Houston-based PM Realty will take over the property management, leasing and construction management, as well as oversee the on-site staff, of a 24-property Houston-area portfolio owned by affiliate TCP Holdings LLC. The linking of the TCP and PR Realty firms is also significant because it might pave the way for TCP Holdings to launch a national acquisition program.
TCP, a Dallas-based firm, owns a portfolio of 50 commercial properties--all of which are in Texas. PM Realty is a large property management firm with regional offices across the nation. PM Realty's national presence will assist TCP in finding and evaluating investments in other states.
"This alliance with PM Realty Group, with its offices in 42 states, creates a real opportunity to expand our acquisition activity beyond Texas," says David A. Thomas, principal and chief investment officer of TCP Holdings. "We see this alliance as the first step in our national expansion, as well as a chance to refocus on seeking value-added opportunities."
The TCP portfolio in Houston includes 3.3 million-sf of properties comprised of approximately 80% office space, 10% retail space and 10% industrial space. TCP's Houston portfolio includes the Renaissance Tower at Main and Jefferson in Downtown Houston; the 7660 Woodway building and the 2500 West Loop South building. PM Realty oversees 25 million sf of space in Houston and more than 120 million sf across the nation.
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