Gmx Pharm

My WordPress Blog

Renovated Houston Center Complex Gains Tenants With New Indoors and Outdoors – Houston Chronicle | Gmx Pharm

Brookfield Properties’ investment in the downtown Houston Center complex attracts renters in a tough office market.

Services company Addison Group has signed a lease for 24,830 square feet on the 12th floor of 4 Houston Center, Brookfield announced. Global law firm Reed Smith will move its downtown office to two floors of nearly 47,000 square feet in the LyondellBasell Tower.

“I have been to the building a million times over the years. It’s unrecognizable,” said Ken Broughton, managing partner of the Houston office. “It’s exactly what we need in this post-COVID era in terms of lots of building features, outdoor patios and a huge gymnasium with all the windows.”

Brookfield upgrades older buildings with amenities that rival downtown’s newest buildings. In 2020, the company completed the renovation of the 46-story LyondellBasell Tower at 1221 McKinney St. as part of the multi-phase transformation of its 4.2 million square foot Houston Center complex.

The building features a new glass-clad two-story lobby, tenant conference center, and outdoor lawn and patios. Brookfield is also bringing new dining and entertainment options to The Highlight, formerly known as Shops at Houston Center, and is upgrading in the final phase of Project 3 Houston Center.

Reed Smith will be relocating from his two-story home of nearly 10 years at 811 Main St. to the LyondellBasell Tower. a bright cafe area and interior stairs connecting the 21st and 22nd floors, Broughton said.

The office will include individual and collaborative workspaces, 10 meeting rooms and HD technology to host meetings with in-person and remote participants from the company’s global operations.

On HoustonChronicle.com: WorkSuites is adding a coworking spot in the Greenway area to capitalize on growing demand for flexible space in Houston

Reed Smith has moved to a flexible work policy, with most employees coming into the office at least three days a week, but the company hasn’t reduced its office space.

Since opening an office in Houston in 2013, Reed Smith has grown to 67 attorneys and nearly 100 associates, including support staff. The full-service law firm has significant practices in oil and gas, corporate, tax, intellectual property, data security, bankruptcy, litigation, finance, environmental, arbitration, Latin America and employment. The move is planned for the first quarter of 2023.

The leases come as Houston faces a glut of empty office space, made worse by the pandemic as employees who often work hybrid schedules spend less time in the office and businesses need less space. Downtown office vacancy rates averaged 24.6 percent in the second quarter, compared to 20.1 percent for the entire Houston area, according to commercial real estate firm Transwestern.

However, rental activity has picked up. According to Transwestern, the Houston market saw occupancy gains for the second straight quarter, with businesses occupying an additional 429,000 square feet of office space.

Doug Little, David Baker, Kelli Gault and Jack Scharnberg of Transwestern represented Brookfield on the leases. JLL’s Steve Burkett and Philip Leibow represented Reed Smith, while CBRE’s Collin Grimes represented the Addison Group.

Upscale apartments change hands

Lubbock-based Madera Residential has added a prime apartment property in the Museum District to its Houston portfolio.

The Company acquired the Chelsea Museum District, a 325-unit residential high-rise at 4641 Montrose Blvd. by Alliance Residential., a residential real estate developer based in Scottsdale, Arizona.

Completed in 2021, the property offers units with 10-foot ceilings, light wood plank floors, wine coolers, and private balconies or private courtyards. Amenities include a pool with private cabanas, an outdoor kitchen, a fitness center, a yoga and spinning room, a coworking lounge with a private meeting room, a speakeasy, a wine lounge, a golf simulation room, electronic parcel lockers, a pet spa, and a bark park.

On HoustonChronicle.com: Commercial leases in Houston are rising as ample space attracts overseas tenants

Berkadia Houston’s Chris Curry, Todd Marix, Jeff Skipworth, Chris Young, Joey Rippel and Kyle Whitney represented the seller, while Berkadia Dallas’ Chris Pollard and Jason Rice arranged the financing on behalf of the buyer.

According to ApartmentData.com, a Houston-based market research firm, residential rents in Houston are up, with the Montrose/Museum/Midtown submarket up 5 percent for the year. The sub-market recorded an increase in occupancy of 5.3 percent last year.

For a cold

Houston-based Boomerang Interests and its joint venture partner CenterSquare Investment Management have landed a tenant for their first development, a speculative cold storage facility at 7500 Uvalde Road in northeast Houston.

Lineage Logistics, a leading global cold storage and logistics company based in Novi, Michigan, expanded its Houston operations with an entire building lease for Houston ColdPort, a 315,111 square foot cold storage facility. The project is built on 22.5 acres at the northwest corner of Beltway 8 and US 90 and provides access to the Barbours Cut and Bayport terminals in the Port of Houston.

katherine.feser@chron.com

Updated: September 17, 2022 — 12:32 am

Leave a Reply

Your email address will not be published.

Gmx Pharm © 2022 Frontier Theme