Edited by Holly Kelch
Volume 26 Number 4 April 2011

Houston Real Estate Trends is widely read by brokers, developers and other industry professionals. The newsletter is $199 per year and covers significant transactions and economic and financial news for Multifamily, Retail, Office, Industrial, Single-family and Vacant land. Click on the following for more information:

Apartments

Apartment market occupancy in the Greater Houston stood at 87.5% in March 2011, an increase of 0.54% compared to the adjusted figure for the previous month, according to www.oconnordata.com, O’Connor & Associates data. Overall rents stand at $0.888 per square foot, unchanged from February. Average rental rates for individual classes also remained unchanged. Pre-leasing is currently underway in 10 communities (1,546 units) out of the 31 total properties (4,861 units) in the construction pipeline city-wide.

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Note: The multifamily projects listed herein are followed by their representative identification number as they appear in the new O’Connor & Associates ApartmentLink Online Data platform and are provided for subscriber cross-referencing. The property information contained within this database is updated on a monthly basis and accessible over the web. (Please contact us for more details.)

Apartment Developments

    La Jolla Champions

  • WCP Northern Oaks Apartments LLC has completed the renovation of La Jolla Champions (1328), a 448-unit, Class B apartment community, located at 15530 Ella Boulevard in the Champions – East submarket (332X). The community features efficiencies, one-, and two-bedroom units with an average size of 747 square feet and average rental rates of $0.74 per square foot. The property is currently 50% occupied. Common area amenities include a swimming pool, access gates, clothes care center, and walking trails. Unit amenities include fully-equipped kitchens, ceiling fans, walk-in closets, and upgraded interiors.

  • Tierra Del Sol

  • Ascension Commercial Real Estate (James G. Wood: 713-664-0659, jwood@ascensioncre.com) has completed the renovation of Tierra Del Sol (3017), a 284-unit, Class C apartment community, located at 8000 Cook Road in the Alief submarket (529J). The community features one-, two-, and three-bedroom units with an average size of 817 square feet and average rental rates of $0.77 per square foot. The property is currently 88% occupied. Common area amenities include two sparkling pools, clothes care centers, BBQ picnic areas, and a custom playground. Unit amenities include new appliances, fixtures, ceramic tile flooring, ceiling fans, and updated bookcases.

  • Mark-Dana Corporation (David Koogler: 713-906-4460, dkoogler@mark-dana.com) has completed construction of Highland Manor (18045), a 141-unit, Senior Tax Credit community to be located at 301 Newman Road in the Texas City/Dickinson submarket (736M). The community features one-, and two-bedroom units with an average size of 841 square feet and average rental rates of $0.65 per square foot. Common area amenities include a pool, fitness center, computer room, elevators and conference rooms. Unit amenities include dishwasher, garbage disposal, ceiling fans and fully equipped kitchens with granite counter tops and built-in microwaves.

       Search for more apartment properties on OconnorData.com.

The following chart illustrates historical apartment occupancy.

Source: O'ConnorData

Apartment Sales

Keegan's Mill

  • Atlanta, Georgia-based Tritex Real Estate Advisors II Inc, an entity of Trimont Real Estate Advisors Inc (John Schwartz: 404-420-5600: jschwartz@trimontrea.com) has purchased the following apartment communities out of foreclosure, from Fannie Mae (Mercy Jimenez: 972-773-4663):

    Bennington Square

    • Keegan's Mill (3860), a 318-unit, Class C apartment community located at 11500 Keegans Ridge Road in the Sugarland/Fort Bend submarket (569D). The 33-year-old property is 75% occupied with average rents at $0.64 per square foot.

    • Bennington Square (3854), a 313-unit, Class C apartment community located at 6300 West Bellfort Street in the Braeswood submarket (570D). The 34-year-old property is 64% occupied with average rents at $0.65 per square foot.

  • Mosaic Venture XIV-CC LP, a partnership of Mosaic Residential (Jay O’Connor: 281-647-6400, joconnor@mosaicresidential.com), Eastham Capital (Mathew Rosenthal: 617-658-2000) and real estate investor Khaled Salem has purchased Copper Creek (1286), a 300-unit, Class B apartment community located at 14222 Wunderlich in the Champions – West submarket (330Z), from CWCapital Asset Management LLC (214-438-6300), the special servicer assigned for disposition of the property. The 28-year-old property is 70% occupied with average rents at $0.75 per square foot. The asset had been previously owned and managed by CNC Investments (Chowdary “Charlie” Yalamanchili: 281-444-1585).

        Subscribe to our Commercial Deed Report for more sales information.

Apartment Financing

  • Grandbridge Real Estate Capital arranged financing for two multifamily properties in the Houston area:

    Midtown Heights

    • $31.8 million in first mortgage financing for Midtown Heights (16198), a 352-unit, Class A apartment community located at 404 Oxford Street in the Heights submarket (493A). Owned by USA Tranquility Lake, the six-year-old property is 96% occupied with average rents at $1.36 per square foot. Jim Richards of Grandbridge originated the 7-year loan which carries a 3-year interest only period and a 30-year amortization schedule. Funding was arranged through Fannie Mae's DUS loan program.

    • Stoneleigh on Spring Cypress

    • $17.9 million in mortgage financing for Broadstone Gramercy (18675 and 18676), two Class A apartment communities totaling 224 units and located at 2600-2601 Gramercy Street in the Bellaire/West University submarket (532G). The units are 93% occupied with average rents of $1.46 per square foot. The three-year interest only bridge loan was arranged through BB&T Real Estate Funding. The four-year-old buildings are being converted from a condominium property.

  • Northmarq Capital has arranged $12.842 million in first mortgage financing for Stoneleigh on Spring Cypress (17145), a 216-unit, Class A apartment community located at 7215 Spring Cypress in Spring (330B). William L. Jackson (972-788-3421: bjackson@northmarq.com) of Northmarq’s Dallas office, arranged the 7-year loan which carries a 30-year amortization schedule on behalf of Seneca Investments (Matthew P. Stone: 214-866-8686) through Freddie Mac. The five-year-old property is 97% occupied with average rents at $1.03 per square foot.

       Search for more apartment properties on OconnorData.com.

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Office Buildings

Citywide occupancy for Houston area multi-tenant office buildings is 84.1% (Class A = 85.7%; Class B = 81.9%; Class C = 83.5%; Class D = 85.7%; Class U = 91.4%), according to the O’Connor & Associates Fourth Quarter 2010 Houston Office Data Program. The citywide quarterly multi-tenant office rental rate is $19.77 per square foot (Class A = $22.08; Class B = $18.11; Class C = $15.53; Class D = $13.15; Class U = $16.75).
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Note: The office buildings listed herein are followed by their representative sector code and identification number as they appear in the O’Connor & Associates OfficeLink Online Data platform and are provided for subscriber cross-referencing. The property information contained within this database is updated on a monthly basis and accessible over the web. (Please contact us for more details.)

Office Developments

    Vivkery Medical Building

  • Neutex Advanced Energy Group (John Higgins: 713-534-1724) is retooling Vickery Medical Building (2159), a 39,000 square foot vacant office building located at 15700 Vickery Road in the Greenspoint Northbelt sector (374Q). The renovated building will feature research and development clean-rooms along with corporate and manufacturing space. Neutex is moving its operations to the US from China.

  • Moran Shipping Agencies (James A. Black: 281-582-9200, jblack@moranshipping.com) broke ground on a 25,000 square-foot, three story, build-to-suit office building to be located along Ronan Road, near North Sam Houston Parkway East, in the Greenspoint sector (373S). Levinson Alcoser Associates will serve as architect and SpawMaxwell will serve as general contractor.

       Search for more office properties on OconnorData.com.

The following chart illustrates historical office occupancy.

Source: O'ConnorData.com

Office Sales

Galleria Office Tower I

  • Unilev Capital Corporation (Shannon Scoville: 713-403-8223) has purchased a three-building portfolio located in the Galleria sector (491U) from an entity of Walton Street Capital LLC (Ira J Schulman: 312-915-2800, schulman@waltonst.com). The Class A buildings, marketed by Holliday Fenoglio Fowler — HFF — comprise of the following properties:

    Galleria Office Tower II

    • Galleria Office Tower I (477), a 490,000 square-foot office building located at 2700 Post Oak Boulevard. The 37-year-old property is 90% leased with average rents at $20.00 per square foot.

    • Galleria Office Tower II (509), a 320,000 square-foot office building located at 5051 Westheimer Road. The 31-year-old property is 98% occupied with average rents at $20.00 per square foot.

    • Galleria Office Tower III (511), a 251,000 square-foot office building located at 5065 Westheimer Road. The 33-year-old property is 81% occupied with average rents at $18.00 per square foot.

    Robert Williamson of HFF represented the seller, while a team led by HFF’s Wally Reid arranged financing for the buyer.

  • Two Westlake Park

  • KBS Real Estate Investment Trust II, an affiliate of KBS Realty Advisors (Kenneth McKay: 949-417- 6510, kmckay@kbsrealty.com) has purchased Two Westlake Park (934), a 381,000 square-foot, Class A office building located at 580 Westlake Park Boulevard in the Katy Freeway West sector (488B) from Younan Properties (Zaya S. Younan: 818-703-9600, zyounan@younanproperties.com). Two Westlake Park, which is fully occupied, is part of the 58-acre Westlake Office Park development. KBS was represented in-house, while Trent Agnew and Danny Miller of Holliday Fenoglio Fowler represented the seller. The purchase is the first time since 2007 that KBS is investing in the Houston market and brings its portfolio to 10 buildings in the area.

  • Kingwood Professional Building

  • Eminent Realty Development Group LLC has purchased Kingwood Professional Building (991), a 28,000 square foot, Class C office building located at 1075 Kingwood Drive in the Kingwood sector (336A) from Brookfield Real Estate Opportunity Fund, a division of Brookfield Asset Management (212-417-7000). The 36-year-old, two-story building is 91% occupied with average rents at $16.50 per square foot. Trent Agnew and Dan Miller of Holliday Fenoglio Fowler represented the seller..

Subscribe to our Commercial Deed Report for more sales information.


Office Leases

    3 Houston Center

  • Fulbright & Jaworski LLP (Shauna Clark: 713-651-5601, sclark@fulbright.com) has renewed its 299,676 square-foot lease at 3 Houston Center/ Fulbright Tower (90), a 1,247,000 square-foot, Class B office building located at 1301 McKinney Street in the Central Business District sector (493Q) with Crescent Real Estate Equities Ltd (James H. Wilson: 817-321-2100). The 28-year-old property is almost 89% occupied with average rents at $25.00 per square foot. Jim Bailey and Tim Relya of Cushman & Wakefield represented the tenant, while Debbie Wilson and Bob Boykin represented the landlord in-house. Fulbright & Jaworski signed a 10-year renewal.

  • 3D International Tower

  • Sadler Law Firm LLP (James W. Adams: 713-877-8254, jadams@sadlerlaw.com) has leased an additional 16,026 square feet at 3D International Tower (532), a 406,000 square-foot, Class A office building located at 1900 West Loop South in the Galleria sector (491R) from Transwestern 3 D/1, an entity of Transwestern (David Baker: 713-407-8701, david.baker@transwestern.net). The 31-year-old building is almost 90% occupied with average rents at $29.00 per square foot. Cathy Duong, Thomas McKenzie and William Wolff of UGL Services represented the tenant, while Greg Tilton and Brad Sinclair of Transwestern Commercial Services represented the landlord. Sadler will now occupy a total of 32,052 square feet spread over the seventh and eighth floors.


  • Schlumberger Building

  • Schlumberger (Mike Trice: 281-285-8500) has renewed its lease at Schlumberger Building (1907), a 155,000 square-foot, Class B office building located at 1325 South Dairy Ashford Street in the Westchase sector (488M) with Parkway Properties (Steve G Rodgers: 601-948-4091). Schlumberger has fully occupied the building since 1999 and, with the renewal, will continue to occupy the space through the early part of 2017. Mark Russell of Studley represented the tenant, while Lisa Skelton represented the landlord in-house.

       Search for more office properties on OconnorData.com.

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Retail Centers

Citywide occupancy for Houston area multi-tenant retail buildings is 85.2% (Regional = 87.2%; Community = 86.3%; Neighborhood = 83.9%; Strip = 83.6%), according to the O’Connor & Associates Fourth Quarter 2010 Houston Retail Data Program. Occupancy is up 0.54 points over the last quarter but down 0.6 points over the fourth quarter 2009. The citywide quarterly multi-tenant retail rental rate is $1.61 per square foot (Regional = $2.77; Community = $1.64; Neighborhood = $1.26; Strip = $1.30).
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Note: The retail centers listed herein are followed by their representative identification number as they appear in the new O’Connor & Associates RetailLink Online Data platform and are provided for subscriber cross-referencing. The property information contained within this database is updated on a monthly basis and accessible over the web. (Please contact us for more details.)

The following chart illustrates historical retail occupancy.

Source: O'ConnorData.com

Retail Sales

HEB 53- Cypress Market

  • Dar Barker Cypress LLC, an entity of Unilev Management Corp (Shannon Scoville: 310-273-7457, shannon.scoville@unilev.com) has purchased HEB 53 – Cypress Market (1281), a neighborhood shopping center located at 24224 Northwest Freeway in the Far Northwest sector (367L) from Red Cypress Creek I Inc, an entity of Azrieli Foundation (David Azrieli: 514-282-1155). The center, which was completed in 2008, is fully leased.

  • GDMR Joint Venture GP LLC, an entity of Agama Systems Inc (Lina Ma: 713-772-1665, lina@agama.cc) has purchased Bally West Park (1437), a 83,000 square-foot neighborhood shopping center located at 17750 Katy Freeway in the Far Northwest sector (447X), from Development Enterprises Inc, an entity of Peyton Cottrell Interests Inc (Sandra Cottrell: 713-977-9696). Tenants at the two-year-old property include Bally Total Fitness and Décor Furniture.

  • Coventry Square

  • Grandiose Realty LLC (Nick Dhanani: 281-543-1858) has purchased Coventry Square Shopping Center (2305), a 31,000 square-foot neighborhood shopping center located at 12222 Bissonnet Street in the Far Southwest sector (529S) from Antonio Haghenbeck Y De La Lama Foundation Inc (Mary Gutierrez). The 27-year-old property is fully occupied and tenants include Shop N Go, Price Wise and C&J Sports Bar and Grill.

Subscribe to our Commercial Deed Report for more sales information.


Retail Leases

    Woodlake Square

  • Just In Fashion has leased 24,500 square feet in Woodlake Square (1484), a 209,000 square-foot community center located at 9600 Westheimer Road in the Near West sector (490S) from AmREIT Woodlake LP, an entity of AmREIT Inc (Hugh K. Taylor: 713-850-1400, ktaylor@amreit.com). The 40-year-old property is over 77% occupied and other tenants include Walgreens, Hallmark and Blackbear Enterprises.

       Search for more retail properties on OconnorData.com.

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Industrial Facilities

Citywide occupancy for Houston area operating multi-tenant industrial facilities is 85.3% (Bulk = 83.5%; Flex = 85.1%; Manufacturing = 93.5%, Service = 83.6%, Distribution = 80.4%, R&D = 79%), according to the O’Connor & Associates Fourth Quarter 2010 Houston Industrial Data Program. Occupancy decreased 1.2% over the last quarter and decreased 1% over the fourth quarter 2009. The overall quarterly rental rates is $0.45 per square foot (Bulk = $0.42; Flex = $0.48; Manufacturing = $0.40; Service = $0.60; Distribution = $0.40; R&D = $0.77).
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Note: The industrial facilities listed herein are followed by their representative identification number as they appear in the O’Connor & Associates IndustrialLink Online Data platform and are provided for subscriber cross-referencing. The property information contained within this database is updated on a quarterly basis and accessible over the web. (Please contact us for more details.)

Industrial Developments

  • EastGroup Properties Inc (David H. Hoster II: 281-987-7200) is developing two industrial properties in the Greater Houston area:

    • World Houston 32 is a 94,000 square-foot building located in the World Houston International Business Center project. The fully preleased property is expected to be delivered by the end of the year.

    • Beltway Crossing 8 is an 88,000 square-foot, multi tenant building to be located within Beltway Crossing Center. The property, positioned at the corner of Sam Houston Toll Road and Texas 249 (370U), will be ready for occupancy in October.

    The total cost of development is estimated at $12.1 million.

       Search for more industrial properties on OconnorData.com.

The following chart illustrates historical industrial occupancy.

Source: O'ConnorData.com

Industrial Sales

    6320 Fairdale Ln

  • Texas Process Equipment Company (Alan Carter: 713-460-5555: alan@texproc.com) has purchased 5215 Ted St (37778), a 15,000 square-foot, 12-year-old, warehouse located at 5215 Ted Street in the Near Northwest sector (450H), from AT Holding-Txprocess LLC, an entity of The Texas 1031 Exchange Company (Sydney Miller: 830-608-1031: sydney@texas1031.com). The property was fully occupied at the time of sale.

  • Lorena Acosta (713-514-0020) has purchased 704 70th St (37991), a 64-year-old, 11,000 square-foot office/warehouse facility located at 704 70th Street in the Near Southeast sector (494V) from Marco Acosta (713-910-6286).

Subscribe to our Commercial Deed Report for more sales information.

Industrial Leases

Post Oak Industrial Park

  • Starplast USA LLC (732-220-1500) has leased 65,520 square feet in Bay Area Business Park (6649), a 1,185,000 square-foot, recently completed warehouse property located at 9501 Bay Area Boulevard in the Near Southeast sector (579Y) from Bay Bluff LP. Jason Barton and Ryan Fuselier of Jones Lang LaSalle represented the tenant, while Stream Realty represented the landlord.

  • Hempstead Distribution Center 2

  • Max Movers (713-680-8700) has renewed its 103,800 square-foot lease at Post Oak Industrial Park (4283), a 37-year-old, 245,000 square-foot, warehouse located at 1203 Post Oak Road in the Near West sector (491D) with St Paul Properties Inc (651-310-7911). André Granello and Jeffery Peltier of Gibson & Granello Realty represented the tenant, while Darryl Noon of Transwestern represented the landlord.

  • VeriTrust (713-263-9000) has leased 60,900 square feet in Hempstead Distribution Center 2 (5763), a 31-year-old 113,000 square-foot warehouse located at 2000 Afton Street in the Near West sector (451U) from BRE/TX Industrial Properties LLC, an entity of The Blackstone Group LP (Glenn Alba: 212-583-5000). John Ferruzzo, Chris Kugle and Dustin Gillioz of NAI Houston represented the tenant, while Adam Loew of Prologis represented the landlord.

       Search for more industrial properties on OconnorData.com.

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Vacant Land

  • Beazer Homes Texas LP (Louis Ocana: 972-250-3821) has purchased 61 acres located along the Harris/Brazoria County line in Pearland, adjacent to the Clear Brook Meadows subdivision (615H), from Alexander John Family LP (John Alexander).

  • Bear Creek RV LP has purchased 21.6 acres located on Clay (447E) from Tan Duc Construction Co Ltd. Paul Grohman of Gromax Development LLC represented the buyer, while Jerald Dyer of Grubb & Ellis represented the seller.

  • Suhm Spring Works (713-224-9293) has purchased 12.5 acres within the 486-acre Interwood Business Park from Wolff Companies (David W. Hightower: 713-626-8050, dwh@wolffcompanies.com). Suhm has plans to consolidate its operations at the location with a 117,000 headquarters and a primary manufacturing and distribution center that it will construct on the property. Construction at the site, located at the intersection of Heathrow Forrest Parkway and FM 525 (374Y), is expected to begin later this year with build out in 2012. Phil Arnett of Phil Arnett Commercial Real Estate Services represented the buyer.

       Subscribe to our Commercial Deed Report for more sales information.

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Single-Family Housing

MLS home sales increased slightly in February as 2,734 existing homes were sold, compared to 2,681 homes sold in February 2010, according to the Houston Association of Realtors (HAR). Sales for February 2011 increased by 2% compared to February 2010. The median price of an existing single-family home sold in February was $139,700, an increase of 3.5% compared to 2010, while the average home price – $197,838 – was up 5.3% from the February 2010 level.
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Note: MLS sales include primarily existing home sales throughout the Houston region. Historical comparisons are offered solely for informational purposes and may not truly reflect growth in sales.

According to American MetroStudy, net sales of new homes in the Greater Houston Area increased by 17.18% in February 2011 to 1146 and are down by 23.55% from February 2010. Realtor co-op sales represented over 58.3% of gross sales for the month, down 8.8% from February 2010. Traffic came down by 8.22% from last year to 12,500 in February 2011. The inventory of completed speculative homes (1,559) is up 31.2% from February last year. There are 1,351 spec homes under construction, a decrease of 33% from February 2010. Overall, the 2,910 specs (both completed and under construction) are down 4.6% from February 2010.
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Note: the 23 homebuilders in this survey account for approximately 55% of housing starts in Houston.

According to RealtyTrac, Texas reported 11,562 foreclosure filings in the month of February with Harris County recording 2,347 filings, 60.5% of which were filed in the city of Houston. Texas was ranked 23rd among the nation’s states in total foreclosure filings in February.

The following chart illustrates historical existing home sales.

 

Source: Houston Association of Realtors

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Permit Issuance

The City of Houston issued permits to build 178 private single-family houses and three private multifamily buildings in February. Demolition permits were issued for 68 private single-family houses and three multifamily structures. In addition, 155 permits were issued for privately owned non-residential construction totaling $34,694,608 and one permit was issued for public non-residential construction. Additions, alterations, and conversions totaled $93,475,390 for the private sector and $14,193,000 for the public sector.

Cost of Construction*

 

2009

2010

2011

Month of February

$416,096,120

$205,317,543

$207,917,299

Year-to-Date

$659,495,849

$430,333,362

$414,490,174

*The figures in this section include all categories of buildings and non-building structures

 

Source: City of Houston Housing Statistics

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Economic & Financial News

The total number of nonagricultural wage and salary jobs in the ten-county Houston area increased by about 9,600 jobs to 2,541,000 in February 2011, according to the U.S. Department of Labor. This total is 49,823 jobs more than the 2,491,180 jobs in February 2010. Of nonagricultural employers, the Leisure and Hospitality sector posted the largest gain over the month of 2,900 jobs. On a year over year basis mining and logging continued to post the largest gain, adding 6,077 jobs in the last twelve months.

The following chart illustrates total non-agricultural employment in the Houston MSA.


Source:  U.S. Bureau of Labor Statistics (BLS)

According to the Bureau of Labor Statistics, Consumer Price Index (CPI) for all items for the Houston area stood at 197.224 in February, a 1.4% increase resulting from price rise in food, energy and all items less food and energy. The price of food was up by 1.2%, the largest bimonthly increase since 2008. Grocery prices rose sharply by 1.9%. On a year-on-year basis food prices went up by 2.1%. Gasoline prices went up further (8% in the current bimonthly cycle), contributing to the energy index shifting upwards by over 4%. However prices for natural gas and electricity came down 0.1% and 0.8%, respectively. Prices rose for medical care services, new vehicles, airline fares and women’s apparel resulting in the index of all other items moving up by 1%. The index is a measure of the average change in prices over time in a fixed market basket of goods and services and is relative to a figure of 100 in 1982, the base year.

The Business Cycle Index (BCI) for Texas stood at a seasonally adjusted 181.7 in January while the BCI for the Houston metropolitan area stood at 265.4, according to the Federal Reserve. The Texas Leading Index posted 117.6 for the month of January 2011. The indexes represent broad movements in local Texas economies relative to a figure of 100 in 1987, the base year.

The Baker Hughes count of active domestic rotary rigs stands at 1,718 for February 2011. The current rig count is up 0.3%% from last year’s figure of 1,713 rigs. The rotary rig count is a census of the number of drilling rigs actually exploring for or developing oil or natural gas in the United States.


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Potpourri

According to the monthly U.S. Monster Local Employment Index, overall online job demand in the Houston area stood at 121 in February, an increase of 15 points from January 2011 while increasing by 17 points over February last year. The index went up for all sectors, with the index for Education, Training, and Library sector recording an increase of 50 points. Other significant increases were noted in the index for Transportation and Material Moving which went up by 21 points and in the index for Construction and Extraction sector which went up by 27 points.

According to the Architecture Billings Index developed by the American Institute of Architects, the index for February 2011 stood at 50.6, a marginal increase of 0.6 points from the previous month (any score above 50 indicates an increase in billings). Both the project inquiries index and the inquiries for new projects score was 56.4.

Houston Pavilions

Houston Pavilions (2241), an 11-story, 196,000 square foot, Class A office building located at 1201 Fannin Street in the Medical Center sector (493Q) has been renamed NRG Tower after its latest occupant and anchor tenant, NRG Energy Inc (609-524-4500). 1,300 employees have moved in since January 2011. NRG has leased the two-year-old building for 10 years. The property is owned by Houston Pavilions Management (Geoffrey P. Jones: 832-320-1200).

Following appointments and promotions were noted in real estate firms in Houston:

  • Hines (713-966-2636) promoted Alison Renz Anderson to Senior Vice President-Controller, Palmer Letzerich to Vice President and Alan Tillotson to Vice President. Ms. Anderson has been with Hines for 16 years and has represented projects valued close to $5 billion and 22 million square feet. Mr. Letzerich launched Hines’ Monterrry office in 2005. Mr. Tillotson has been with Hines for close to three decades. He will continue to serve as senior construction manager for the Shell Westhollow project.

  • Michael Zatopek

  • Mike Zatopek, who founded Resource Commercial Real Estate Services in 1988, has joined Newmark Knight Frank (713-490-9990) as a Director.

  • Russell Ingrum

  • Russell Ingrum was promoted to Managing Director at CB Richard Ellis’ (713-577-1600) Capital Markets group. Mr. Ingrum will helm a team of 161 office investment professionals.

  • Alan Kofoed was promoted to Senior Vice President of construction at Weingarten Realty Investors (713-866-6000) and Patrick Manchi was promoted to Vice President of leasing. Mr. Kofoed has been with the firm since 2001. Mr. Manchi also joined at the same time, but left the firm for a brief period before rejoining in 2009 as regional director of leasing.

  • Jonas McBride, previously with Smith Seckman Reid, joined Mazzetti Nash Lipsey Burch (281-480-5560) as Principal for Engineering Services.

  • EDGE Realty Partners (214-545-6900) opened an office in Houston and hired Culver Stedman and Josh Jacobs, both previously with Page Partners, to head the team as principals. Additionally Debbie Adams, previously with Gulf Coast Commercial Group, joined as Senior Vice President and Sara Schoonaert joined as associate.

Please direct any questions regarding content in the Houston Real Estate Trends to Holly Kelch at 713-686-9955 or hkelch@poconnor.com.

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