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The $165.5 million purchase price is a high number because Park Tower is one of the larger towers in downtown, but on a price per square basis, it was actually lower than the last class-A building sold, 400 Capital Mall.
Private REITs own a variety of real estate assets, and as a result, investors are becoming increasingly interested in the nuances of acquiring a private REIT.
The name change to Cascade Yard corresponds with the opening of The Yard, the project's new 3,700-square-foot amenity center with indoor/outdoor seating, fitness center, training/conference facilities and cafe.
Sheppard Mullin opened the Dallas office in 2018–the firm's 11th US location and 15th global–with 18 attorneys, and since then, the office has nearly doubled the number of attorneys at Chase Tower.
NAIOP Houston recognized the Lee & Associates–Houston team for its work on Weiser Airpark, the Industrial Deal of the Year, given it was one of the last large contiguous land sites in Northwest Houston.
Cresset Partners and Diversified Real Estate Capital has closed its first Opportunity Zone fund at $465 million and launched its second fund with a $750 million target.