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HOUSTON-Recovery efforts will be ongoing for some time, but today Houston's CBD will reopen after a one-day shutdown as a result of the havoc wreaked by Tropical Storm Allison. Literally every building has been affected, says Hines' chief exec.
ATLANTA-Hogan Group of Tampa, FL is selling the 19-story, 98% leased, 436,200-sf Glenridge Highlands Two office building in suburban Dunwoody, FL. The asking price is said to be at least $84 million.
CHICAGO-Reconstruction of the upper and lower levels is going on along the east-west portion of Wacker Drive while three new office towers will rise along the north-south portion of the drive by 2004-05.
ATLANTA-CB Richard Ellis Inc. gets the exclusive listing. Area brokers tell GlobeSt.com on condition of anonymity the 18-story, 407,000-sf, three-tower structure will be lucky to get $170 per sf in a currently low appreciation phase of Downtown office assets.
SCHAUMBURG, IL-This economic engine of Chicago's Northwest suburbs continues to hold out for quality development as less than 6% of its giant tax base remains undeveloped. Similar communities are advised to do likewise.
HOUSTON-Cockrell Oil Corp. and Ocean Energy Inc. have found takers for some of their excess office space in the CBD. Pure Resources will move into 1600 Smith St. and AEP Energy heads to Louisiana Place.
HOUSTON-The owner of the 75-story, 1.7-million sf Chase Tower has secured a $125- million debt refinancing. It's just another Tom Melody of LJ Melody & Co. deal. In the past five years, he has completed $800 million in deals for CBD building owners.
ATLANTA-The global pension fund is expected to pick a broker by June 1 to sell its 50% interest in the trophy Three Ravinia Drive building and office properties in Washington, D.C., Cincinnati and other markets. The local office of New York-based Eastdil Realty is on the short list of final candidates.
HOUSTON-Hines jumps on board an energy conservation call, vowing to double its number of EPA-designated Energy Star buildings. Five of Hines' Houston office structures already carry the designation.