Permanent School Fund to sell 23,500 acres in West Texas
The Texas General Land Office is selling 23,500 acres of Permanent School Fund land in far West Texas.
While the state’s $44 billion public education fund is larger than Harvard’s endowment, many local governments have had to raise taxes in recent years to fund education. A Chronicle investigation into how the fund is managed found that billions of dollars of taxpayer money had been invested in companies run by friends, business associates and campaign donors of the people running the fund, and that the fund has been accruing subpar returns.
“The GLO has approximately 64,000 acres in the area that they have acquired over time as an investment for the Permanent School Fund,” said Eric DeJernett, senior vice president at commercial real estate company CBRE, which is assisting in the sale along with Southwest Commercial. “The disposition of this 23,500 acres is a part of their long-term strategy.” The land was listed without an asking price.
The property fronts FM1111 just north of Interstate 10 in Sierra Blanca, about an hour east of El Paso. There is an airstrip for fly-in access, along with a hangar for two small airplanes and an airconditioned office.
Brookfield to update 1201 Louisiana
Brookfield Properties said construction would begin this summer on renovations to 1201 Louisiana, the landlord’s latest effort to modernize its aging Houston office portfolio.
The improvements will focus on upgrading the tunnel, street and second floor lobby levels of the building, also known as Total Plaza. The space will get new floor and wall finishes, lighting and furniture as well as new signage. Houstonbased Ziegler Cooper Architects designed the renovations, and Tellepsen is the general contractor on the project.
Earlier this year, Total, a global energy company based in Paris, renewed and expanded its U.S. corporate offices lease in the 35-story building.
The company is expanding its space by nearly 20 percent, for a total of 305,680 square feet, and will retain naming rights to the building as part of the deal. the site to help market their expertise.
Through the new service, called Your Home, agents will be able to share their contact information alongside posted content related to homes and neighborhoods.
Consumers who use Your Home can connect with local agents and access information on property values and real estate trends in their neighborhoods. One feature estimates how much homeowners would make if they sold.
River Oaks condo project tops out
Pelican Builders recently celebrated the topping out of its newest condominium tower, The Revere at River Oaks.
The nine-story building is more than 75 percent sold out, the company said, and will be completed next spring.
The Kirksey-designed building at 2325 Welch St. caters to downsizing River Oaks residents with valet service and all-day concierge.
The units have 11-foot ceilings and range in size from 2,500 to more than 4,000 square feet. Price tags start at $1.5 million. The Sudhoff Team is marketing the building’s 30 units.