This Week's Houston Deal Sheet
Houston is adding another coworking platform, perhaps starting to catch up to the coworking momentum seen in other major cities over the last few years.
Firmspace, a luxury workspace geared for established professionals, signed a 32K SF lease at BBVA Compass Plaza.
“This opening is particularly close to my heart given that I’m from here,” Houston native and Firmspace co-founder Matt Ferstler said. “We launched Firmspace to serve an unmet need in the coworking market, and our Houston site is unlike anything we’ve ever done. I think it will exceed our members’ expectations."
The coworking company will occupy the 10th and 11th floors of the property at 2200 Post Oak Blvd. and launch in late February.
Firmspace will offer on-site dry cleaning, free snacks and beverages, catered lunches, after-hours social events, professional networking opportunities and an online communication network. The more traditional offerings include standing desks, interactive whiteboards, spacious common areas and conference rooms.
Situated in the Uptown District, the workspace is surrounded by more than 26M SF of office space totaling more than 13% of the city's overall Class-A product. It is also near restaurant and retail offerings in the Galleria, River Oaks District and BLVD Place.
Founded in 2016, Firmspace has locations in Austin and Denver with plans to expand to Atlanta, Dallas, Miami, New York City, Salt Lake City and Washington, D.C. Members are automatically eligible to use company offices in other markets and can pre-book conference rooms online.
Firmspace joins the ranks of Bond Collective, Life Time Work, Spaces and CommonGrounds as coworking platforms recently expanding into the Houston market.
Houston has been notably slow to embrace the coworking trend, but 2018 was an impressive year as many new operators came on board.
EXECS
Terry Munoz was hired as vice president of recreational properties at The Signorelli Co. With more than 30 years of experience in the outdoor hospitality industry, Munoz will run the company's newly created recreational properties division. He was previously regional manager for Equity LifeStyle Properties, where he oversaw seven Texas RV Resorts and Campgrounds.
SALES
An undisclosed buyer acquired Gessner Plaza, a 51K SF retail property at 8703 West Bellfort St. in Houston. The asset had a listing price of $7.4M. Marcus & Millichap's Derek Hargrove and Riley Sharman represented the seller, a Houston-based partnership.
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Ilan Investments purchased Dolce Living Rosenberg, a 324-unit multifamily asset in Rosenberg. The property offers community amenities, large units and a high percentage of direct access garages. It is also adjacent to Brazos Town Center, a 100-acre retail, multifamily and office park development. Institutional Property Advisors' Will Balthrope, Drew Kile and Jennifer Campbell represented the seller, Dolce Living, and the buyer.
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L&B Ivey Holdings purchased 1.8 acres at Bluebonnet and West drives in south Houston from Bonnie Lee Von Rauner. NewQuest Properties' Glenn Dickerson represented the seller.
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An undisclosed buyer purchased a 39K SF free-standing warehouse at 4730 Blalock Road in Houston. Retail Solutions' Jim Thompson represented the buyer. Pringroup Commercial's Steven O'Connor represented the seller.
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An undisclosed buyer purchased 5.5 acres at FM 1960 and Kenswick Drive in Humble. Retail Solutions' Benny Nguyen and Jim Thompson represented the seller. Fox & Graham's Clay Graham represented the buyer.
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An undisclosed buyer purchased 4.6 acres at 5440 North Sam Houston Parkway in Houston. Retail Solutions' Joaquin Orozco represented the buyer. Zuri Properties' Tammy Keeton represented the seller.
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An undisclosed buyer acquired 9.7 acres on Longenbaugh Road in Cypress. The site is south of Towne Lake and is slated for a mixed-use retail development. Caldwell Brokerage represented both sides of the sale.
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A Dallas-based restoration company purchased 2.4 acres on Vickery Drive in Houston near George Bush Intercontinental Airport. Caldwell Brokerage represented both sides of the sale.
LEASES
Gibbs & Bruns LLC renewed a 41K SF lease at 1100 Louisiana in Downtown Houston. The law firm has occupied two full floors since 1999. 1100 Louisiana is a Class-A office building totaling 1.3M SF. Informetrics' Jay Holland represented the tenant. Colvill Office Properties' Chip Colvill and Paula Bruns represented the building’s ownership, Fantome Tower L.P. Hines manages the property.
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Oilfield Testing & Consulting inked a 15K SF deal for a design-build office and lab building within Grandway West, an 85-acre joint venture development of InSite Realty and Urban Cos. at the Grand Parkway and Franz Road in the Katy area. Urban will handle the design and construction of the facility, which is expected to be completed in the second quarter. InSite's Rives Nolen, John Stavinoha and Steve Hazel represented the developer. JLL's Jordan Raney and David Buescher represented the buyer.
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Harris County renewed a 30K SF lease at 15311 Vantage Parkway West in Houston. Hartman Income REIT's Richard Maloof represented the landlord in-house. Bellinger & Suberg LLP represented the tenant.
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Fireproof Contractors signed a 46K SF distribution facility at Clay Road Commerce Park, a 90-acre joint venture development of InSite Realty and Urban Cos. near the Grand Parkway and Clay Road in the Katy area. Urban will design and build the facility, which is slated to be delivered in the second quarter. InSite's Rives Nolen, John Stavinoha and Steve Hazel represented the developer. CBRE's Joseph Smith represented the buyer.
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Buckeye International Inc. renewed an 18K SF industrial warehouse lease at 16420 West Hardy in Houston. Finial Group represented the tenant.
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Interwell US LLC renewed an 18K SF industrial lease at Four Seasons Business Park at 6832 Bourgeois Road in Houston. Finial Group's Jack Gaffney represented the landlord.
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Arena Energy signed an 87K SF lease in Hughes Landing, a mixed-use development in The Woodlands. The company's new headquarters will be on 13 acres at Lake Front North, the campus composed of two Class-A office buildings formerly owned by Chicago Bridge & Iron Co.
FINANCING
Silverpeak Argentic purchased a portfolio of single-tenant office buildings located across Texas. Q10 KDH's Emily Zarcaro secured $26.1M in nonrecourse financing with a 10-year, fixed-rate loan with five years of interest-only payments.
DEVELOPMENT
New Hope Housing broke ground on Dale Carnegie, its ninth affordable single room occupancy housing community and the first development since Hurricane Harvey in August 2017. New Hope is a state leader in providing permanent, affordable supportive housing for those who are homeless or at-risk. Dale Carnegie will feature 170 fully furnished studio apartments between 280 and 360 SF with rental rates starting at $550 and include free utilities, cable TV access and resident service programming. The community is at 7025 Regency Square Blvd. on a 2-acre tract in the Sharpstown area of Houston. Dale Carnegie is scheduled to be completed in fall 2020.
THIS AND THAT
The Woodlands Area Economic Development Partnership Vice President of Business Retention and Expansion Laura Lea Palmer has become a certified economic developers in Montgomery County. Palmer is a recent graduate of the University of Oklahoma's Economic Development Institute and passed the CEcD exam, which covers 10 competency areas, including business retention and expansion, strategic planning, marketing/attraction and real estate development and reuse.
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Bridgeland, a master-planned community in northwest Houston, was recognized with a Sustainability Star Award by the West Houston Association. The award is for low impact and development design of Bridgeland Creek Parkway sections seven and eight.
