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January 17, 2023

Houston On Track As Future Life Sciences Powerhouse, But Everyone Needs To Mind The Gaps First

Join Houston's Urban Core: Downtown, Midtown & EaDo Event - March 30

Houston isn't yet where it wants or needs to be to provoke a boom of new life sciences business and associated real estate. 

But those already involved with the city's life sciences business are determined to work together to "fill gaps" that will precipitate a wave of biotech, pharmaceutical, medical device and other companies wanting to set up shop in Houston.

Houston On Track As Future Life Sciences Powerhouse, But Everyone Needs To Mind The Gaps First

“We’re in a unique position where we all want the same thing,” Rice University Director of Partnerships Samantha Nava said at Bisnow’s Houston Life Sciences Industry Update event at the Museo Center for Surgical Excellence Jan. 12. “We want to grow this ecosystem.”But gaps in funding, real estate,…

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This Week's Houston Deal Sheet

This Week's Houston Deal Sheet  

Baylor College of Medicine has signed a lease to be the anchor tenant at the Dynamic One building at TMC Helix Park, Texas Medical Center and Beacon Capital Partners announced.

Dynamic One, developed by Beacon in collaboration with Zoë Life Science, topped off in December and is scheduled for a Q4 2023 opening.

Baylor College of Medicine will lease 114K SF of lab and office space in the 355K SF building. Dynamic One is the first of four TMC Helix Park industry buildings. The first three buildings of Helix Park are expected to be activated this year.  Baylor represents 53% of Texas Medical…

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The Cannon Innovation Hub Expands Footprint With Pair Of Leases — And More To Come

The Cannon Innovation Hub Expands Footprint With Pair Of Leases — And More To Come  

Innovation hub The Cannon is expanding into more Greater Houston submarkets, with upcoming leases totaling at least 74K SF in Clear Lake, as it executes ambitious growth plans.

The leases include 48K SF at 600 Gemini St. and one or possibly two 26.5K SF floors at 1150 Gemini St., the Houston Business Journal reported. The leases should close within the next two weeks and next month, respectively.  The Cannon is leasing the space in two buildings owned by Galveston County developer Jerome…

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Weekend Interview: Three Pillars Capital Group CEO Gautam Goyal

Weekend Interview: Three Pillars Capital Group CEO Gautam Goyal  

This series gets into the heads of the decision-makers of CRE, the people shaping the industry by setting investment strategy, workplace design, diversity initiatives and more.

Gautam Goyal doesn’t see blood in the streets just yet in his preferred asset class — Class-B and C multifamily — but he's gearing up for that to change in the next few months.

Goyal, who co-founded private equity firm Three Pillars Capital Group in 2017 and took over as CEO in July, said the real pain for lower-tier apartments will come when current cap rates start to expire and investors miss their return on investment goals, which he believes will start happening in force before the midpoint of this year.

Three Pillars Capital has completed $500M in multifamily transactions in the last five years, and its property management arm, Greenline Apartment Management, manages more than 3,000 units in the Houston metro. Before co-founding the firm with Josh Welch, Goyal worked at a hedge fund as an energy trader.

The following has been lightly edited for style and clarity.

Bisnow: Baron Rothschild once said the “time to buy is when there’s blood in the streets.” Where is the blood today? Goyal: Focusing on Class-B and C multifamily, I would say there’s no “blood” quite yet. I frequently speak with professionals in the capital markets space like our lenders and…

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