Behringer Harvard Starts Office Tower in Houston with Samsung Pre-Lease

HOUSTON –Behringer Harvard REIT I will develop a 12-story office tower in Houston’s Westchase District.

The 332,000-sf building, Two BriarLake Plaza,  will be constructed  on a 1.5-acre site at the corner of W. Sam Houston Parkway and Briar Forest Drive.

Half the space  has been  preleased to Samsung Engineering America for its North  American headquarters.

Samsung Engineering America Inc. was represented in this transaction by Lucian Bukowski and Garrold Parratt of Jones Lang LaSalle. Behringer Harvard REIT I was represented by Brian McMackin and Clint Bawcom of Cassidy Turley. HPT Management Services, LLC will manage the new  office property, and Cassidy Turley will provide leasing services.

Behringer Harvard REIT I acquired the adjacent One BriarLake Plaza in September 2008. One BriarLake Plaza comprises 502,410 rentable square  feet of office space built on a 9.3-acre site. One BriarLake Plaza is 100 percent leased to tenants including Apache Corporation, Samsung Engineering America, Microsoft, PetroChina  and Zurich Insurance.

 

 

Texas Gulf Industrial Property Report

HOUSTON – Levey Construction is building several tilt-wall office/warehouse buildings on seven acres in Northwest Place Industrial Park at West Little York and Bingle Road.

PASADENA, Texas  – A-International Distribution leased 100,000 sf of warehouse space in Baywood North Distribution Center II at 4331 Underwood in Pasadena.  Walter H. Menuet Jr. represented landlord Mountain West Industrial Properties. Bob Berry of Jones Lang LaSalle represented the tenant. Ozburn-Hessey Logistics, represented by broker Randy Wolcott of ProVenture, renewed 300,000-sf in the same project.

BAYTOWN, Texas – Chambers County Improvement District No. 1 bought five acres of land in the Cedars Crossing Industrial Park for expansion of a dock and storage yard.  Cushman & Wakefield’s Kelley Parker, John Littman, Coe Parker and Tim Thomas handled the sale.

LA PORTE, Texas — Construction has begun on a rail-served 261,000 sf distribution facility at Port Crossing Commerce Center in La Porte.  The project, on 12 acres, will be complete in early 2013.The building will have a 30-foot clear height ceilings.

Pat Hicks Makes Value-Add Investment in Energy Corridor

HOUSTON –   Hicks Ventures, led by Patrick Hicks, purchase two office buildings in the Energy Corridor of West Houston. The buildings, located at 16350 Park Ten Place and 16360 Park Ten Place, include a total of 141,265 square feet.

Managing Director Rudy Hubbard and Vice President Leah Gallagher led the Jones Lang LaSalle Capital Markets team on this transaction.  American Spectrum Realty, a Houston REIT, was the seller.

These properties represent a classic underperforming value-add opportunity for the buyer. The two buildings are a combined 73 percent occupied and there is the ability to put together 30,000 square feet of contiguous space, said Hubbard.

The Energy Corridor is one of Houston’s most dynamic submarkets and leasing opportunities here will be tremendous. Built in 1979, 16350 Park Ten Place is a Class B multi-tenant property with 72,599 square feet of space. The Class B+ property at 16360 Park Ten Place was built in 1981 and has 68,666 square feet of space. Both buildings are located in Park 10 Regional Business Center, a master-planned mixed-use development comprising a major portion of the West Houston Energy Corridor.

Fuller Buys Another Building in Houston’s Bering/San Felipe Area

HOUSTON – The 1800 Bering office building near Houston’s Galleria area has been sold to a Fuller Realty Advisors joint venture group, according to a report in the Houston Chronicle.

The 10-story, 171,000 square-foot building was constructed in 1982. The project is  is 85 percent leased with Flagstone Financial Services and Prudential Insurance Co. are among the tenants, according to the story by the Chronicle’s Katherine Feser.

The seller, Coast Range Investments of San Francisco, was represented by Rudy Hubbard, Paul House and Leah Gallagher  of  Jones Lang LaSalle Capital Markets.

Over the years, Fuller has been very active in the Bering/Augusta/San Felipe/Voss area of Houston.