Four Brokerage Houses Expand in Region

On the industrial and office side, Dallas-based Stream Realty Partners LP and Equastone out of San Diego have opened offices while the multifamily industry picked up Cushman & Wakefield of Texas Inc. and Transwestern Commercial Services. Though the goals of the organizations are different, executives from all four tell GlobeSt.com that the expansions are due to one thing: Houston is the land of opportunity.

For Stream Realty, the move was considered a logical extension for acquisition, management and leasing activities already under way in Texas. "With us having offices in all other major real estate markets throughout the state, it's a natural extension for us to be here," says Preston Young, Houston co-managing director. "Frankly, we should have been here a long time ago. The industries here are doing well right now as they relate to the economy, the office market is healthy and it provides us with some good opportunities."

Equastone, which has been collecting value-add industrial and office assets throughout the Lone Star State in the past several months, selected Houston not so much because of location but because of the personnel. Clint Harrington, Equastone's vice president in Houston, had the right contacts and experience necessary for the company's expansion. "In Clint, we found the right mix of someone who was well established and who had an institutional background and had entrepreneurial experience in working with value-added real estate," says Roger Simsiman, Equastone's COO. "We found the right person with the right set of skills, that's why we moved to Houston."

C&W also waited for the right individual to launch its multifamily division. "We needed someone with the right fit with the Cushman culture and someone who knew the market," says Will Balthrope, senior director of the Dallas-based multi-housing group. Leading the play is Edward Nwokedi, who started out as a director.

Nwokedi says the timing is good for the Cushman push in South Texas. "We've had record sales in terms of transactions in Houston," he explains. "Given the sales that are going on now and those we will be making, there's room for other players to come on the board."

The locally based Transwestern Commercial's multifamily group, being led by senior vice president Debbie MacDonald, also wants to take advantage of the hot market. "Adding a multifamily investment sales group to our Houston operation has been a goal that has gained significant traction over the last few months," says Chip Clarke, president of the firm's Gulf Coast and Mountain regions.

In addition to a hot market overall, Young believes it's the energy of the Houston market that certainly attracts companies to the city. However, he cautions, be ready to play if you set up shop there. "You don't come to Houston to sit on the sidelines," he adds.