DOCSLIB.ORG

The Espersonespersonesperson 808 Travis Street & 815 Walker Avenue • Houston, Texas

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
The Espersonespersonesperson 808 Travis Street & 815 Walker Avenue • Houston, Texas THETHETHE ESPERSONESPERSONESPERSON 808 TRAVIS STREET & 815 WALKER AVENUE • HOUSTON, TEXAS EXECUTIVE SUMMARY THETHETHE ESPERSONESPERSONESPERSON 808 TRAVIS STREET & 815 WALKER AVENUE • HOUSTON, TEXAS HFF, as the exclusive representative of the owner, is pleased to offer for sale a 100% fee simple interest in Esperson (the “Property”), a 19 and 27-story, 599,107 square foot office building located in Houston’s central business district. Constructed in 1927 and 1941 respectively, Esperson is the only iconic structure of Italian Renaissance in Houston’s most densified employment center. The property is currently 62% leased with 4 years remaining average lease term and is situated on 1.447 acres, a full city block. Located at the intersection of Rusk and Walker Street, Esperson has direct access to Houston’s METRO Rail and 7.5 mile underground tunnel system. Over the last 36 months, ownership invested nearly $9 million in non-leasing capital, positioning the asset at the top of its competitive set. Today, considerable value creation is achievable through rolling current in-place rents to market and through the lease up of the remaining 226,561 square feet of vacant space. Redeveloping and expanding Houston’s CBD infrastructure – realized through rebuilt streets – highways, new mass transit and enhanced public utilities coupled with new office, multi-family, and retail projects have transformed Houston’s core into a vibrant, modern 24/7 environment for people to live, work and play. Esperson offers investors prestige, history, quality, abundant amenities, and a prime location in Houston’s largest employment center. INVESTMENT SALES H. DAN MILLER, CCIM, SIOR Senior Managing Director Tel: (713) 852-3576 [email protected] MARTIN T. HOGAN Director Tel: (713) 852-3557 [email protected] HOLT MCNAIR Real Estate Analyst Tel: (713) 852-3414 [email protected] JOHNNY KIGHT Real Estate Analyst Tel: (713) 212-6575 [email protected] CAPITAL MARKETS INQUIRIES SUSAN HILL Senior Managing Director Tel: (713) 852-3564 [email protected] THE ESPERSON EXECUTIVE SUMMARY HOUSTON, TEXAS 1 INVESTMENT OVERVIEW ADDRESS: 808 Travis Street & 815 Walker Avenue RENTABLE AREA: 599,107 SF YEARS BUILT: Niels Esperson (1927), Mellie Esperson (1941) NUMBER OF FLOORS: Niels Esperson (27) and Mellie Esperson (19) PERCENT LEASED: 62.2% SITE SIZE: 1.447 Acres INVESTMENT HIGHLIGHTS SUMMARY • Nearly $9 million in completed and ongoing capital • Esperson has been awarded a walk score of 98 improvements • Diversified tenant base with limited exposure to the • Upside potential in the lease up of the remaining energy sector 226,561 square feet of vacancy • Recognized by BOMA as “The Outstanding Building • Direct access to the METRO Rail along Rusk Ave. of the Year” for 2016 • Four connections to the central business district’s • Built in 1927 and 1941, Esperson stands as one of underground tunnel system the two major historical office buildings located in Houston’s Central Business District. THE ESPERSON EXECUTIVE SUMMARY HOUSTON, TEXAS 2 INVESTMENT HIGHLIGHTS SIGNIFICANT CAPITAL INVESTMENT The Owner recently invested nearly $9 million in non-leasing capital. The asset now features a redesigned and upgraded lobby, tunnel access renovations including brand new escalators, installation of new sprinkler lines, and elevator improvements. In addition, there are new multi-tenant corridors, façade repairs, garage panel and fire escape repairs and white box spaces. NON-LEASING CAPITAL INVESTED IN LAST 3 YEARS Tenant Areas $2,655,000 Corridors, Restrooms, Elevators, White Box Space Building Upgrades $2,165,000 Façade, Sprinklers, Curtain Wall, Fire Escape Main Lobby & Tunnel $4,040,000 Lobby, Tunnel, Escalators TOTAL $8,886,000 SIGNIFICANT UPSIDE POTENTIAL AT AN ATTRACTIVE BASIS OUTSTANDING ACCESS AND VISIBILITY At 62.2% leased, the Building offers significant upside potential with Esperson is one of the most recognizable buildings in Houston. It is 226,561 square feet available to lease. In addition, embedded upside the only office building in the Houston CBD designed after Italian exists as average in place rents are 30% below current market. The Renaissance architecture. Ideally located along the METRO Light full 12th floor, over 30,000 square feet, is immediately available Rail, Esperson provides great ingress and egress for employees. The along with five boutique high rise floors, ranging between 2,267 METRO Light Rail connects Downtown, Midtown, the Museum and 9,057 square feet, which are ideal for smaller tenants looking District, the Texas Medical Center, NRG Park and the South Fannin for unique office space. Additionally, the building can be purchased Park and Ride lot. The Property is also easily accessible from the at a significant discount to replacement. surrounding major highways. Esperson is conveniently located at Travis and Rusk Streets, which serve as main arteries into the CBD. THE ESPERSON EXECUTIVE SUMMARY HOUSTON, TEXAS 3 IRREPLACEABLE LOCATION IN HEART OF THE CBD TUNNEL ACCESS WITH UNMATCHED AMENITY BASE Esperson is located on a full city block at the geographic center of the Direct tunnel access is essential for downtown buildings and provides CBD. This central location is convenient to the Federal and County an expansive amenity base for tenants. Esperson sits at the epicenter court houses, all of the major CBD hotels, Minute Maid Park, the of the Downtown tunnel system and is one of only two buildings Toyota Center and the Theater and Entertainment districts. More with four access points to the tunnel. Tenants and hotel guests in than 30 restaurants and other retail amenities lie within a 2-block two recent, high-profile developments in the CBD, BG Group Place radius of the building providing Esperson with a market-leading and the JW Marriott hotel, must walk through Esperson’s tunnels walk score of 98. to access the rest of the system. Recently, Ownership invested over $3.1 million to the tunnel level amenities and food courts as well as new escalators connecting the tunnel to the building lobby. The DIVERSIFIED AND LOYAL TENANT ROSTER tunnels consist of a 7.5-mile underground pedestrian tunnel system The CBD submarket benefits from a diversified blend of companies connecting most major CBD buildings offering consumers over located within its boundaries featuring market leaders in the banking 400,000 SF of retail space. Major demand drivers on site and adjacent and finance, energy, professional business service, and information to Esperson include Amegy Bank, Allstate Insurance, Schlotzsky’s, technologies sections. Mirroring the overall CBD tenant mix, Smoothie King, Mediterranean Grill, Peli Deli, Midtown Dentistry, Esperson has minimal exposure to any one industry. The CBD’s Texas State Optical, Memorial Chiropractic, and Vision Source. In diverse blend of prominent companies coupled with Esperson’s proven addition to the retailers, the Building offers valet parking, a tenant track record of attracting firms from a wide-array of sectors bodes bike room, an Uber pick up/drop-off location and 24 hour security. well for the lease-up of the project. Additionally, there is limited tenant rollover thorough 2021. AWARD WINNING AND EFFICIENT DESIGN Esperson has recently been recognized for several honors. In 2016, The Building Owners and Managers Association (BOMA) acknowledged Esperson as The Outstanding Building of The Year (TOBY) in the Historical category. It was recognized as one of seven buildings nominated in North America. The Building has also been awarded the Energy Star label in 2002, 2007 – 2012, and 2015 – 2016 from the U.S. Department of Energy and Environmental Protection Agency. These awards are a significant honor particularly for a building of this vintage. MARKET SQUARE TOWER HOBBY CENTER OF THE PERFORMING ARTS HILCORP TOWER MAIN TEXAS CHEVRON I & II MAIN MINUTE MAID PARK ONE PARK PLACE THE ESPERSON HOUSTON CENTER HESS TOWER GEORGE R BROWN CONVENTION CENTER DISCOVERY GREEN SKYHOUSE TOYOTA CENTER CAROLINE APARTMENTS FOUR SEASONS GREEN STREET 69 ST JOSEPH’S HOSPITAL IH METRO HQ IH 45 HILTON AMERICAS HOTEL ALLEN PARKWAY SIXTH WARD FIRST WARD MEMORIAL 2017 Houston CBD Block Map WEST DALLAS Downtown Tunnel System Open Space Historic District Skyline District/Houston Center Area Theater District Shopping District INTERSTATE 45 Metropolitan Hobby Center Garage Heritage Plaza City for the Downtown Garage Hall Performing Arts Aquarium Allen Annex Center Garage BAGBY Three Allen Heritage Public Center Doubletree Plaza City Bayou Center Hotel Library Hall Place 1600 Smith Antioch Garage Baptist Church Two 1600 Allen One Smith Chevron Center Allen Julia Ideson Bob Casey Wortham 500 Crowne One Center 1100 Smith Building U.S. Jefferson Plaza Garage Theater Courthouse White Oak Bayou SMITH THEATER DISTRICT 1401 Smith KINNEY Mickey 600 Kellogg Garage Hyatt 1100 Wells C One Lanier Alley Lyric Houston M 700 Leland Chevron Regency Regency Louisiana Fargo Shell Jones Theatre Ballet INTERSTATE 10 Jefferson Brown & Root Garage Public Louisiana Plaza Centre Federal Tower Two 1400 Louisiana Hotel Plaza Plaza Works Center Building Garage LOUISIANA 1500 Market Exxon Wedge 777 Clay Centerpoint Kinder 811 Pennzoil Jones KBR Louisiana International Garage P Total Energy Morgan P Louisiana Place Hall 717 Texas Hogg Square Garage Garage Garage Tower Plaza Tower TEXAS Palace Tower CAPITOL WALKER MILAM 1300 HPD Travis 919 The Capitol J.P. Morgan Houston Old 800 Americana Place P Market Cotton YMCA P Main Head- Milam Esperson Tower Chase Chronicle Square Exchange Garage
Load more

Recommended publications
  • Major Lease Transactions Downtown Houston
    MAJOR LEASE TRANSACTIONS DOWNTOWN HOUSTON This is a comprehensive list of publicly available leases in Downtown Houston, including new‐to‐Downtown, expansions and renewals. Year Company Type To From Square Feet 512,845 Enterprise Plaza 2020 Enterprise Products Partners Renewal (incl. 2019 (1100 Louisiana) expansion: 22,301) 2020 JP Morgan Chase New/Relocation 600 Travis 1111 Fannin 253,230 2020 EP Energy Relocation/Sublease 601 Travis 1001 Louisiana 62,261 5 Houston Center 2020 Venture Global LNG Renewal/Expansion 58,514 (1401 McKinney) (Expansion: 29,257 2020 Summit Midstream Partners, LP New to Downtown/Sublease 910 Louisiana The Woodlands 48,632 LyondellBasell Tower 2020 Mitsubishi International Corporation Renewal 45,838 (1221 McKinney) 2020 Indigo Minerals Renewal 600 Travis 45,125 Pennzoil Place – North Tower 2020 Cheniere Energy Expansion 33,127 (700 Milam) Texas Tower Wells Fargo Plaza 2020 DLA Piper Relocation/Expansion 31,843 (845 Texas) (1000 Louisiana) (Expansion: 6,836) Bank of America Tower 2020 Waste Management Expansion 31,750 (800 Capitol) USA: Office of the Comptroller and Fulbright Tower 2020 Renewal 27,223 Office of the Currency (1301 McKinney) 2020 Riviera Resources Relocation 717 Texas 600 Travis 27,114 One Allen Center 2020 TPC Group Renewal 24,803 (500 Dallas) Source: Central Houston, Inc. Updated 09-30--2020. 1 Year Company Type To From Square Feet Fulbright Tower 2020 AXIP Energy Services Renewal 24,657 (1301 McKinney) 2020 Chevron Expansion 1600 Smith 23,699 2020 Plains All American Refining, L.P. Expansion Three Allen Center (333 Clay) 23,172 2020 Momentum Midstream Renewal 600 Travis 22,575 2020 Lone Star Legal Aid Renewal 500 Jefferson 20,020 2020 Squire Patton Boggs Renewal 600 Travis 15,641 2 Houston Center 2020 USA: Office of the Comptroller Renewal 14,624 (909 Fannin) 2020 Rockcliff Energy, LLC Renewal 1301 McKinney 14,403 2020 Enbridge, Inc.
    [Show full text]
  • DOWNTOWN HOUSTON, TEXAS LOCATION Situated on the Edge of the Skyline and Shopping Districts Downtown, 1111 Travis Is the Perfect Downtown Retail Location
    DOWNTOWN HOUSTON, TEXAS LOCATION Situated on the edge of the Skyline and Shopping districts Downtown, 1111 Travis is the perfect downtown retail location. In addition to ground level access. The lower level is open to the Downtown tunnels. THE WOODLANDS DRIVE TIMES KINGWOOD MINUTES TO: Houston Heights: 10 minutes River Oaks: 11 minutes West University: 14 minutes Memorial: 16 minutes 290 249 Galleria: 16 minutes IAH 45 Tanglewood: 14 minutes CYPRESS Med Center:12 minutes Katy: 31 minutes 59 Cypress: 29 minutes 6 8 Hobby Airport: 18 minutes 290 90 George Bush Airport: 22 minutes Sugar Land: 25 minutes 610 Port of Houston: 32 minutes HOUSTON 10 HEIGHTS 10 Space Center Houston: 24 minutes MEMORIAL KATY 10 330 99 TANGLEWOOD PORT OF Woodlands: 31 minutes HOUSTON 8 DOWNTOWN THE GALLERIA RIVER OAKS HOUSTON Kingwood: 33 minutes WEST U 225 TEXAS MEDICAL 610 CENTER 99 90 HOBBY 146 35 90 3 59 SPACE CENTER 45 HOUSTON SUGARLAND 6 288 BAYBROOK THE BUILDING OFFICE SPACE: 457,900 SQ FT RETAIL: 17,700 SQ FT TOTAL: 838,800 SQ FT TRAVIS SITE MAP GROUND LEVEL DALLAS LAMAR BIKE PATH RETAIL SPACE RETAIL SPACE METRO RAIL MAIN STREET SQUARE STOP SITE MAP LOWER LEVEL LOWER LEVEL RETAIL SPACE LOWER LEVEL PARKING TUNNEL ACCESS LOWER LEVEL PARKING RETAIL SPACE GROUND LEVEL Main Street Frontage 3,037 SQ FT 7,771 SQ FT RETAIL SPACE GROUND LEVEL Main Street frontage Metro stop outside door Exposure to the Metro line RETAIL SPACE GROUND LEVEL Houston’s Metro Rail, Main Street Square stop is located directly outside the ground level retail space.
    [Show full text]
  • Offering Summary Investment Overview
    HOUSTON DOWNTOWN OFFERING SUMMARY INVESTMENT OVERVIEW HFF is pleased to offer on an exclusive basis the opportunity to acquire the fee-simple interest in the 350-room Doubletree Downtown Houston (“Property” or “Hotel”), prominently situated within Allen Center – an institutional-quality mixed-use office/retail/hotel complex – in the Houston CBD. The Hotel is strategically located near many of Houston’s top demand drivers including the George R. Brown Convention Center, Minute Maid Park (home of the Houston Astros), Toyota Center (home of the Houston Rockets) and over 51 million square feet of office space within a 1-mile radius. Many of the Fortune 500 companies located in Houston are within blocks of the Property, including Deloitte, Chevron and KBR. The Property is being offered fully unencumbered from both brand and management, presenting the next owner with a completely blank slate. With an irreplaceable location within Houston’s CBD core and strong in-place cash flow, the DoubleTree offers investors a unique, unencumbered opportunity with tremendous upside potential. INVESTMENT HIGHLIGHTS UNIQUE DOWNTOWN HOUSTON LOCATION The Property boasts an enviable location within Allen Center in Houston’s CBD, benefiting from downtown’s diversified demand base – not only corporate but also convention, sports, leisure, culture, medical, university/ education – and pedestrian friendly environment. This ideal mix of demand drivers has allowed the CBD to TWO ALLEN CENTER 1 MILLION SF continually outperform Houston’s overall market, as well as the
    [Show full text]
  • Houston's Office Market Weakens Over the Quarter and Braces Itself Moving
    Research & Forecast Report HOUSTON | OFFICE Q1 2020 Houston’s office market weakens over the quarter and braces itself moving forward amid $20 oil Lisa Bridges Director of Market Research | Houston Commentary by Patrick Duffy MCR Market Indicators Annual Quarterly Quarterly Colliers generally uses this space to discuss the trends we see Relative to prior period Change Change Forecast* in market data and in conversations we have with our clients, prospects and friendly competitors. We take that data and attempt VACANCY to project activity going forward. The bulk of the first quarter was, NET ABSORPTION for all practical purposes, pre-COVID. Net “move-in” data, as well as new leases signed, were likely unimpacted for Q1 based on the DELIVERIES virus or only marginally impacted. Our industry has a lead time of UNDER CONSTRUCTION at least 4-6 months before a lease is signed or space made ready for occupancy. The real impact of this COVID crisis will not present *Projected in the data until later in Q2. Inertia will carry us for a few more weeks. The world is focused on the COVID driven economic slowdown. Houston has two issues to watch – COVID and a collapse in oil prices. The oil issue is driven by Saudi Arabia and Russia failing to reach an agreement on production and by the severe decline of oil and gas demand driven by the COVID shutdown. Oil has been Summary Statistics Houston Office Market Q1 2019 Q4 2019 Q1 2020 in the low 20’s since the collision of these two events. The Energy Information Administration is projecting that supply will continue to Vacancy Rate 19.4% 19.8% 20.0% outpace demand for the balance of this year by approximately 10MM barrels per day.
    [Show full text]
  • 1010 Lamar for Lease Houston, Texas
    OFFICE SPACE 1010 LAMAR FOR LEASE HOUSTON, TEXAS » 5% Broker Incentive for 3,000 RSF or more with a 5-Year Lease* » $25.00 per RSF tenant improvement allowance for 5+ year lease* » Up to 6 months unreserved abated parking on a 5-year lease term* * NEW LEASES ONLY FOR LEASING INFORMATION, CONTACT: COURTNEY BUCKOUT MIKE MARTIN 713.209.5959 713.209.5710 [email protected] [email protected] 1010 LAMAR HOUSTON, TEXAS BUILDING AMENITIES & FEATURES • 19-story office building located in the • Conveniently located, with easy Houston CBD access to Discovery Green and other neighboring amenities • Million dollar elevator modernization - Phase One delivery - March 2017 • Tunnel access • New 24/7 garage access control system • Across the street from the Metro Rail • New Common area upgrades • Card key access system • 2:1000; Attached parking garage • On-site management • 702 RSF - 3,000 RSF spec suites • On-site courtesy guard • Adjacent to GreenStreet is a 570,000 • 6,900 SF fully-networked auditorium/ square foot mixed-use destination conference facility featuring three-city blocks of premier shopping, dining and entertainment destinations AVAILABLE SPACE SUITE SQ. FT. SUITE SQ. FT. 670 3,310 1111 6,482 750 3,525 1200 2,831- 14,328 840 702 1300 6,016 910 1,144 1450 1,821- 14,314 950 3,623 1520 1,386 1000 5,161 1610 4,830 1005 2,561 T-30 6,065 1010 LAMAR HOUSTON, TEXAS 1010 LAMAR HOUSTON, TEXAS Park XAS AVE T E XAS AVE Great TE JP Morgan Keystone Lofts Inn at Annunci ation JP Morgan 808 Federal Southwest Parking Bayou Site MapJones - Downtown,Chase HoustonChase FTXannin Magnolia theLocatedChurch across from the Metro Rail Plaza Jones Tower Detention Life Incarnate Place Hall Center Center Lawyer ParkingBallpark Word SWB Title Academy JP Morgan C AP ITOL S T Chase St.
    [Show full text]
  • Downtown Houston Is in the Midst of a Transition That Could Change Its DNA
    Downtown Houston gains retailers, residential units amid office vacancy records - Housto... Page 1 of 6 SELECT A CITY SIGN IN CRANE WATCH HOUSTON LIMITED TIME OFFER Your Acco Check out HBJ's new and improved map Subscribe Now WELCOME Your Acco INDUSTRIES & TOPICS NEWS LISTS & AWARDS PEOPLE & COMPANIES EVENTS MORE… FOR THE EXCLUSIVE USE OF [email protected] From the Houston Business Journal: https://www.bizjournals.com/houston/news/2017/04/07/downtown-houston-is-in-the-midst-of-a- transition.html Cover Story Downtown Houston is in the midst of a transition that could change its DNA SUBSCRIBER CONTENT: Apr 7, 2017, 1:00am CDT When Brad Aiken, partner at Edison McDowell & Hetherington LLP, decided to relocate the Houston-based law firm to downtown from Greenway Plaza, not everybody was on board. “Initially, there was a bit of anxiety related to coming downtown,” Aiken said. “Most people at the firm had been downtown before and were initially pleased to get away.” The law firm was founded in 2009 as the result of a six-person spinoff JULIE SOEFER from Bracewell, which has its Houston offices in Pennzoil Place. Kristy Despite a record amount of vacant office space, new Williams, principal administrator at Edison McDowell and a founding retailers and residential units are on the rise in Houston’s Central Business District. member of the firm, said she and the other founders were ready to leave downtown and its related parking woes, traffic and the lack of restaurants and lunch options within walking distance. But since Edison, a roughly 50-person law firm, relocated in 2016 to 1001 Fannin, the downtown tenant experience has been largely positive.
    [Show full text]
  • GULF COAST SECTION NEWSLETTER Gulf Coast Section
    MAY 2012 GULF COAST SECTION NEWSLETTER Gulf Coast Section General Meeting: Shale Gas, Emerging Fundamentals & Geopolitics Reservoir Technology Symposium May 11, 2012 Oil Patch Orientation May 9, 2012 Annual Awards Banquet May 23, 2012 XXXXXXXX: XXXXXXX CHAIRMAN’S CORNER Reservations & Information For all SPE GCS topical luncheons and social activities, by Hiep Vu, Shell please register online at www.spegcs.org. You must 2011-12 SPE GCS Chair provide your SPE member number to receive member prices. Guests who have not made a reservation online will be charged an additional amount at the door. Walk-ins are not guaranteed admittance. Respecting our Past, Honoring our Present, • Reservations and cancellations required for all events. and Building for our Future • No-shows will be billed. • Walk-ins will be charged extra. This month, the Gulf Coast Section will Mastercard, Visa, American Express, Discover, and Diner’s be hosting a celebration to recognize the Club are accepted for advance reservations only. The technical achievements of its past, current, and future and other opinions expressed by speakers at the Gulf Coast members at the annual Awards Banquet. The Section meetings may not have been reviewed by SPE and do not necessarily reflect the position of SPE, the Gulf Coast evening reception will be held at the historic Rice Section, its officers, or members. The only forum for rebuttal Hotel in downtown Houston. Marc Vandermeer, and discussion is during the meeting. better known as the Voice of the Houston Texans, will once again be on hand to provide SPE Houston Office us a good, lively show with his entertaining dialogue as emcee for the Gulf Coast Section Administrator banquet.
    [Show full text]
  • Allen Center
    Rebirth of Downtown The rebirth of downtown Houston as an attractive living, lodging, dining and entertainment destination coupled with existing daytime population presents the opportunity to provide a true sense of place. Houston’s THE WOODLANDS Core The Heights 5 min. KINGWOOD TOMBALL SPRING River Oaks 10 min. ATSCOCITA West University Place 11 min. 290 HUMBLE Memorial 15 min. WILLOWBROOK 59 CYPRESS 90 The Galleria 16 min. 6 Tanglewood 19 min. IAH 99 45 The Medical Center 19 min. Hobby Airport 23 min. 290 59 90 George Bush Intercontinental 27 m i n. THE Airport (IAH) HEIGHTS 10 KATY MEMORIAL 610 10 Sugar Land 28 min. TANGLEWOOD RIVER DOWNTOWN THE OAKS GALLERIA Port of Houston 30 min. WEST UNIVERSITY THE PLACE MEDICAL PORT OF CENTER HOUSTON 610 Baybrook 30 min. 59 Trinity Bay Katy 33 min. 99 HOBBY AIRPORT 90 Cypress 36 min. 45 Galveston Bay The Woodlands 37 min. 288 SUGAR LAND BAYBROOK 59 6 PEARLAND Kingwood 37 min. Downtown by the numbers 66,838 158,000 27 residents currently employees work Hotels live downtown downtown 11 1,779 new residential units 220,000 million people attend downtown planned or under people visit Houston culture and construction downtown on entertainment attractions a daily basis annually 1.2 51.4 1.2 million 8,228 150 million million people stay in hotel rooms new hotel SF of SF of office downtown Houston rooms under existing under hotels annually construction office space construction MAJOR EMPLOYERS Elysian Viaduct Sterrett William Street 1318 Studios RicheyNance McKee William Street Lofts Sterrett Walnut Sterrett Dakota Street Lofts Townhomes N.
    [Show full text]
  • 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.
    [Show full text]
  • Major Lease Transactions Downtown Houston
    MAJOR LEASE TRANSACTIONS DOWNTOWN HOUSTON This is a comprehensive list of publicly available leases in Downtown Houston, including new-to-Downtown, expansions and renewals. Year Company Type To From Square Feet 512,845 Enterprise Plaza 2020 Enterprise Products Partners Renewal (incl. 2019 (1100 Louisiana) expansion: 22,301) 2020 Summit Midstream Partners, LP New to Downtown/Sublease 910 Louisiana The Woodlands 48,632 LyondellBasell Tower 2020 Mitsubishi International Corporation Renewal 45,838 (1221 McKinney) Pennzoil Place – North Tower 2020 Cheniere Energy Expansion 33,127 (700 Milam) Texas Tower Wells Fargo Plaza 2020 DLA Piper Relocation/Expansion 31,843 (845 Texas) (1000 Louisiana) (Expansion: 6,836) Bank of America Tower 2020 Waste Management Expansion 31,750 (800 Capitol) 2020 Chevron Expansion 1600 Smith 23,699 Three Allen Center 2020 Plains All American Refining, L.P. Expansion 23,172 (333 Clay) Two Houston Center 2020 Office of the Comptroller of the Currency New to Downtown 14,624 (909 Fannin) One Allen Center 2020 Phelps Dunbar LLP Relocation 910 Louisiana 11,885 (500 Dallas) Esperson Building 2020 Set Solutions, Inc. New to Downtown 1800 West Loop South 11,480 (808 Travis) Relocation/Expansion in same Esperson Building 2020 Kirby, Mathews & Walrath, P.L.L.C. 10,511 building (808 Travis) Source: Central Houston, Inc. Updated 04-30-2020. 1 Year Company Type To From Square Feet 2020 Korn Ferry International Relocation in same building 700 Louisiana 8,130 LyondellBassell Tower 2020 NGP Energy Capital Relocation/Expansion 717
    [Show full text]
  • Renovation / Restoration Experience
    Renovation / Restoration Experience 1600 Smith Street Venture, Garage Modifications / Houston, Texas Aetna Realty Investors / Houston, Texas Bank One Center Renovation Air Liquide America Corporation / Houston, Texas Office Remoel Alley Theater / Houston, Texas Renovation Hurricane Harvey Renovation Flood Mitigation American General Realty / Houston, Texas Wortham Tower Roof Replacement Multiple Office Exterior Renovation Life Building Floor Renovations Wortham Tower Lobby Renovations Cafeteria Renovations Amoco Production Company Building Renovations / New Orleans, Louisiana Westlake Park Office Renovations / Houston, Texas Apache Corporation / Houston, Texas Demolition and Renovations Arthur Anderson & Co. / Houston, Texas Remodel 23rd Floor, Southwest Corner Remodeling in Bank of the Southwest Building Baker Botts, One Shell Plaza Renovations / Houston, Texas Bank One Center (Originally Bank of the Southwest) / Houston, Texas Baylor College of Medicine / Houston, Texas Gross Anatomy Lab Renovations Morgue Classroom Renovations Various Renovation Projects Bell and Murphy, Four Oaks East Renovation / Houston, Texas Casino America, Inc., Superdome Skybox Renovation / Lake Charles, Louisiana Chevron Real Estate Management Company Westbelt Public Area Renovations / Houston, Texas Chevron Place Level 20 Interior Renovations / New Orleans, Louisiana Christ Church Cathedral / Houston, Texas Renovation and Restoration City of Houston, Upper Brays Regional Waste Water Treatment Planet Renovation / Houston,
    [Show full text]
  • Supplemental Amicus Curiae Brief Be Granted
    IN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF TEXAS HOUSTON DIVISION PAMELA M. TITTLE, on behalf of ) herself and a class of persons ) similarly situated, et al. ) ) Plaintiffs, ) ) v. ) Civil Action No. H-01-3913 ) (Consolidated) ) ENRON CORP., an Oregon ) Corporation, et al., ) ) Defendants. ) MOTION FOR LEAVE TO FILE AND SUPPLEMENTAL BRIEF OF AMICUS CURIAE THE SPARK INSTITUTE The SPARK Institute ("SPARK") by and through the undersigned counsel, hereby moves for leave to file the following supplement to its amicus curiae brief in the above captioned case. On October 7, 2002, the SPARK Institute filed its amicus curiae brief in this case to answer the novel legal theories advanced by the United States Department of Labor ("DOL") in its amended brief of amicus curiae, filed September 3, 2002.1 SPARK Institute has since become aware of a very recent 1 Plaintiffs filed an opposition to SPARK's motion for leave to file its amicus brief on October 15, 2002. The SPARK Institute replied to Plaintiffs' opposition on October 23, 2002, and Plaintiff's filed a response to the SPARK Institute on October 31, 2002. The Court struck Plaintiffs' response by order dated October 31, 2002. case, Freimark & Thurston Agency, Inc. v. National City Bank of Dayton, No. C- 3-99-427, 2002 WL 31367856 (S.D. Ohio Sept. 5, 2002) (attached) which we believe is important to bring to the Court's attention. Freimark confirms that retirement plan recordkeepers (so-called third party administrators) are not fiduciaries when they participate in a transfer of plan assets from one custodian to its successor.
    [Show full text]