This Week in the Houston Office Market: 9/25/10

by CoyDavidson on September 25, 2010

Headline News from the Houston Office Market

Weatherford inks lease at 2000 St. James Place.

Weatherford International has leased the entire 12-story, 335,000-square-foot office building at 2000 St. James Place. The oilfield services company will consolidate approximately 1,300 employees from several Houston locations into the Galleria area project.

Houston-based Core Real Estate LLC has the building under contract from Wells Fargo who foreclosed on the empty building in May from a partnership led by Houston-based Cameron Management Inc. Core will oversee a complete renovation of the facility before Weatherford relocates in early 2012. Cameron Management purchased the building from Minute Maid. The property was Minute Maid’s corporate headquarter before they relocated to Sugar Land. Cameron Management upgraded the property to meet green building standards but never landed a new tenant for the project.

Brookfield Office Properties purchases Sheraton Hotel

Brookfield Office Properties has acquired the shuttered Sheraton Hotel  in Houston’s Central Business District. The reported plans are to demolish the structure. The property situated at 711 Polk sits adjacent to Total Plaza which Brookfield owns. Brookfield is one of Houston’s largest office owners with 9 million square feet including the Allen Center and Cullen Center complexes. There are no immediate plans to develop the site. Once the building is razed, the property will be used for parking, including restoration of three levels of parking.

Little Moves to Transwestern

Transwestern’s Houston headquarters today announced Doug Little has joined the firm as a Managing Director/Executive Vice President. Little will help structure and execute strategic national initiatives and serve institutional clients throughout Houston and the national market. A 25-year industry veteran, Little’s resume includes negotiations totaling over eight million square feet with a total transaction value exceeding $600 million. Prior to joining Transwestern, he served as executive vice president and managing director of the Central Division of PM Realty. Little is a native Houstonian and a graduate of Texas Tech University.

Investor Acquires Northwest Houston Portfolio for the Second Time

The Khoshbin Co. has acquired three low-rise office buildings in northwest Houston. The Irvine, Calif.-based real estate company has purchased the Torrey Chase office portfolio consisting of three buildings totaling just over 192,000 square feet. The portfolio located near FM 1960 and Veterans Memorial Drive are approximately 56 percent occupied and include:

  • Torrey Chase 1 – 14425 Torrey Chase Blvd.
  • Torrey Chase 2 – 14505 Torrey Chase Blvd.
  • Northchase Place –  13700 Veterans Memorial

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