This Week's Houston Deal Sheet
Bradley Arant Boult Cummings law firm expanded its lease and changed its location within JPMorgan Chase Tower downtown. It relocated from the 48th floor to the 56th and 57th floors, bringing the long-term lease to 45K SF.
Savills Corporate Managing Director Lesa Nickelson French represented Bradley in the leasing agreement. Bradley has grown significantly since it leased about 22K SF of office space in the tower in 2016, French said.
Ian Faria, a founding partner of Bradley’s Houston office, told the Houston Business Journal the firm plans to expand this year.
“Our location at the JPMorgan Chase Tower provides everything we need to support our clients and our people,” Faria said. “The expansion of our presence and facilities in the building enables us to reach a different level of client service, from our upgrade to state-of-the-art technology to the addition of ample hearing room space for trial, arbitrations and mediations.”
The 75-story JPMorgan Chase Tower at 600 Travis St. is the tallest building in Houston.
PEOPLE
Jonathan Eckerd joined Partners Real Estate as senior vice president of investment sales at the firm’s Houston office.
Before joining Partners, Eckerd focused on corporate sale-leaseback and single-tenant and multitenant net lease investment sales at Ascension, where he was vice president. He also previously worked as a net lease adviser for Marcus & Millichap and has more than 15 years of experience in risk management, strategic planning and process implementation in both foreign and domestic environments.
Eckerd served eight years in the U.S. Army and was awarded a Purple Heart after sustaining injuries while in support of Task Force Iron Claw during Operation Iraqi Freedom in 2006-2007.
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Chad Owens and Warren Hitchcock were both promoted to senior vice president/managing director in Northmarq’s Houston debt and equity office.
Hitchcock and Owens will co-manage the daily operations of the Houston office with Managing Directors John Burke and Tony Gray. They will also retain their local production roles of originating debt and equity financing.
Hitchcock has been with Northmarq for 18 years. He is a top 10 producer on an annual basis at Northmarq. He has closed more than $4B in capitalizations of retail, industrial, multifamily, office and hospitality properties.
SALES
Prosperity Development Group bought 2 acres from the City of Mont Belvieu, where a new The Toasted Yolk Cafe will be developed. This 5K SF space will be the franchise’s first freestanding restaurant.
Greg Shaw with Shaw Commercial Properties represented the seller.
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Sound Around Inc. leased a 164K SF newly constructed building at Kingsland 10 Business Park. The tenant will occupy the entire building located at 30910 Kingsland Blvd. in Brookshire. Transwestern's Nick Peterson, John Ferruzzo and Matt Morrison represented the tenant in the transaction.
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Partners Real Estate arranged the sale of 5 acres at 0 Tubular Drive in Katy. Partners’ Ryan DeGennaro, Andy Parrish and Lesley Rice represented seller Plow Realty in the transaction. Max Robbins III of Trucore Commercial represented the buyer, 0 Tubular Road LLC. The buyer intends to develop the property for use in its trucking/transportation business.
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A partnership led by Houston-based 5Rivers CRE purchased the Shoppes at EastChase shopping center in Montgomery, Alabama. The 388K SF Class-A lifestyle and big-box retail asset is anchored by Ross, PetSmart, Aldi, H&M, Sephora and Lululemon.
Alex McDonald of Berkeley Capital Advisors represented the seller in the EastChase transaction. Chad Owens of Northmarq Houston arranged acquisition financing for Shoppes at EastChase.
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LEASES
WellMed Medical Management signed a 14K SF lease in the soon-to-be-only Class-A medical office building in the Heights. Transwestern’s Justin Brasell and Christian Connell represented the landlord, Wolf Capital Partners, in the transaction.
The 120K SF building at 427 West 20th St. is undergoing extensive renovations. In addition to refreshing the streetscape, Wolf Capital Partners will reimagine the lobby and complete upper floor common area improvements.
These enhancements drew WellMed to consolidate two of its Houston-area locations to increase efficiencies. The residential population is projected to expand in the immediate vicinity by more than 1.5% each year through 2027, according to Transwestern research.
WellMed Medical Management was represented in negotiations by Luke Campbell of Perron & Campbell.
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AVI Systems leased 11K SF at Liberty Northwest Business Center at 5200 North Sam Houston Parkway W. Jeremy Lumbreras and William Carpenter with Stream Realty Partners represented the landlord, Prologis.
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EPE Industries USA leased 62K SF at Legacy Center Business Park at 8811 Fallbrook Drive. Jeremy Lumbreras and William Carpenter with Stream Realty Partners represented the landlord, Prologis.
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American Valve Solutions leased 13K SF at 12603 Executive Drive. Boone Smith and Garret Geaccone with Stream Realty Partners represented the landlord, AIP. Tyler Maner and Cristina Sigarróstegui with Stream Realty Partners represented the tenant.
THIS & THAT
The Houston District Council of the Urban Land Institute awarded the 16th annual Development of Distinction Awards, presented by Wilson, Cribbs + Goren, to various Houston developments Tuesday.
Awardees included:
— Houston Farmers Market, the renewal award. The market is the oldest, largest and only daily farmers market in Houston, established in 1942. The 17-acre site was purchased in 2017 by MLB Capital Partners, which made upgrades, including vendor, retail and restaurant space; improved walkability; and expanded green space featuring an event lawn, dining courtyard and patio.
— Montrose Collective, the for-profit large-scale award. Montrose Collective is a mixed-use project with two new commercial buildings and two remodeled buildings spanning two city blocks.
— The Plant at Harrisburg, the for-profit small-scale award. At The Plant, about 84% of businesses are run by minority-, women-owned control partners or entrepreneurs living within a quarter mile of the project.
— John S. Dunn Behavioral Science Center, the not-for-profit award. At the center, residential units are situated around a central living area, promoting engagement among residents. Amenities include a therapy mall, an activity room, an internal courtyard and an external courtyard leading to a large, tree-filled area.
— James Driver Inclusive Park, the people’s choice and open space categories. This 29-acre park located in northeast Houston along Highway 59 is set in an underserved part of Harris County. Improvements added to the park are expected to help revitalize the surrounding community and serve as a destination for visitors regardless of their physical and mental condition.
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The Goddard School, an early childhood education provider, opened its first location in Bridgeland, a Howard Hughes Corp. development. The newly built 11K SF facility will enroll about 200 students from 6 weeks to 6 years old.
The Goddard School’s management team will be led by 12-year Bridgeland resident Sarah Prause, who has 25 years of experience with the franchise’s system. The new facility will have 10 classrooms, an indoor gym and a custom aquarium for its entryway.
There are seven existing and planned public schools in Bridgeland, along with a private school and a charter school slated to open in 2025.
