This Week's Houston Deal Sheet

Hines and Cerberus Capital Management announced 153K SF of lease expansions at JPMorgan Chase Tower, a 75-floor, 1.65M SF office tower at 600 Travis St. in Houston. The building is 84% occupied.

These are the tenant expansions:

• JPMorgan Chase Bank expanded to 315K SF from 256K SF.
• KKR expanded to 52K SF from 23K SF and was represented by Jon Lee of CBRE.
• Bradley Arant Boult Cummings LLP expanded to 45K SF from 22K SF, extended its lease term and was represented by Lesa Nickelson French of Savills.
• M6 Midstream expanded to 35K SF from 23K SF, extended its lease term and was represented by Mark Russell of Newmark.
• JB Poindexter & Co. expanded to 26K SF from 16K SF, extended its lease term and was represented by David Bale of JLL.
• Proman USA expanded to 22K SF from 14K SF, extended its lease term and was represented by Bill Boyer of CBRE.

JPMorgan Chase Tower, Texas’ tallest office tower, was designed by renowned architect I.M. Pei. In 2021, an urban park and architectural entry were completed, as well as an expanded lobby with gathering areas.

Tenants in the building have access to on-site restaurants and retail, a 280-seat auditorium at 601 Travis, a 7K SF fitness center with locker rooms and showers, secured bike storage, a 12-level, tunnel-connected parking garage, EV charging stations and 24/7 security.

Diana Bridger, Brad Beasley and Michael Anderson of Cushman & Wakefield represented Hines and Cerberus Capital Management, the landlords, in the lease negotiations.

SALES

A local real estate developer sold a 16K SF Class-A shopping center on Highway 105 in Conroe. Newman Kelly’s Nate Newman and Logan Kelly represented the seller and generated four offers on the property. The buyer was a local investment group.

LEASES

Savills represented Elevate Collegiate Charter School, an open-enrollment charter school for pre-K through fifth-grade students, in acquiring a 17K SF facility for its main campus. Elevate signed a long-term lease for the two-story building at 3129 Southmore Blvd. in the Greater Third Ward submarket.

Lesa Nickelson French of Savills oversaw the real estate strategy. Elevate outgrew its location at 2410 Hamilton St., also in the Greater Third Ward, she said. 

Elevate will have the option to expand the property as enrollment increases to occupy additional square footage, including green space. Texas Charter School Development is overseeing project management for the facility. 

CONSTRUCTION & DEVELOPMENT

Concourse Development broke ground on The Grand Prairie, a 1,730-acre master-planned community 6 miles west of the Grand Parkway in the unincorporated town of Hockley. 

The Grand Prairie will initially offer 481 homes from five homebuilders: Perry Homes, Westin Homes, Village Builders, Sitterle Homes and David Weekley Homes. Houses will range in price from the low $300Ks to the $600Ks. Home sales will begin in tandem with the fall 2023 opening of the community’s welcome center and model home park.

Community amenities will include a 7K SF pavilion, a 38-foot climbing hill, 450 acres of parks, 4 miles of trails and a 70-acre lake. 

Concourse acquired the land with equity partner Maquina Holdings in 2018. Concourse and Maquina enlisted landscape architecture firm Clark Condon to help create a green infrastructure plan.