This Week's Houston Deal Sheet: 2 Companies Relocating Local HQs

Two companies are setting up new local headquarters in the Houston area after announcing signed leases this week: Chicago Bridge & Iron Co. and Safespill.

CB&I, a designer and manufacturer of storage facilities, tanks and terminals, is moving its headquarters back to The Woodlands after signing a 43K SF lease at Hughes Landing. CB&I will move more than 150 of its 4,000 employees to its new office at 1725 Hughes Landing Blvd. starting in September, according to a news release from Howard Hughes Holdings Inc., the landlord and developer of The Woodlands. 

Founded in 1889, CB&I was headquartered in The Woodlands from 2001 to 2018 but moved to another Houston location when it merged with the company then known as McDermott International. Howard Hughes acquired CB&I’s previous 257K SF, two-building headquarters campus, now called Lake Front North in Hughes Landing. 

CB&I remains a wholly owned subsidiary of McDermott. 

“Our employees look forward to rejoining and enriching the local community and calling The Woodlands home again,” CB&I Senior Vice President Mark Butts said in a release. “We value our partnership with Howard Hughes, who have helped us design a wonderful office space where our team can truly enjoy working and collaborating with colleagues.” 

JLL’s Steve Hesse represented CB&I, and JLL’s Scott Fikes and Jack Russo represented Howard Hughes.

Safespill, a fire protection flooring system manufacturer, is also moving its home base, in this case to Brittmoore Industrial Development, according to a news release from Transwestern Real Estate Services. 

Safespill will fully occupy the development after inking a 192K SF lease, which is significantly larger than its previous 55K SF lease at 1900 Crosspoint Ave. in Southwest Houston.

Brittmoore Industrial Development, at 4510 Brittmoore Road in Northwest Houston, is owned by Ares Management fund and managed by the Ares Industrial Management Team. The building will serve as Safespill’s new manufacturing and headquarters facility. It is expected to be fully operational by the fourth quarter. 

“This move marks a significant milestone for Safespill as we expand our operations to meet the growing demand of our clients,” Safespill CEO Tristan Mackintosh said in the release. “The new facility will not only enhance our production capabilities but also streamline our operations, resulting in reduced costs and faster manufacturing times.”

Transwestern’s Brian Gammill and Carter Thurmond represented Safespill. Colliers’ John Nicholson, Ryan Byrd and Trey Horne represented Ares Industrial Management. 

PEOPLE

Triten Real Estate Partners hired Carter Bechtol as partner and head of Triten Residential. Bechtol will oversee Triten’s multifamily holdings, including sourcing developments and acquisitions, conceptual planning and engaging with investors and lenders.

Bechtol has 28 years of experience, most recently as managing principal with Stanmore Partners. 

SALES

Satguru Investments bought the 63-key La Quinta Inn & Suites by Wyndham Pasadena North at 2205 Pasadena Freeway. The seller was 225 Pasadena Hospitality, owned by Andrew Lai.

HVS Brokerage & Advisory’s Eric Guerrero, James Rebullida, Fadi Rawashdeh and Kyle Peterek participated in the transaction.

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Alleyton Resource Co. sold a 7.2-acre property at 15410 Telge Road in Cypress. Barkley Peschel of Colliers represented the seller. 

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Newcor sold a 27K SF tiltwall building at the corner of Hufsmith-Kohrville and Spell roads, at the main entrance of Tomball Business & Technology Park. An undisclosed biopharma company from the West Coast purchased the building and plans to expand its operations. The property includes lab space for research and development as well as facilities for manufacturing and distribution.

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A California-based investment group sold a 15K SF multitenant retail center on 1.4 acres at 15003 FM 529 in Houston. Jared Pinto at Newman Kelly Real Estate represented the seller and procured the buyer. Four offers were generated during the marketing process. The buyer is a local investor who purchased the center in cash.

LEASES

Stream Realty Partners announced new leases at The Towers at Westchase, at 10350 and 10370 Richmond Avenue. Stream’s Brad Fricks and Matthew Seliger represented the landlord, Franklin Street Properties. The leases include: 

• Drilling Tools International, 17K SF. It was represented by Park Realty's Peyton Poynter.
• PhiloWilke Partnership, 14.7K SF. It was represented by JLL's Cody Little and Jordan Raney. 

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Olympia Tools International leased 95K SF at Phase 1 of Pinnacle Logistics Park at 11330 Tanyard Creek Drive in Northwest Houston. This brings the 614K SF Hillwood-developed project to 100% leased. 

Stream Realty Partners’ Tyler Maner, Wes Hunnicutt, Matt Moore and Will Mason represented Olympia. Stream’s Jeremy Lumbreras and Heath Donica represented Hillwood. 

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Direct Air Flow Distributors LLC leased 13K SF at an industrial building at 18904 Freeport Drive in Houston. Partners Real Estate’s Travis Land and Braedon Emde represented the landlord, Kudzu Construction & Development. Griffin Rich with Newmark represented the tenant. 

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Additech Inc. leased almost 12K SF at 3200 Wilcrest Drive in Houston. Partners Real Estate’s Jason Whittington and John Zivley represented the tenant. Jill Nesloney of Cushman & Wakefield represented the landlord. 

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Activate Games leased 12K SF for a new location at Grogan’s Mill shopping center in Spring.

Cushman & Wakefield’s Eric Lestin and Michael Burgower represented Activate Games. Adam Blustein of Global Fund Investments represented center ownership. The location at 536 Sawdust Road will be Activate Games’ second location in metro Houston. Lestin and Burgower also represented the firm with its initial Katy location at 20235 Katy Freeway.

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Citizens Bank opened a new location at 22410 U.S. Highway 59 in Porter. The 13K SF, two-story branch is leased from The Signorelli Co., part of Signorelli's 240-acre Valley Ranch mixed-use development. 

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Gulf Coast Crating signed a 432K SF industrial lease in Portside Logistics Center in Baytown. Patrick McKiernan at First Houston Properties represented GCC on 1.2M SF of industrial transactions in 2024.

CONSTRUCTION & DEVELOPMENT

GFG Development Group broke ground on a multifamily project in Bay City. The first 86-unit phase of the project at 2400 Nile Valley Road is expected to be completed in summer 2025. Leasing will start in early 2025.

Community amenities will include a walking trail, playground and dog park. All units will have in-unit laundry and stainless steel appliances. 

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EastGroup Properties broke ground on World Houston 46 in World Houston International Business Center, a 180K SF speculative distribution center at 4735 Consulate Plaza Drive in Houston. Design features include 54 dock-high doors, four storefront entries and an option to fence up to 3.4 acres for outdoor storage.  

The project is expected to be completed by May. InSite Realty’s Logan Greer and Dayne Wunderlich will lease the property.