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Houston Office Market Report
Research HOUSTON 4Q17 OFFICE MARKET 2017 Ends a Challenging Current Conditions Year; Positive Signs on • Leasing activity passed 2.0M SF during Q4 2017 Horizon • Positive absorption seen for first time since 2015; YE The Houston office market continued to struggle during the fourth quarter 2017 absorption remains negative overall of 2017. Although vacancy rates ticked down for the first time in three • The overall vacancy rate stood at 21.0% which represents years, they remained elevated at 21.0%. Fortunately, leasing activity a 120 basis point increase year-over-year. began to pick up during the fourth quarter, with more than 2.2 million • Sublease space down nearly 24% from 2016 peak square-feet of leasing taking place. Roughly 20% of that total involving take-up of sublease space. Construction activity within Houston continued to lag, as spec development has come to a standstill. With less than 2.0 million square feet of office under construction, and nearly 9.0 million Market Analysis square feet of sublease space still on the market, expected availability is therefore likely to remain near the 30% of previous quarters. $30 22% Although no natural disasters occurred during the fourth quarter, the $28 20% market continues to recover from both Harvey and oil and gas related issues. As an exampled, the recently announced delisting of Cobalt $26 18% Energy from the NYSE has given rise to investor worries that the worst is $24 16% not yet over for the Houston market. However the market in 2017 drew to $22 14% a close, with WTI pricing crossing the $60 per barrel threshold for the first time since 2015. -
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Iconic Tower — Transformed for Today Rebuilding the Tenant Experience from the Ground Up
Iconic Tower — Transformed for Today Rebuilding the tenant experience from the ground up —————— —————— This landmark tower has been transformed A new freestanding restaurant with an engaging into a modern, sustainable, innovation hub to outdoor space will be ideal for activities; a new food support Houston’s leading creative companies — hall-style café on the ground level offers healthy designed to meet or exceed the demands and convenient menu options; new common-areas of a changing workforce, today and tomorrow. include a comfortable lobby lounge ideal for coffee, —————— connecting or disconnecting; plus access to a spa- Meticulously maintained and operated since styled fitness center featuring health and wellness this iconic property was first commissioned as activities for group or self-paced programs. a global corporate headquarters by a leading —————— energy company. 5555 San Felipe is owner-operated and —————— maintained with an eco-friendly and sustainable With a focus on helping modern organizations approach. Our award-winning project is LEED Gold inspire talent, every aspect of the renovation certified and participates in various campaigns delivers a more perfect balance between hospitality for recycling, conservation and green-building and workspace — from the arrival experience, to operations. At every level, our tenants and their three levels of new and enhanced amenities. satisfaction come first. Transformation —————— Everything your team needs to thrive M-M Properties set a vision of rebuilding the tenant experience from the ground up. There are new modern finishes, three full floors of curated amenities and light-filled spaces. There will also be a new, freestanding signature restaurant. 5555 San Felipe is an inspired and FREESTANDING RESTAURANT – ACTIVITY LAWN collaborative office environment — the destination workplace — for today’s valuable employees. -
An Interview with Cesar Pelli
10 Cite August 1982 Cesar Pelli was born in to the live oaks that are so common on the campus. The when the building is built you are building a complex of Tucumdn, Argentina in Hermann Park project benefits a little from the character rooms with highly differentiated functions, and the units 1926. He received his of Rice University and its surroundings and from the themselves are each under a different ownership. And architectural training at park itself. And the buildings we did there arc definitely that affects, and should affect, what the building looks the University of Tucumdn part of that area, the area of beautiful old homes be- like. Of course it has been possible, and many buildings and at the University of tween Rice University and Main street called Shadyside. have been built, where those highly differentiated func- Illinois. From 1954 until One senses in that area that one is working in a city or tions are subsumed in an even-looking exterior. But 1964 he was associated neighborhood with an architectural character that people these are highly differentiated functions with highly dif- with Eero Saarinen and are aware of, that they perceive and enjoy. Pin Oak is ferentiated exterior needs. If you are in a high building, with the firm of Eero the most different of all problems because we are deal- you like to have large windows in your living room Saarinen and Associates. ing not only with ninety-five acres of empty land but because you could enjoy the view. You don't need such Pelli was director of de- these are surrounded by many other acres that are also large windows in your bedroom and certainly not in sign for Daniel, Mann. -
804 Congress Ave. | Austin, Texas 78701
804 CONGRESS AVE. | AUSTIN, TEXAS 78701 FOR MORE JASON STEINBERG, SIOR MATT LEVIN, SIOR INFORMATION 512.505.0004 512.505.0001 PLEASE CONTACT j [email protected] [email protected] 812 SAN ANTONIO | SUITE 105 | AUSTIN, TEXAS 78701 | 512.505.0000 | WWW.ECRTX.COM 804 CONGRESS NEW STREETSCAPE THE BOSCHE-HOGG BUILDING 804 CONGRESS AVENUE | AUSTIN, TEXAS 78701 FOR LEASE OFFICE | FOR MORE JASON STEINBERG, SIOR MATT LEVIN, SIOR INFORMATION 512.505.0004 512.505.0001 PLEASE CONTACT j [email protected] [email protected] 812 SAN ANTONIO | SUITE 105 | AUSTIN, TEXAS 78701 | 512.505.0000 | WWW.ECRTX.COM 804 CONGRESS PROPERTY INFORMATION THE BOSCHE-HOGG BUILDING 804 CONGRESS AVENUE | AUSTIN, TEXAS 78701 AVAILABILITY FOR LEASE Suite 300 - 6,770 RSF Available 7/1/17 OFFICE | PROPERTY DESCRIPTION 804 Congress, also known as The Bosche-Hogg Building, is a historic office building located in the heart of Downtown Austin. Only three blocks from the State of Texas Capitol building, it is in close proximity to both the Court House and the University of Texas. The building was built in 1897 and has had significant recent renovations, including a new Café Medici coffee bar within the updated lobby as well as a offering a rare outdoor park. It is within walking distance to dozens of restaurants and attractions, making it ideal for professional and creative users. Creative office suites, premier signage, several parking options, and State of Texas Capitol views makes this an attractive office lease opportunity. FEATURES BUILDING LOCATION SUITES • Six-story office -
Account of Trustees for the Period January 1, 2018 – December 31, 2018
Account of Trustees For the Period January 1, 2018 – December 31, 2018 First Section . Account of Trustees Exhibit A . Audited Financial Statements Exhibit B. Claim Payments Exhibit C. Application for Order Approving Account of Trustees Exhibit D. Order Approving Account of Trustees Exhibit E. Affidavit of Jared S. Garelick Exhibit F. Order Approving Notice of Filing Exhibit G. Notice of Filing Exhibit H. Service List Account of Trustees Application For Order Approving Account of Trustees (EXHIBIT C) Order Approving Account of Trustees (EXHIBIT D) 82-11656-cgm Doc 4373 Filed 07/23/19 Entered 07/23/19 16:21:17 Main Document Pg 1 of 2 UNITED STATES BANKRUPTCY COURT SOUTHERN DISTRICT OF NEW YORK ______________________________ ) In re ) In Proceedings For A ) Reorganization Under JOHNS-MANVILLE CORPORATION, ) Chapter 11 et al., ) ) Case Nos. 82 B 11656 (CGM) Debtors. ) Through 82 B 11676 (CGM) ) Inclusive ORDER APPROVING ACCOUNT OF TRUSTEES AND FINANCIAL STATEMENTS OF MANVILLE PERSONAL INJURY SETTLEMENT TRUST FOR THE PERIOD JANUARY 1, 2018 THROUGH DECEMBER 31, 2018 Upon the Application dated June 17, 2019 [ECF no. 4365] of Edward D. Robertson, Jr., Mark A. Peterson, and Kirk P. Watson, Trustees of the Manville Personal Injury Settlement Trust (the "Trustees"), and the Manville Personal Injury Settlement Trust (the "Trust"), by their counsel, for Order Approving Account of Trustees and Financial Statements of the Manville Personal Injury Settlement Trust for the Period January 1, 2018 through December 31, 2018 (the "Application"), and the Account of Trustees and Financial Statements of the Trust for the Year Ending December 31, 2018 (the "Account")[ECF No. -
IN the UNITED STATES DISTRICT COURT for the WESTERN DISTRICT of TEXAS SAN ANTONIO DIVISION SHANNON PEREZ, Et Al., Plaintiffs, V
Case 5:11-cv-00360-OLG-JES-XR Document 1622 Filed 03/18/19 Page 1 of 8 IN THE UNITED STATES DISTRICT COURT FOR THE WESTERN DISTRICT OF TEXAS SAN ANTONIO DIVISION SHANNON PEREZ, et al., Plaintiffs, CIVIL ACTION NO. v. SA-11-CA-360-OLG-JES-XR [Lead case] STATE OF TEXAS, et al., Defendants. DEFENDANTS’ REPLY TO MALC AND TLRTF’S RESPONSES REGARDING REMEDY FOR STATE HOUSE DISTRICT HD90 On February 23, 2019, the Court ordered Plaintiffs “to respond to Defendants’ advisory concerning the use of Plan H328 and notify the Court of any alternative proposals” by March 11, 2019. ECF No. 1619. On that date, TLRTF and MALC independently submitted their own proposed plans. ECF Nos. 1620, 1621. TLRTF resubmitted Plan H407, a proposed remedial plan that seeks to return HD90 to its configuration under Plan H283 and remove the Como neighborhood from HD90. But the Court has already considered and rejected Plan H407. ECF No. 1600. The Shaw violations found by the Court “rest on changes made to HD90 after Como was moved back into HD90.” Perez v. Abbott, 267 F. Supp. 3d 750, 794 (W.D. Tex. 2017); see also id. at 792 (finding racial considerations behind “changes made between Plan H328 and Plan H342”). Plan H407 is therefore inconsistent with the Court’s Case 5:11-cv-00360-OLG-JES-XR Document 1622 Filed 03/18/19 Page 2 of 8 instruction that any remedy in HD90 “must respect the legislative choices made in 2013, except to remedy the constitutional violations.” ECF No. -
Houston Office Marketview
MARKETVIEW Houston Office, Q4 2018 Houston’s absorption positive for the first time in 2018 Vacancy Rate Avg. Asking Rate Net Absorption Under Construction 18.6% $29.00 PSF 590,320 SF 2.23 MSF *Arrows indicate trend from previous quarter. Figure 1: Houston Office Market Trends MSF 60 25% 50 20% 40 15% 30 10% 20 10 5% 0 0% 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 Direct SF Sublease SF Vacancy (%) Availability (%) Source: CBRE Research, Q4 2018. HOUSTON MARKET FINISHES 2018 STRONG EXPIRING SUBLEASE MEANS HIGHER VACANCY In a reversal of course, Houston saw positive net absorption overall in the fourth quarter for the first After peaking at 23.0% in Q2 2018, total availability time this year. Specifically, the consulting, dropped to 22.4% in the fourth quarter. While technology and energy industries all boasted positive availability declined, vacancy continued to climb and absorption. On the downside, the Energy Corridor peaked at 18.6%, partly a result of more than 1 struggled with 197,000 sq. ft. of negative absorption, million sq. ft. of sublease space expiring and largely due to Amec Foster Wheeler vacating all of becoming vacant rather than being absorbed. Energy Center I. The move followed a merger with Persistent sublease space rolling vacant will likely the Wood Group. put downward pressure on asking rents in the The fourth quarter saw wild movement in oil prices, coming quarters despite the early signs of recover. with West Texas Intermediate Crude (WTI) first peaking at $76.90/bbl on October 3rd and closing the FLIGHT TO QUALITY CONTINUES quarter at $45.41/bbl. -
Signature Restaurant
Owner/Manager Rebuilding the tenant experience from the ground up This landmark tower is being A new freestanding restaurant with transformed into a modern, sustainable, an engaging outdoor space can be innovation hub to support Houston’s programmed for activities, a new food hall leading creative companies — designed style café on the ground level will offer to meet or exceed the demands of a healthy and convenient menu options, changing workforce, today and tomorrow. new common areas include a comfortable lobby lounge ideal for coffee, connecting This iconic property has been or disconnecting, plus access to a spa- meticulously maintained and operated styled fitness center featuring health and since it was first commissioned as a global wellness activities for group or self-paced corporate headquarters by a leading programs. energy company. 5555 San Felipe is owner-operated With a focus on helping modern and maintained with an eco-friendly organizations inspire talent, every aspect and sustainable approach. Our award- of the renovation is designed to offer winning project is LEED Gold certified amenities and programs to strike the and participates in various campaigns for perfect balance between hospitality and recycling, conservation and green-building workspace — from the arrival experience, operations. At every level, our tenants and to three levels of new and enhanced their satisfaction come first. amenities. Transformation ——————— Everything your team needs to thrive M-M Properties set a vision of rebuilding the tenant experience from the ground up. There are new modern finishes, three full floors of curated amenities, light-filled spaces and a new, freestanding signature restaurant. -
2007 Labeled Buildings List Final Feb6 Bystate
ENERGY STAR® Qualified Buildings and Manufacturing Plants As of December 31, 2007 Building/Plant Name City State Building/Plant Type Alabama Calhoun County Administration Building Anniston AL Courthouse Calhoun County Court House Anniston AL Courthouse 10044 Birmingham AL Office Alabama Operations Center Birmingham AL Office BellSouth City Center Birmingham AL Office Birmingham Homewood TownePlace Suites by Marriott Birmingham AL Hotel/Motel Roberta Plant Calera AL Cement Plant Honda Manufacturing of Alabama, LLC Lincoln AL Auto Assembly Plant Alaska Elmendorf AFB, 3MDG, DoD/VA Joint Venture Hospital Elmendorf Air Force Base AK Hospital Arizona 311QW - Phoenix Chandler Courtyard Chandler AZ Hotel/Motel Bashas' Chandler AZ Supermarket/Grocery Bashas' Food City Chandler AZ Supermarket/Grocery Phoenix Cement Clarkdale AZ Cement Plant Flagstaff Embassy Suites Flagstaff AZ Hotel/Motel Fort Defiance Indian Hospital Fort Defiance AZ Hospital 311K5 - Phoenix Mesa Courtyard Mesa AZ Hotel/Motel 100 North 15th Avenue Building Phoenix AZ Office 1110 West Washington Building Phoenix AZ Office 24th at Camelback Phoenix AZ Office 311JF - Phoenix Camelback Courtyard Phoenix AZ Hotel/Motel 311K3 - Courtyard Phoenix Airport Phoenix AZ Hotel/Motel 311K4 - Phoenix North Courtyard Phoenix AZ Hotel/Motel 3131 East Camelback Phoenix AZ Office 57442 - Phoenix Airport Residence Inn Phoenix AZ Hotel/Motel Arboleda Phoenix AZ Office Bashas' Food City Phoenix AZ Supermarket/Grocery Biltmore Commerce Center Phoenix AZ Office Biltmore Financial Center I Phoenix AZ -
Houston Office Marketbeat 1Q 2018
MARKETBEAT Houston, Texas Office Q1 2018 HOUSTON OFFICE Economy Metro Houston created 62,900 new jobs in 2017, up 36.7% from Economic Indicators the Texas Workforce Commission’s (TWC) original estimate of 12-Month Q1 17 Q1 18 46,000. TWC’s recent revisions to employment also included Forecast adjustments to prior years, and previously reported job gains in Houston Employment 3,005K 3,063K 2015 and 2016 now show as minor job losses. According to Houston Unemployment 5.7% 4.7% Moody’s Analytics, Houston’s employment over the next three U.S. Unemployment 4.7% 4.1% years could increase by 6.2%, or 189,300 new jobs. WTI crude oil prices are up nearly 8.5% since the beginning of the year, averaging $63/bbl in first quarter 2018 and the U.S. rig count has rebounded from its low of 404 in May 2016 to 993 in March 2018. Market Indicators (Overall, All Classes) Although the energy sector is seeing signs of recovery, layoffs 12-Month continued in the first quarter of 2018, indicating a slow upward Q1 17 Q1 18 Forecast movement in the energy industry, especially as it relates to real Availability Rate 27.9% 27.1% estate related decisions in some sectors. YTD Net Absorption (SF) -227,946 -1.3M Market Overview Under Construction (SF) 696,908 1.4M While we are seeing an increase in tenant activity, it hasn’t Average Asking Rent* $29.29 $29.44 translated into closed transactions. New leasing activity has continued its downward cycle since the second quarter 2017 and *Rental rates reflect gross asking $psf/year hasn’t been this low since year-end 2016. -
Hyde Park: an Early Suburban Development in Austin, Texas (1891- 1941)
HYDE PARK: AN EARLY SUBURBAN DEVELOPMENT IN AUSTIN, TEXAS (1891- 1941) Hyde Park, one of the most desirable neighborhoods of modern Austin, is nearing the hundredth anniversary of its founding. The legacy of its settlement and growth remind us of the important role Hyde Park has played in the history of Austin; a role which can be better understood and evaluated following a discussion of the city's development. Austin has served as Texas' seat of government since shortly after the city's founding in 1838. The city was established as the result of an internal struggle among the leaders of the newly formed Republic of Texas, which gained independence from Mexico in 1836. Many believed Houston or some other established town should be selected as the capital of Texas. Intense competition and rivalry developed for that designation and the attendant financial and political opportunities it would provide. As a compromise, founding fathers decided that the creation of an entirely new community was the most appropriate solution. As president of the Republic, Mirabeau B. Lamer selected Waterloo, small dispersed settlement on the Colorado River, as the new capital of Texas. Edwin Waller surveyed the townsite, including a grandly sited capitol square atop a hill that terminated a broad thoroughfare (Congress Avenue) extending from the river. Named in honor of Stephen F. Austin, the town became reality as the first lots were sold on August 1, 1839. Despite the isolated location near the frontier, the designation fueled the new capital's growth and its population increased to 856 by 1840. Numerous government offices opened providing the foundation for the local economy.