Category: News

Shearman & Sterling First To Sign Lease at The Link at Uptown

Posted on by Sarah

Shearman & Sterling, a global law firm, became the first tenants of The Link at Uptown, a 291,968 square foot office development located at 2601 Olive St. in Uptown. Representing the tenant in the 22,838-square-foot lease were CBRE’s Chelby Sanders and Ryan Buchanan. JLL’s Blake Shipley, alongside Sarah Kennington and Bryce Jackson from Thirty-Four Commercial, represented the seller.

“We are thrilled to be moving to The Link at Uptown, which offers a flexible and engaging environment for our people including outstanding client, personnel hospitality, and wellness features,” said Bill Nelson, Head of Texas Offices at Shearman & Sterling in the release. “This move is essential as we continue to expand our offering in Dallas and throughout Texas. The continued growth of our Texas offering is part of the ongoing execution of our strategy globally to expand our core practices with the greatest potential for the Firm, aligning with market opportunities.”

The 25-story office tower serves as a connector between Uptown, Victory Park, and Downtown. The building offers tenants luxe amenities including two ground-floor restaurants, overnight executive suites, and a full amenity floor with an outdoor terrace with a view of the city. Click to read more at www.dmagazine.com.

Rising Interest Rates and What’s Next for Multifamily Lending

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Multifamily investors are bracing for an uptick in mortgage rates and other forms of real estate finance as the Federal Reserve bumps up interest rates in 2022. As an inflation-fighting move, the Fed plans three hikes of 25 basis points each. And in December, the Fed announced that it would wind down its bond-buying program by March.

But the consensus among mortgage bankers and economists is that increases in the cost of capital will be modest and will not dampen the availability of financing or the surge of investment. Multifamily lending volume will rise 3 percent to $421 billion this year as the economy continues to rebound, the Mortgage Bankers Association projects.

“The change in interest rates is not expected to reduce demand for multifamily housing this year. A lot of demand is driven by property values and fundamentals, both of which are extremely strong right now,” said Jamie Woodwell, MBA’s vice president of commercial real estate research. Strong property income and low vacancy are combining to push valuations upward, he added. Click to read more at www.multihousingnews.com.

New York-Based Brokerage Ramps Up Multifamily Push in Texas, Nationally

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Multifamily is hot in Texas – and across the U.S. – and New York-based Global Real Estate Advisors is pursuing opportunities to buy, sell and finance deals, with new offices.

The company was created as a national platform, combining various local or regional brokerages. Following deals in the Texas cities of Alice, Corpus Christi, Edinburg, El Paso, Harlingen and McAllen, GREA announced it was opening 11 offices nationwide, including three in Texas – Austin, Houston and Dallas – as well as eight cities nationally, including in Miami, New York and Chicago.

Joe James, one of GREA’s founding partners, is currently leading a team of five people working remotely as there is no plan for a physical office in Central Texas. The firm has recruited agents from commercial giants such as Brown Realty Advisors, Greystone SF, HFO Investment Real Estate, National Apartment Advisors and Rittenhouse Realty Advisors. According to a press release from GREA, these brokerages represented more than $4.5 billion in combined sales in 2021.

“This is a market where we are constantly seeing new buyers wanting to get in,” James told the Austin Business Journal. Click to read more at www.therealdeal.com.

Ariel Property Advisors Provides $21.7 Million in Financing for Five-Building Medical Portfolio in Houston

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Ariel Property Advisors has arranged $21.7 million in financing for the acquisition of a five-building freestanding independent emergency room portfolio in Houston.

Financing was arranged by an Ariel Property Advisors team including Eli Weisblum, Director, Capital Services, and Paul McCormick, Senior Vice President, Investment Sales and Capital Services.

The 34,587-square-foot property consists of five freestanding emergency room buildings scattered across the Houston market. The 75-percent LTV financing was secured with an interest rate of 4.5 percent, a five-year term, no prepayment penalty and closed in 60 days.

Legacy MCS Fully Awarded Contract to Build the Station at St. Elmo

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AUSTIN, Texas, Jan. 20, 2022 /PRNewswire/ — Legacy MCS, experts in Texas-based multi-family developments, have just been awarded the contract for The Station at St. Elmo. The South Austin mixed-use, condominium development will be one of the city’s most visible Live-Work residences. Located in the fashionable St. Elmo district, the project is already fully sold-out.

Construction will begin shortly and is expected to be finished in July, 2023. Legacy MCS is building the property for Legacy Communities. The architects are Mark Odom and Kelly Grossman, Interior Design and vision by Brewer Design Studios.

Legacy MCS is a group of dedicated professionals with decades of expertise in the Texas market and has most recently been recognized as a leader in Single Family Rental construction. Founded in 2015 by partners, Cass Brewer and Andrew Brewer, Legacy MCS is committed to offering a full range of world class construction management oversite with a wide range of proven experience and a return for their clients. Along with leading the way in Texas with the highest level of Single-Family Rental expertise in the market, their projects include apartments, condos, townhomes, student living, affordable housing, senior living, mixed-use and hospitality. Click to read more at www.prnewswire.com.

Federal Infrastructure Law Could Provide Key Funding for $700M-$800M I-35 Crossings in Downtown Austin

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As the city of Austin’s plan for caps and stitches crossing I-35 near downtown progresses, the corridor program office is starting to think more specifically about how to fund such an expansive project.

The project would work simultaneously with the Texas Department of Transportation’s $4.9 billion overhaul of I-35 in Central Austin to create widened bridges, referred to as stitches, and decks, referred to as caps, over the highway from East Cesar Chavez Street to Airport Boulevard.

Mike Trimble, director of the corridor program office, said preliminary estimates suggest the cost to build the caps will be between $700 million-$800 million, including $450 million-$500 million for the cap structure and $250 million-$300 million for amenities and facilities on the surface.

“Really preliminary right now, and we really need to work with the community over this next year to start to develop what those desired amenities and improvements should be on the caps, and that will give us a much better understanding of what those cost estimates will be,” Trimble said. Click to read more at www.communityimpact.com.