Friday, August 29, 2008

Galleria Buildings OFF and ON again.

High-dollar office buildings proposed across the street from each other in the Galleria area have met with diametrical fates.
The TIAA-CREF office tower scheduled to replace the 24 Hour Fitness Center on Post Oak is going forward in even bigger fashion than originally planned.
The Simmons Vedder & Co. office building contemplated for the Willie G’s Seafood & Steak House site is off and the owner is negotiating with an unidentified bidder for the site.
Around the corner, a third office building planned at 1600 West Loop by The Novati Group will not break ground Sept. 1 as previously planned. The firm says an equity partner is in place, but debt financing can’t be found in struggling capital markets. See www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net