Google Takes 22,000 SF in Former Austin Children's Museum

AUSTIN, TX - Commercial Real Estate:


Google, Inc. signed a lease to occupy the former children’s museum at 201 Colorado St. in Austin, TX. The two-story building totals 22,000 square feet in Austin’s CBD. The structure was originally built in 1922... http://t.co/qM74NJMvHG

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Meyerland Plaza sold for $126 million

HOUSTON - Ronus Properties has agreed to sell Meyerland Plaza, located at Loop 610 and Beechnut for $126 million, according to Real Estate Alert newsletter. The 965,000-square-foot center has a J.C. Penney, Target, Pier 1, Best Buy, Bed Bath and Beyond, and a number of restaurants, including Café Express, La Madeleine and Escalantes.

The buyer is Houston-based Fidelis Realty Partners in a partnership with Black Rock Investors of New York. Fidelis owns a number of shopping centers in Houston.

The seller, Atlanta-based Ronus Properties is led by Dutch investor Ronald deWaal, who is selling off his American real estate portfolio.

Meyerland Plaza was developed in the 1950s and was a key shopping hub in southwest Houston for many years. It was redeveloped in the 1990s by Houston shopping center magnate Ed Wulfe.

Major Houston shopping center for sale

HOUSTON — Marq*E Entertainment Center (located at I-10 and Silber) partially owned by Earvin “Magic” Johnson — is up for sale.

The property could attract bids of about $90 million, a recent report said. The center is owned by Los Angeles-based Canyon-Johnson and Houston-based Fidelis Realty Partners. They purchased the center in 2006 for $47 million.

A couple years ago, the owners completed a $15 million renovation of the 350,000-square -foot property, which included demolishing of part of the building to make it more open and increase visibility to the stores and restaurants.

Jones Lang LaSalle is marketing the property, which is 96 percent occupied. Major tenants include LA Fitness, Dave & Busters and Regal Cinemas.

Energy Firms Driving Demand for Houston Commercial Real Estate

Houston office rents are soaring thanks to growing energy firms.

Suburban office rents in Houston are up by more than 21 percent compared to a year ago – a bigger percentage increase than any other U.S. office market, according to a new report by CBRE.

Downtown Houston office rents are also 14.9 percent higher thanks to the growing demand from energy firms, according to a recent report by CBRE.

Proposed Casino Bill would bring Vegas-style Casinos to Texas

(HOUSTON) - Senate Joint Resolution 64, would open Vegas-style casinos in Texas and revitalize the state’s horse racing industry.

State Rep. Gary Elkins, R-Houston, whose district includes Sam Houston Race Park, said he would consider supporting the right kind of legislation if it ever does make it to the House.

Some lawmakers say the time is drawing near for voters to decide whether to start keeping at home some of the estimated $2.5 billion Texans spend on gambling every year in neighboring states.

Foreign Investors Create Real Estate Boom in Houston

HOUSTON — Last year, foreign firms bought $2.83 billion worth of office buildings in Houston. Thats fours times the amount of real estate purchased by real estate investment trusts (REITS) that year. For the first time, Houston now ranks in the top five worldwide cities that foreign investors are investing in joining New York City, London, San Francisco and Washington D.C.

Office sales rose by 32% to $3.89 billion last year, while total U.S. office sales rose by 21%. With the city’s job growth and rise in oil production, Houston has made it onto the annual survey by the Association of Foreign Investors in Real Estate for the first time.


Although the real estate boom includes all types of buildings, investors have taken a special interest in office buildings. Investors have been flocking to Houston as it is much cheaper to purchase real estate than in other cities like New York and San Francisco.

In March, Invesco made a $412 deal to purchase Williams Tower, which is the third tallest building in Houston making it one of the largest real estate purchases in Houston.This follows the firm’s 2012 purchase of the Hess tower for record high price of $524 per square foot.

As an increased amount of real estate is purchased, prices to rent office space continues to rise. The average rent for office space in Houston’s Galleria district rose by 11% to $32.02 a square foot this year. Downtown rents in Houston also increased by 3.7% to $36.60 a square foot.

The Bottom Line
As unemployment in the city drops and more jobs are created in the energy industry, Houston has become an even more desirable investment location. Houston has been in the spotlight for over a century following the Spindletop oil discovery in 1901. As oil drilling technology improves, so does the value of the city’s real estate.