This Week's Houston Deal Sheet: Howard Hughes Tops Out Mass Timber Office
Howard Hughes marked the topping out of One Bridgeland Green, which will be Greater Houston’s first mass timber office building. The three-story, 49K SF building is the first office development in the 925-acre Bridgeland Central urban district.
The developer of One Bridgeland Green at 20203 Bridgeland Creek Parkway has enlisted Lake Flato as the design architect, Kirksey Architecture as the architect of record and Tellepsen as the general contractor.
Construction began in May. The timber-based design and other efficiency measures should reduce One Bridgeland Green’s annual energy usage by 25% and cut municipal water consumption by 80%.
JLL’s Scott Fikes and Jack Russo are overseeing the leasing assignment for the building, which is 80% preleased. Tenants include CrossCover Insurance, Advanced Orthopaedics & Sports Medicine, the Bridgeland Welcome Center and Howard Hughes’ Bridgeland team.
LEASES
US Elogistics Service Corp. leased 303K SF at Constellation Post Oak, a newly developed, two-building, 424K SF industrial property at 14942 to 15012 S. Post Oak Road, Constellation Real Estate Partners announced in partnership with a real estate fund advised by Crow Holdings Capital.
Constellation acquired the land in March 2022 and completed the development in 2023. It was designed by Powers Brown Architecture and Langan Engineering.
D&R Signs also leased 45K SF at the same property, bringing the project to 82% leased. Zack Taylor and Barkley Peschel of Colliers represented Constellation.
US Elogistics Service Corp. was represented by Robert McGee of Lee & Associates. D&R Signs was represented by Heath Donica of Stream Realty Partners.
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Borusan Pipe, a steel pipe manufacturer, leased 123K SF at Portside Logistics Center in Baytown. CBRE’s Grant Hortenstine and Susan Haysom represented the tenant. Stream Realty Partners’ Tyler Maner and Jeremy Lumbreras represented the landlord, a joint venture between Stream Realty Partners and Principal Asset Management.
The lease is for a new distribution center and will be an expansion of the company’s current Texas headquarters. Borusan owns a production facility across the street at 4949 Borusan Road.
Portside Logistics Center Building 2, at 4908 Borusan Road, is a new construction industrial space totaling 258K SF.
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Stream Realty Partners represented OKT Lighting in a 44K SF lease at the newly developed Lone Star Logistics Park, Building D, at 2304 Reed Road. Lone Star Logistics Park was developed by Hines.
Maner and Will Mason represented OKT Lighting. Jim Foreman and Allison Bergmann of Cushman & Wakefield represented the landlord, Hines.
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Four law firms leased spec suites totaling 24K SF at 1001 Fannin St. in Downtown Houston. Cushman & Wakefield’s Brad Beasley and Chip Colvill lead leasing of the building for JMB Realty Corp.
SALES
Brownsville-based Justo LP purchased the 89-key TownePlace Suites by Marriott Houston Tomball from Mitro GP Partners LLC. The property was built in 2024.
HVS Brokerage & Advisory team members Eric Guerrero, James Rebullida, Fadi Rawashdeh and Kyle Peterek participated in the transaction.
CONSTRUCTION & DEVELOPMENT
Radom Capital and MetroNational plan to redevelop a 35K SF warehouse at 2085 Gessner Road into a community hub called Greenside. The project, designed by Michael Hsu Office of Architecture, will include retail, restaurant and service users along with a 1-acre green space and surface parking.
Construction is set to begin in spring 2025, and space is anticipated to be turned over to the first tenants for build-out in spring 2026. Barton Kelly, principal for Radom Capital, will oversee leasing.
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Satya announced the groundbreaking of Tiara on the Beach. The 10-story mid-rise condominium offers a collection of 63 luxury residences starting at $1.2M at 10525 San Luis Pass Road on Galveston’s West End. Set on a 3-acre parcel at the end of Seawall Boulevard, the 175K SF development has private residential access through controlled walkways to 300 linear feet of beachfront.
The condominium is designed to withstand 150 mph winds, equivalent to a Category 4 hurricane. The common areas, elevators, refrigerators and one outlet in every residence will be connected to an emergency generator. The building is designed to be solely LED-lit.
Nan Properties Developer Services has racked up $36M in preconstruction sales at the property.
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Sueba USA opened Imperial Oaks Square, its first apartment community in Montgomery County, at 30020 Creekside Terrace Drive in Spring off the Grand Parkway between Interstate 45 and U.S. 59. Imperial Oaks Square is the inaugural apartment development within the Falls at Imperial Oaks master-planned community.
The 686-acre project's outdoor amenities include parks, dog parks, covered pavilions and 3 miles of walking trails around the 100-acre Lake Holcomb.
Imperial Oaks Square comprises 269 Class-A apartment homes in a three-story, garden-style layout. Floor plans range from 496 to 1,594 SF, with studio, one-, two- and three-bedroom options.
FINANCING
Sabrina Solomiany, Patrick Abeln and Mike Cerny of Berkadia secured $16.1M in refinancing for a 48K SF biomanufacturing facility in Houston on behalf of the owner, Houston-based KC Partners. The five-year loan has a fixed 6.7% interest rate, 30-year amortization schedule and a 65% loan-to-value ratio.
The single-tenant biomanufacturing facility at 4551 Kennedy Commerce Drive is 100% leased to CellReady, a cell and gene therapy contract development and manufacturing organization.
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Northmarq’s Kansas City debt and equity team, led by Greg Duvall, secured a $68M refinancing of two multifamily communities in Katy and Pearland totaling 506 units.
Northmarq arranged the refinance of Waterstone at Cinco Ranch and Avenues at Shadow Creek on behalf of the borrower as a Freddie Mac Optigo lender. The permanent fixed-rate loans were structured on 7-year terms.
