BakerHostetler Signs a 75,000-SF Lease

BG Group Place is downtown Houston’s newest office tower. Completed in 2011, the iconic, one million-square-foot, 46-story building is certified LEED Platinum.Their new space on floors 11 through 13 includes a unique 10,000-square-foot, green rooftop deck for client events and firm functions. The law firm will relocate from another downtown building when the lease commences in the third quarter of this year. With the signing of this lease, BG Group Place is 92 percent committed.

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com  Thank you for your interest.

 

Thanks,

Ed A. Ayres

Houston Realty Advisors, Inc.

Mitaquye oyasin                                           

North Houston Industrial Space Heating UP!!!

North Houston has 5% overall industrial vacancy, and Northwest is a stunning 3.8%. Even flex space (a hard property type to lease) has 10% vacancy across the city. Rents are increasing; Some Brokers have seen recently saw $0.40 net for a distribution lease, a new benchmark high for Houston, and we think it’ll go higher. Brokers see construction costs increased $3/SF in the last six months to about $28/SF. They’re still rising dramatically, but probably won’t take the overwhelming leap that many predict (We've heard as high as 25%). Labor is the biggest issue; most quality contractors are too busy, and some subs are hopping around projects. HRA, Inc. recommends putting incentives into your contract to make subs focus on your deal to meet an aggressive timeline. Other factors contributing to the rise in construction costs include major competition driving up land prices. And don’t be excited if you get a great deal—Brokers say most sites left in the uber desirable North and Northwest submarkets have hair on them, which can cost big to resolve. We recommends doing your due diligence but building now before prices get any higher.

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com

 

Thank you for your interest.

Ed A. Ayres

Houston Realty Advisors, Inc.

J.C Penny has cheap occupancy costs, can they step up?

 J.C. Penney's strength is its low cost of retail space. The company owns 49% of the 111.1 million square feet and leases the remaining against an average of $4 a square foot. This is a competitive advantage with the average specialty retail space being around $40 per square foot. In essence, Ron Johnson and team are making a bet they can expand their existing model with the Sephora store-within-a-store concept to other national brands. How that plays out remains to be seen.

K-Mart moved in and out of bankruptcy years ago, based on low real estate values on their books, making them an attractive take over target and now a come-back kid. Is J.C.Pennys next?

 

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com  Thank you for your interest.

 

Thanks,

Ed A. Ayres

Houston Realty Advisors, Inc.

Mitaquye oyasin                                           

 

Please follow me on Twitter at http://twitter.com/edayres, my blog at http://houstonrealtyadvisors.blogspot.com,

 

The Big Boys in 2012

Top 25 Office Space OWNERS

1. RREEF
Total Office Portfolio: 93.6 million sq. ft.280 Park Ave., Ste. 22WNew York, NY 10017Phone: (212) 454-3900Web site: http://www.rreef.com/Officers: Charles B. Leitner, Global Head; Michael Luciano, Global COO
2. Brookfield Properties Corp.
Total Office Portfolio: 59.5 million sq. ft.Three World Financial Center200 Vesey St., Ste. 1100New York, NY 10281Phone: (212) 417-7000Web site: http://www.brookfieldproperties.com/Officers: Ric Clark, President/CEO; Dennis Friedrich, President/COO, U.S. Commercial Operations; Tom Farley, President/COO
3. The Blackstone Group
Total Office Portfolio: 57.9 million sq. ft.345 Park Ave.New York, NY 10154Phone: (212) 583-5000Web site: http://www.blackstone.com/Officers: Peter Peterson, senior chairman; Stephen Schwarzman, chairman/CEO; Hamilton James, president/COO
4. Hines
Total Office Portfolio: 55.4 million sq. ft.2800 Post Oak Blvd.Houston, TX 77056Phone: (713) 621-8000Web site: http://www.hines.com/Officers: Gerald D. Hines, Chairman; Jeffrey C. Hines, President; C. Hastings Johnson, EVP/CFO
5. CB Richard Ellis Investors
Total Office Portfolio: 49.8 million sq. ft.515 S. Flower St., 31st FloorLos Angeles, CA 90071Phone: (213) 683-4300Web site: http://www.cbreinvestors.com/Officers: Vance Maddocks, CEO; William Harris, President/COO; Robert Zerbst, Chairman
6. TIAA-CREF
Total Office Portfolio: 47 million sq. ft.730 Third Ave.New York, NY 11762-3206Phone: (800) 842-2733Web site: http://www.tiaa-cref.org/Officers: Scott Evans, EVP, Asset Management; Edward Grzybowski, CIO; Thomas Garbutt, head, global real estate
7. ING Clarion Partners
Total Office Portfolio: 46.8 million sq. ft.230 Park AveNew York, NY 10169Phone: (212) 883-2500Web site: http://www.ingclarion.com/Officers: Stephen Furnary, CEO/Managing Director; Bill Kracuh, Global Marketing Head; Frank Sullivan, Managing Director
8. Vornado Realty Trust
Total Office Portfolio: 44.2 million sq. ft.888 Seventh Ave.New York, NY 10019Phone: (212)894-7000Web site: http://www.vno.com/Officers: Steven Roth, Chairman/CEO; Michael D. Fascitelli, President; Joseph Macnow, EVP/CFO
9. Boston Properties
Total Office Portfolio: 43.8 million sq. ft.800 Boylston St., Ste. 1900Boston, MA 02199Phone: (617) 236-3300Web site: http://www.bostonproperties.com/Officers: Mortimer B. Zuckerman, Chairman; Edward H. Linde, CEO; Douglas T. Linde, President
10. LaSalle Investment Management
Total Office Portfolio: 39 million sq. ft.200 East Randolph Dr.Chicago, IL 60601Phone: (312) 782-5800Web site: http://www.lasalle.com/Officers: Jeff Jacobson, CEO; Jaques Gordon, International Director, Research & Strategy; Matthew Reed, International Co-Head, Acquisitions
11. Duke Realty Corp.
Total Office Portfolio: 36.3 million sq. ft.600 E. 96th St., Ste. 100Indianapolis, IN 46240Phone: (317) 808-6000Web site: http://www.dukerealty.com/Officers: Dennis D. Oklak, Chairman/CEO; Robert M. Chapman, COO
12. HRPT Properties Trust
Total Office Portfolio: 35.3 million sq. ft.400 Centre St.Newton, MA 02458Phone: (617) 332-3990Web site: http://www.hrpreit.com/Officers: John A. Mannix, President/COO; John C. Popeo, Treasurer/CFO; Jennifer B. Clark, SVP
13. Mack-Cali Realty Corp.
Total Office Portfolio: 33.3 million sq. ft.343 Thornall St.Edison, NJ 08837Phone: (732) 590-1000Web site: http://www.mack-cali.com/Officers: Mitchell E. Hersh, President/CEO; Barry Lefkowitz, EVP/CFO; Michael Grossman, EVP
14. SL Green Realty Corp.
Total Office Portfolio: 32.2 million sq. ft.420 Lexington Ave.New York, NY 10170Phone: 212-356-4109Officers: Marc Holliday, CEO; Andrew Mathias, President/CIO; Greg Hughes, CFO & COO
15. Brandywine Realty Trust
Total Office Portfolio: 31.9 million sq. ft.555 E. Lancaster Ave., Ste. 100Radnor, PA 19087Phone: (610) 325-5600Web site: http://www.brandywinerealty.com/Officers: Gerard H. Sweeney, President/CEO; Howard Sipzner, EVP/CFO; George Johnstone, SVP, Operations
16. Behringer Harvard
Total Office Portfolio: 30.4 million sq. ft.15601 Dallas Pkwy., Ste. 600Addison, TX 75001Phone: (214) 655-1600Officers: Robert Behringer, CEO; Bob Aisner, President/COO; Bob Chapman, EVP/Co-COO
17. J.E. Robert Cos.
Total Office Portfolio: 27.7 million sq. ft.1650 Tysons Blvd, Ste. 1600McLean, VA 22102Phone: (703) 714-8000Web site: http://www.jer.com/Officers: Joseph E. Robert Jr., Founder/CEO; Michael E. Pralle, President/COO; Malcolm LeMay, President, Europe
18. Highwoods Properties
Total Office Portfolio: 25.7 million sq. ft.3100 Smoketree Court, Ste. 600Raleigh, NC 27604Phone: (919) 431-1521Web site: http://www.highwoods.com/Officers: Ed Fritsch, President/CEO; Mike Harris, EVP/COO; Terry Stevens, SVP/CFO
18. Liberty Property Trust
Total Office Portfolio: 25.7 million sq. ft.500 Chesterfield Pkwy.Malvern, PA 19355Phone: (610) 648-1700Web site: http://www.libertyproperty.com/Officers: William P. Hankowsky, Chairman/CEO; Robert E. Fenza, EVP/COO; George J. Alburger Jr., EVP/CFO
19. Shorenstein Properties
Total Office Portfolio: 21.3 million sq. ft.235 Montgomery St., 16th FloorSan Francisco, CA 94104Phone: (415) 772-7000Web site: http://www.shorenstein.com/Officers: Douglas W. Shorenstein, Chairman/CEO; Glenn A. Shannon, President; Richard A. Chicotel, Managing Director/CFO
20. Wells Real Estate Funds
Total Office Portfolio: 20.5 million sq. ft.6200 The Corners Pkwy.Norcross, GA 30092Phone: (770) 449-7800Web site: http://www.wellsref.com/Officers: Leo Wells, President; Don Henry, Chief Real Estate Officer; Kevin Race, CFO
21. KBS Realty Advisors
Total Office Portfolio: 18.7 million sq. ft. 620 Newport Center Dr., Ste 1300Newport Beach, CA 92660Phone: (949) 417-6500Web site: http://www.kbsrealty.com/Officers: Charles J. Schreiber Jr., CEO; Peter M. Bren, Chairman/President; James C. Chiboucas, Vice Chairman
22. The Inland Real Estate Group of Cos.
Total Office Portfolio: 18 million sq. ft.2901 ButterfieldOak Brook, IL 60523Phone: (630) 218-8000Web site: http://www.inlandgroup.com/Officers: Daniel L. Goodwin, Chairman
23. AEW Capital Management
Total Office Portfolio: 15.3 million sq. ft.World Trade Center East, Two Seaport LaneBoston, MA 02210Phone: (617) 261-9000Web site: http://www.aew.com/Officers: Jeffrey D. Furber, CEO; Steven D. Corkin, Managing Director, Marketing and Client Service; Pamela J. Herbst, Managing Director, AEW Direct Investments
24. Lincoln Property Co.
Total Office Portfolio: 14.6 million sq. ft.500 N. Akard, Ste. 3300Dallas, Texas 75201Phone: (214) 740-3300Web site: http://www.lincolnproperty.com/Officers: Mack Pogue, Chairman; Tim Byrne, President/CEO, Residential Divison; Bill Duvall, President/CEO, Commercial Division
25. Forest City Enterprises
Total Office Portfolio: 13.4 million sq. ft.Terminal Tower, 50 Public Square, Ste. 1100Cleveland, Ohio 44113Phone: (216) 621-6060Web site: http://www.forestcity.net/Officers: Samuel H. Miller, Co-Chairman; Albert B. Ratner, Co-Chairman; Charles A. Ratner, President/CEO

For more information see: www.houstonrealtyadvisors.com or www.houstonrealtyadvisors.net

New Inner Loop Mix USE Development Alive and Kicking Again

A New River Oaks development will be managed by director Greg Wattson of OliverMcMillan and it is starting up its $450M mixed-use project,again. It will be a 15-acre site, bounded by Westheimer, Westcreek, and Bettis. The 650k SF River Oaks District will feature 270k SF of luxury retail (including restaurants and a theater), 279 units of multifamily (on top of retail) and a 93k SF office (which may end up as 63k SF of office over retail). Greg believes that retail Will drive the project and the experience of living and working there is an added benefit. The firm is vacating existing buildings now, and demolition begins in early 2013. Look for grand opening in fall 2014.

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com  Thank you for your interest.

Thanks,

Ed A. Ayres

Houston Realty Advisors, Inc.

Apache purchases land in Galleria from BLVD Place

Apache Corp. has purchased 6.4 acres of land at BLVD Place, a new mixed-use development located on Post Oak Boulevard and San Felipe Street in Houston. The property is located on the southwest corner of Post Oak Boulevard and the future BLVD Place Drive and includes frontage on Post Oak Lane and Ambassador Way. The Pavilion, a former shopping complex located on the site, is undergoing demolition with a completion date by year's end. Upon completion, BLVD Place will feature 388,000 square feet of retail and office space, as well as 1,000 high-rise multifamily units. Tim Relyea and Scott Wegmann of Cushman & Wakefield represented the buyer in the transaction. Ed Wulfe and Bob Sellingsloh of Wulfe & Co. represented BLVD Place.

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com  Thank you for your interest.

Thanks,

Ed A. Ayres

Houston Realty Advisors, Inc.

Mitaquye oyasin                                           

Weingarten Unloads Industrial Portfolio in Fl, Tx, Ga, and Virgina

HOUSTON -- Houston-based Weingarten Realty Investors (NYSE: WRI) has completed the sale of its 52-property, wholly owned industrial portfolio to DRA Growth and Income Fund VII for $382.4 million. The sale price represents a capitalization rate of approximately 8 percent.

"We are pleased to acquire this sizable industrial portfolio featuring solid income returns and value-added upside," said David Luski, president and CEO of New York City-based DRA Advisors. "This transaction is exemplary of our strategy of collaborating with public REITs who wish to strategically divest assets via outright sale or joint venture."

The properties total 9.6 million square feet and are located in Florida, Georgia, Tennessee, Texas and Virginia. As part of the transaction, DRA assumed one secured loan of $4.9 million.

For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com  Thank you for your interest !!!!!

Ed A. Ayres

Houston Realty Advisors, Inc.

Mitaquye Oyasin