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1010 Lamar Houston, Texas

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1010 Lamar Houston, Texas 1010 LAMAR HOUSTON, TEXAS EXECUTIVE SUMMARY INVESTMENT ADVISORY H. DAN MILLER, CCIM, SIOR Senior Managing Director T. (713) 852-3576 [email protected] JOHNNY KIGHT Analyst T. (713) 212-6575 [email protected] FINANCING INQUIRIES MATTHEW PUTTERMAN Director T. (713) 852-3524 [email protected] HFF HOUSTON LOCATION 9 Greenway Plaza, Suite 700 Houston, Texas 77046 T. (713) 852-3500 F. (713) 527-8725 hfflp.com Holliday GP Corp. ("HFF"), a Texas licensed real estate broker. THE OPPORTUNITY HFF, as the exclusive representative of the owner, is pleased to offer for sale a 100% fee simple interest in 1010 Lamar and 1111 Main (the “Property”, the “Building”), a 20-story, 277,991-square-foot office building with attached parking garage in Houston’s central business district. The office building was constructed in 1981 while the parking garage was added in 1998, when the former Sakowitz Department Store was purchased and converted. The garage offers an extremely unique 1.8 per 1,000 parking ratio, far greater than most buildings in the CBD including class A assets. Bounded by Lamar, Dallas, Main and Fannin, the Property sits on 1.36 acres, nearly a full city block. Due to its irreplaceable location and superior accessibility, the Property has been deemed the “100% intersection” for the city’s retail redevelopment initiative which looks to follow the success of the Downtown Living Initiative. The purpose of the Downtown Living Initiative was to promote the development of up to 5,000 multi-family units in Houston’s CBD by providing tax incentives. To date, 17 residential projects totaling 4,995 units have been built. The city is now looking to provide tax incentives to promote the development of retail space in Houston’s CBD. In the past 4 years, the current ownership has invested $4,548,450 in non- leasing capital making future invested capital accretive to the NOI. Significant near-term value creation is achievable through rolling current in-place rents to market and through the lease up of the remaining vacant space. 1010 Lamar is ideally located on Downtown’s 7.5 mile tunnel system and the Metro Light Rail system. The Building offers a 20-story central atrium, 5 high-speed recently modernized, passenger elevators, and separate freight elevator. The tunnel level offers over 15,000 square feet of space ideally suited as a future amenity level which could include a restaurant, fitness facility, coworking areas and sundry shop. 1010 Lamar boasts a 98 walk score and 100 transit score due to its adjoining location on METROrail’s Red Line and dominate “Main at Main” position. PROPERTY SUMMARY Address 1010 Lamar Street, Houston, TX 77002 Rentable Area 277,991 Site Size 1.36 Acres Year Built 1981 % Leased 54.5% Parking Ratio 1.8 / 1,000 SF Average Remaining Term (July 2018) 2.4 Years Average Tenure (July 2018) 5.7 Years Expenses NNN & FS 1010 LAMAR W. DALLAS Sam Houston Park M Garage ANDREWS A C Garage BAGBY BAGBY T A C Public DT H L HOWE H Plaza Bayou 00 S A C H Place Garage SHAW Tranquility Baptist C T A O A Park T 00 S C C Wortham 500 C Julia Jefferson H H O 00 S C C Garage I U.S. L C SMITH SMITH 40 S H M Garage A H 00 R T C R R 00 F O L 00 Jones L L S T C T 400 L Garage H L Plaza Public L Plaza C D F Garage Works LOUISIANA LOUISIANA M S R E 500 Wedge T Kinder 811 C Pennzoil Jones T Garage L I C Plaza M L H H Garage T Garage E Place T M T Palace S MILAM MILAM Garage H T 00 T HD T T 919 00 Market T E L F YMCA GarageCLAY H Garage Place M C T Square DALLAS F POLK Garage Park M LAMAR T MCKINNEY WALKER Building Garage TRAVIS C TRAVIS T Walker A Beaconsfield F U 000 Garage L C T 0 T R M M M M M S 300 T M T L M H F C H Garage JW UC M I MAIN M MAIN Kirby S. S M L 334 Greenstreet O C L 0 H C C U A A 00 L C A Garage 00 M Place C M Plaza H H D FANNIN FANNIN LM 00 F M T H C A UC T S Galveston- 45 F 30 Greenstreet 1111 H C S F GRAY 2 RUSK UC H C PIERCE F TEXAS LEELAND H BELL Garage F R C H H L C PEASE JEFFERSON H PRESTON Keystone C FRANKLIN Garage C PRAIRIE C ST. JOSEPH ST. H CAPITOL C L C SAN JACINTO CONGRESS SAN JACINTO 0 COMMERCE C C Brown L U.S. D C C Bassel H C 30 S H C E AT&T F C 4 T H A C C L T D T CAROLINE Building H C CAROLINE A M C F & H Great H & S UC T S F HSVA H C A S T C S UC Peacock UC Building U C C H AUSTIN A L AUSTIN Root 5 H 44 Memorial Pacifico O A C C H C Sisters of Charity Site C Park Square D UC D Garage LA BRANCH LA BRANCH E S. S Westin H H 500 C M C T Garage H D CRAWFORD T Toyota CRAWFORD Garage Center I A U H H S M Word C Plaza A A C H Discovery M JACKSON Green JACKSON Minute H Maid A AVENIDAS DE LAS AMERICAS Park H Garage CHENEVERT CHENEVERT H I George R. Brown Partnership E Convention Center T UC HAMILTON HAMILTON CHARTRES ST. EMANUEL BELL CLAY POLK GRAY RUSK LAMAR TEXAS PEASE PIERCE DALLAS WALKER CAPITOL PRESTON LEELAND FRANKLIN ST. JOSEPH ST. CONGRESS MCKINNEY COMMERCE JEFFERSON HUTCHINS BASTROP BBVA Compass Stadium EMANCIPATION ST. CHARLES 03 INVESTMENT HIGHLIGHTS REPOSITIONING OPPORTUNITY IN IRREPLACEABLE LOCATION 1010 Lamar offers the unique ability to acquire a Houston CBD office tower for a fraction of replacement cost in the heart of Houston’s central business district. Bounded by Main, Fannin, Dallas and Lamar, the site is situated across the street from GreenStreet, Downtown Houston’s largest mixed use development, and sits in the middle of a submarket that commands the highest rents in the city. The downtown infill location is surrounded by Fortune 100 companies, and has seen a steady increase in residential population through the Downtown Living Initiative. 04 1010 LAMAR SIGNIFICANT NON-LEASING CAPITAL INVESTED PARTIAL LIST OF CAPITAL IMPROVEMENTS Over the last 4 years, approximately $4,548,450 have been invested COMMON AREAS AMOUNT COMPLETION DATE into the property, mitigating a buyer’s exposure to future capital Miscellaneous Upgrades, Retrofits and $271,800 2018 expenditures. Replacements Fire Alarm Panel Replacement $30,000 2016 Elevator Lobby Renovations (Floors LL and 2-18) $60,000 2017 With minimal deferred maintenance, a buyer has the opportunity to concentrate on aesthetic upgrades to enhance Restroom Renovations $255,000 2018 the attractiveness of the building to current and future tenants. Fire Sprinkler Retrofit $750,000 2017 In the past 3 years, elevators were modernized, building and Elevator Modernization $1,500,000 2018 garage fire panels were replaced, the HVAC energy management Suite 710 Building Auditorium/Conference Room $150,000 2018 system was upgraded, and numerous floors have been converted Whiteboxing Basement for Tenant Marketing $500,000 2018 to DDC controls. Furthermore, the cooling tower was replaced Total $3,516,800 in 2008 and roof was replaced in 2000. Please refer to the HFF GARAGE Document Center for a full schedule of capital expenditures. Miscellaneous Garage Repairs, Renovations and $110,500 2018 Replacements Parking Access System $125,000 2015 IMMEDIATE UPSIDE POTENTIAL AND Retrofit Garage Lighting $100,000 Ongoing-50% Complete MARK-TO-MARKET UPSIDE Total $335,500 Currently, the building is bifurcated between net and gross leases with significant embedded upside as in-place rents are at least 25% BUILDING below market rates. Whitebox and Spec Suites $108,000 2018 Fire Damper Access Panel Installation (Code) $16,000 2015 With an average remaining lease term of 2.4 years, the Property Bldg Access System $35,000 2017 is well positioned to offer investors near-term access to the rent Miscellaneous Building Repairs and Upgrades $82,350 2018 roll with the potential to substantially increase base rental Total $241,350 income by rolling rents to market and converting gross rents MECHANICAL to net rents. Furthermore, 1010 Lamar currently is 54.5% leased Miscellaneous Mechanical Repairs, Renovations $204,800 2018 and has over 120,000 square feet of vacant space to lease up. and Replacements Houston’s CBD office market is home to the greatest velocity Install New Water Lines & Valves $69,000 2017 of leasing activity and new ownership will be able to position Replace Controllers on AHUs $35,000 2017 the property for stabilization at an attractive basis. Retrofit HVAC to DDC $55,000 2018 Pneumatic Repairs $25,000 2018 Replace Hot Water Heaters $21,000 2018 EMS Front End Replacement $45,000 2017 Total $454,800 BUILDING TOTAL $4,548,450 05 INVESTMENT HIGHLIGHTS SUPERIOR ACCESSIBILITY WITH SUPERB PARKING Perhaps the ultimate Downtown luxury is the ease of ingress and egress to a tenant’s desired workplace. 1010 Lamar is situated between Lamar and Dallas Street, the main east/west arteries in Downtown. These two streets evolve into Allen Parkway, which provides immediate access to some of Houston’s finest neighborhoods including River Oaks, the Memorial Villages and Tanglewood.
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