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Williams Tower sale closes

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Hines touts new 41-story skyscraper in downtown Houston as demand for office space grows. http://houston.culturemap.com/newsdetail/03-14-13-hines-touts-new-41-story-skyscraper-in-downtown-houston/

Hines, the Houston real estate firm that developed the Galleria and a number of skyscrapers in downtown, is planning and marketing a major new downtown office tower on Main Street that will be at least 41 stories tall and perhaps, even taller.

The building would be located at the southwest corner of Main and Texas Avenue, catty-cornered from the Rice Lofts, which was the historic Rice Hotel at one time. The Hines site is a city block known as Block 69.

“Hines proudly introduces Houston’s next landmark, 609 Main at Texas, a stunning, 41-story 815,000-square-foot office tower soon to be situated in the heart of downtown.”

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Hines owns the Block 69 site, which is mostly vacant land. Calling the proposed building “609 Main at Travis” the new Hines marketing brochure says “Hines proudly introduces Houston’s next landmark, 609 Main at Texas, a stunning, 41-story 815,000-square-foot office tower soon to be situated in the heart of downtown.”

Hines says no anchor tenant has been signed and without a major tenant in-tow, the company would not begin construction. But experts in the commercial real estate community believe Hines is close to signing a major corporation to lease a sizable chunk of the building and have the building completed by late 2016. Skyscrapers of this magnitude usually take two years or more to build.

The Hines proposed tower at 609 Main further validates Main Street as a prime business address in today’s market. Over the last 20 or 30 years, Main Street had become dominated by exhaust-spewing buses and low-end retail. But Main Street has been changing for the better in recent years.

Two years ago, Hines completed the BG Group Place tower on Main Street and it is now 96 percent leased.

“Back in 2007, our investment thesis for BG Group Place and the purchase of 609 Main at Texas site centered on Main Street being central to all downtown amenities and transit,” John Mooz, senior managing director in Hines’ Southwest Regional office, told CultureMap.

Experts believe Hines is close to signing a major corporation to lease a sizable chunk of the building and have the building completed by late 2016.

“Over the past four years, the Class AA tenant market has validated BG Group Place as a striking new business address. Additionally, other owners are also voting with significant investments that Main Street is a top of mind location.”

Mooz said Hines has just begun seriously marketing the building to corporations and realty brokers who specialize in office leasing. In the demand for more office space demands it, Hines can adjust and make the building taller than 41 stories, Mooz said.

The office market in downtown is very tight with most major towers having little or no vacant space. Companies that need big blocks of office space have few options.

The proposed Hines tower would have the Metro rail running right by it and the building would be in easy walking distance of the Theater District and Minute Maid Park.

Ralph Bivins, former president of the National Association of Real Estate Editors, is editor-in-chief of RealtyNewsReport.com

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312 Main Street,Houston,Texas 77002.

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View of Houston Metro Light Rail passing in front 312 Main Street.

Main Street-Market Square-Historic District-Market Square Park

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W.P. Carey Takes KBR Tower in Houston For $174.6M

Parkway Properties Inc. (NYSE: PKY) said Monday it will acquire Phoenix Tower, a 626,000-square-foot Class A office building in the Greenway Plaza submarket.

Orlando, Fla.-based Parkway will purchase the 26-story tower for $124.5 million, and the deal is expected to close by the end of the year.

The 28-year-old structure, which was renovated in 2011, is currently 84.5 percent leased and is located on the northwest corner of Buffalo Speedway and Southwest Freeway.

Parkway will own 100 percent of the asset and intends to place a secured first mortgage on the property shortly after closing, which will total about 65 percent of the purchase price.

The company also purchased other office towers across the country — Tower Place 200, a 260,000-square-foot office tower in the Buckhead submarket of Atlanta, and 525 North Tryon, a 406,000-square-foot office tower in the central business district of Charlotte, N.C.

“These three acquisition opportunities fit well within our investment strategy of acquiring high-quality assets in our targeted submarkets,” James Heistand, Parkway’s president and CEO, said in the company’s Monday statement.

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W.P. Carey Takes KBR Tower in Houston For $174.6M

http://www.costar.com/News/Article/WP-Carey-Takes-KBR-Tower-in-Houston-For-$1746M/143540

A affiliate of W. P. Carey Inc. has acquired the 40-story KBR Tower office building in Houston’s CBD.
CPA®:17 – Global, a non-traded REIT affiliate of publicly traded W.P. Carey (NYSE: WPC), purchased the 1,047,748-square-foot building at 601 Jefferson St. for $174.6 million from an affiliate of Brookfield Office Properties Inc. (NYSE: BPO).
Kellogg Brown & Root, Inc. (KBR), occupies about 900,000 square feet under a net lease with a remaining term of about 18 years. KBR is a global engineering, construction and services company supporting the energy, hydrocarbon, government services, minerals, civil infrastructure, power, industrial and commercial markets.
In total, the tower is 99.8% leased, with the balance occupied by a mixture of office and retail tenants. The acquisition includes a 1,499-space parking garage.
The long-term lease of a critical facility to an established corporate tenant like KBR as well as the property’s prime location in Houston’s CBD were main factors in making the investment, said W. P. Carey Executive Director Chad Edmonson.
“As they have on past deals with Brookfield affiliates, they were able to turn the transaction around quickly and meet our critical timing and other closing requirements,” added Dennis Friedrich, CEO of Brookfield Office Properties.
Reed Smith LLP represented the W.P. Carey affiliate as general real estate and transaction counsel in the closing, while Allied Advisors helped secure acquisition financing and also represented the seller in the disposition.

HOUSTON-Santa Fe-based Rosemont Realty LLC has announced the acquisition of four office buildings totaling 720,000 square feet in the Southwest. The four buildings include Ashford East, a 112,368-square-foot building in Houston; One Thousand Oaks, a 140,946-square-foot building in San Antonio; Cole Center at Denver West, a three-building, 167,205-square-foot complex in Denver; and One Federal Place, a 300,012-square-foot building in Birmingham, Alabama.

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Weingarten Closes Out Industrial Division with $21M Sale

http://www.globest.com/news/12_489/houston/industrial/Weingarten-Closes-Out-Industrial-Division-with-21M-Sale-327216.html       By Amy Wolff Sorter

“The completion of this portfolio sale marks our exit from the industrial business and positions Weingarten as a pure-play retail REIT. We will continue our commitment in building shareholder value through the repositioning of the retail portfolio into core markets with high barriers to entry and strong growth potential,” says Drew Alexander, Weingarten president and CEO, in a press release.

In early April, 2012, Weingarten unloaded 52 industrial properties in Florida, Georgia, Tennessee and Virginia totaling 9.6 million square feet to DRA. The southeast portfolio went for $382 million.

More recently, Weingarten completed the sale of two non-core, retail assets in October, including Burbank Station located in a suburb of Chicago and Johnston Road Plaza in Charlotte, NC. Burbank was the REIT’s final property in Illinois. Year-to-date dispositions have totaled $631 million, including the sale of the industrial portfolio.

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