Notable real estate deals of 2019
Investors continued to bet on Houston in 2019, purchasing several high-profile buildings even as the area’s office vacancy rate topped 21 percent, according to data from NAI Partners. Meanwhile, companies committed to space in both brand-new and older buildings that are frequently getting major overhauls with amenities such as gyms, coffee bars and lobby seating to lure tenants.
On the residential side, some longtime Houston real estate brokerages saw changes as they combined with other companies to stay competitive in an evolving market.
Here are some notable deals of 2019 across a variety of sectors.
BANK OF AMERICA TOWER
Buyer: Beacon Capital Partners (90 percent stake) Seller: Skanska
Address: 800 Capitol Size: 780,000 square feet, 35 stories
600 AND 601 TRAVIS
Buyer: Hines, in partnership with Cerberus Capital Management Seller: Prime Asset Management Address: 600 Travis, 601 Travis Size: 1.7 million square feet, 75 stories; 407,896 square feet, 20 stories
HP PLAZA
Buyer: Northridge Capital, in partnership with Kamco Investment Co.
Seller: Joint venture of Patrinely Group, USAA Real Estate and CDC Houston
Address: 10300 and 10400 Energy Drive in Spring Size: 378,401 square feet, two buildings. Fully leased to HP.
PARK TOWERS
Buyer: Los Angeles-based Regent Properties Seller: Brookfield
Address: 1233 and 1333 West Loop South
Size: 545,242 square feet in two 18-story buildings
20 GREENWAY PLAZA
Buyer: Los Angeles-based Stockdale Capital Partners Seller: Principal Real Estate Investors Address: 20 Greenway Plaza Size: 433,132 square feet, 10 stories
1177 WEST LOOP SOUTH
Buyer: Partnership of Hicks Ventures and Taconic Capital Advisor
Seller: Spire Realty Group Address: 1177 West Loop South Size: 342,000 square feet on 4.4 acres
ELDRIDGE PLACE
Buyer: Dallas-based Granite Properties
Seller: TIER REIT (merged with Cousins Properties in June) Address: 737, 757 and 777 N. Eldridge Parkway in the Energy Corridor
Size: 824,632 square feet in three buildings
HOGG PALACE LOFTS
Buyer: Austin-based Kline Properties Seller: Randall Davis
Address: 401 Louisiana
Size: 79 loft apartments, 14,212 square feet of office and retail
THE MIX @ MIDTOWN
Buyer: Joint venture of Fifth Corner and Pointer Real Estate Partners
Seller: Crosspoint Properties Address: 3201 Louisiana Size: 73,000-square-feet retail/ mixed-use building on a full city block
EMPIRE WEST BUSINESS PARK (BROOKSHIRE LAND)
Developer: Stream Realty Partners Seller: McMillian Interests Size: 300 acres as site of industrial park with 1 million square feet in first phase Location: Interstate 10 west of Woods Road KIEWIT ENGINEERING GROUP LEASE Landlord: Spear Street Capital
Lease size:171,000-square-foot office lease
Address: Energy Center I, 585 N. Dairy Ashford
ALIGHT SOLUTIONS LEASE
Landlord: The Howard Hughes Corp. Lease size: 180,000-squarefoot build-to-suit lease Address: 8770 New Trails, The Woodlands
TOTAL U.S. CORPORATE OFFICE LEASE
Landlord: Brookfield Lease size: 305,680-squarefoot renewal and expansion Address: Total Plaza, 1201 Louisiana
HERITAGE TEXAS PROPERTIES ACQUISITION
Acquirer: Better Homes and Gardens Real Estate Gary Greene Target: Heritage Texas Properties Deal: The deal creates a company with more than 1,300 agents and a nearly 6 percent share of the market.
JOHN DAUGHERTY REALTORS ACQUISITION
Acquirer: New York-based brokerage Douglas Elliman
Target: John Daughtery Realtors Deal: Douglas Elliman agreed to acquire the luxury Houston brokerage with 125 agents. The deal follows a joint venture between Elliman and Houston-based Sudhoff Cos., which specializes new condominium sales.
LIBERTY PROPERTY TRUST ACQUISITION
Acquirer: Prologis Target: Liberty Property Trust Deal: San Fransico-based Prologis will gain 10.4 million square feet in the Houston market, bringing its total to nearly 29 million square feet of local industrial space when the deal closes in the first quarter.