New York firm to buy Houston’s tallest skyscraper
According to Real Estate Alert, New York based company Cerberus plans to purchase Downtown’s iconic Chase Tower along with the adjacent Chase Center. Cerberus is working with Hines, a local developer who will maintain operation of the property. If the deal closes, the pair will acquire a combined 2.1 million square feet of multipurpose space. The 75 foot Chase Tower, originally designed by I.M. Pei and constructed in 1981, is the tallest building in Texas.
More details emerge on Post Office project
As previously reported, the long awaited Post Office redevelopment is finally taking shape. The Houston Business Journal obtained detailed plans and renderings for the historic Barbara Jordan Post Office building (now dubbed Post Houston). Post Houston will include a coworking space, a Tokyo inspired food hall, art gallery, theatre, and three light filled atriums on the first floor; office space on the second floor; and a 6 acre rooftop park with sweeping skyline views.
Investors snatching up homes at record rate
New data shows 9 percent of Houston homes were purchased by investors instead of individual homebuyers in 2018. This rate, up from less than 8 percent in 2017, is the highest ever recorded. Houston is not the only city experiencing an uptick in investor purchasing; investors accounted for about 20 percent of home purchases nationwide. Entry-level homes made up the majority of purchases with local mom and pop investors cornering the market by securing over 60 percent of homes.
River Oaks luxury condos near completion
The Revere, a forthcoming high rise in River Oaks, has sold 75 percent of its 30 available units. Units start at 1.5 million and range from 2500 to over 4000 square feet. Residents will be treated to a wide array of amenities including concierge, valet, porters, and a gym. Construction is expected to wrap up this spring.
Sugar Land office building sold
Northstar Commercial Partners, a Denver based company, has procured a Sugar Land office building for $27.4 million, according to the Houston Chronicle. The building, located at 77 Sugar Creek Center Blvd, is six stories high with 143,000 square feet of space. Current occupancy sits at 80 percent, and the company plans to upgrade elevators and make other improvements to benefit its diverse range of tenants.