.com/houston/news/2020/06/15/hines-levit-family-tmc-mixed-use-project.html

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23 hours ago, Yoda said:

 

Hines partnered up to build this one. According to the website https://www.ivanhoecambridge.com/en/portfolio/?id=17496  Ivanhoe Cambridge own 80.8% which might affect how quickly Hines begins their next development. I hope I'm wrong about this but with the passing of Gerald D. Hines there might be less impetus for the firm to develop in Houston.

 

They have used the strategy of developing with a large equity partner ever since the real estate busts of the 1980's. It shields the developer from risk and allows institutional money to flow into the buildings, making it easier to develop more of them. It may have the effect of making architectural designs more conservative. California Public Employees Retirement System was their partner for 609 Main and I think also BG Group Place.

 

 

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