Category: News

How Gensler Architect Steven Upchurch Will Approach Dallas’ Landmark Gold Campbell Centre Towers

Posted on by Sarah

Gensler architect Steven Upchurch drives past Campbell Centre every day on his way to and from work. Despite being called the “fugliest” building by the Dallas Observer, the twin gold towers—flush with history—still manage to spark interest for the esteemed designer.

Located at the intersection of North Central Expressway and Northwest Highway, the first tower at Campbell Centre was built in 1972 using glass with a microscopic coating of real gold. The second building was added in 1977.

Cementing a place in American television, the buildings were portrayed as the office of Cliff Barnes—the nemesis of J.R. Ewing on the popular television show Dallas from 1982 to 1988.

But, as the investors who purchased the building (Fenway Capital Advisors and Waterfall Asset Management) put it, the building has lost some of its luster over the years.

Patrick Tribolet, managing partner of Fenway Capital, had been eyeing Campell Centre since pre-COVID and, about a year into the pandemic, purchased the 20-story towers. It is said the property sold for about $105 million, or about $120 per square foot. At the time (in April), it was the second-largest office acquisition in 2021 to take place in North Texas. Click to read more at www.dmagazine.com.

BancorpSouth Bank and Cadence Bancorporation Receive Final Regulatory Approval for Merger

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TUPELO, Miss. and HOUSTON, Texas, Oct. 15, 2021 /PRNewswire/ — BancorpSouth Bank (NYSE: BXS) (“BancorpSouth”) and Cadence Bancorporation (NYSE: CADE) (“Cadence”), the parent company of Cadence Bank, N.A., announced their proposed merger has received final Federal Deposit Insurance Corporation (“FDIC”) approval. The FDIC approval follows recent approvals from the Mississippi Department of Banking and Consumer Finance and from shareholders of both companies.

The merger, originally announced on April 12, 2021, is scheduled to close at 11:59 pm CDT on October 31, 2021, subject to the satisfaction of customary closing conditions. Upon closing, the merger will create the sixth-largest bank headquartered in the combined nine-state footprint, with a presence in seven of the top 10 largest metropolitan statistical areas therein.

“We’re pleased to have received regulatory approval for this transformational merger,” said BancorpSouth Chairman and CEO Dan Rollins, who will lead the combined company in the same capacity. “BancorpSouth and Cadence both enter into this merger from a position of strength and will create a company serving some of the most highly attractive markets in the United States. A combination of this scale provides the opportunity to deliver long-term value for our teammates, customers, communities and shareholders.” Click to read more at www.inforney.com.

SVN® Expands Presence in Texas with the Addition of SVN | J. Beard Real Estate – Greater Houston

Posted on by Sarah

After 18 years, The Woodlands-based commercial real estate firm springboards its resources by joining forces with SVN, a global leader in commercial real estate.

Boston, Oct. 14, 2021 (GLOBE NEWSWIRE) — SVN International Corp. (SVNIC), a full-service commercial real estate franchisor of the SVN® brand, announces the addition of its newest franchise office, SVN | J. Beard Real Estate – Greater Houston. Led by Managing Director Jeff Beard, CCIM, the firm’s services encompass leasing, brokerage, site acquisition, property management, development, consulting, and landlord/tenant representation services.

Headquartered in The Woodlands, Texas, located north of Houston, The J. Beard Real Estate Company was established in 2003 and is now one of the top commercial real estate brokerage firms and an industry leader in the Greater Houston area.

“On the heels of our 18th anniversary, the timing for this strategic alignment couldn’t be more ideal,” says Beard. “Our team is stronger than ever. We have grown over the years despite challenges like the ’08 financial crisis, dramatic swings from the local economy’s energy sector, natural disasters, and most recently, the global pandemic. Each and every time, our team pulled together and has emerged bigger and better.”

Beard continued, “It is important to note that the ownership and the client-centered culture of our firm haven’t changed. We will continue to have the same boutique focus on quality relationships with the same core values that our team embraces. Click to read more at www.globenewswire.com.

Austin Slips 2 Spots Among Country’s Hottest Commercial Real Estate Markets

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Austin has lost a bit of its luster on an annual list of the country’s hottest commercial real estate markets.

The latest Emerging Trends in Real Estate report from professional services firm PwC and the nonprofit Urban Land Institute puts Austin at No. 4 among the U.S. commercial real estate markets to watch in 2022. Austin ranked second in last year’s report and first in the 2019 report. Since 2010, Austin has appeared at No. 7 or above in the closely watched Emerging Trends report.

The report, released October 14, bases its rankings on interviews with hundreds of commercial real estate professionals.

The report groups Austin with four other metro areas in a first-time category called “supernovas.” The four others are Nashville; Raleigh-Durham, North Carolina; Boise, Idaho; and Jacksonville, Florida.

“In astronomy, a supernova is the explosion of a star that creates unusual brilliance, but more generally the term refers to things that explode into prominence or popularity. So it is with the five metro areas in this new category,” according to the report.

“Austin has long been among the brightest stars in the constellation and a darling for investors and developers alike, first breaking into the [top 10] markets to watch in 2009,” the report adds. Click to read more at www.austin.culturemap.com.

Austin Environmental Commission OKs Updated Version of Development Plan Near Lady Bird Lake

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The city of Austin is one step closer to redeveloping land near the Austin American-Statesman building, an area where many Austinites watch the South Congress Avenue Bridge bats fly, following the approval of a planned unit development, or PUD.

The applicant, Richard Suttle, is proposing an 18.86-acre PUD located at 305 S. Congress Ave., Austin, on the corner of South Congress and Lady Bird Lake, near the Austin American-Statesman building. The PUD will add trails, lawn space, a pier and a boardwalk area close to the shoreline of Lady Bird Lake.

Staff from the Austin Watershed Protection Department did not recommend the approval of the original PUD, citing multiple environmental concerns. The Austin Environmental Commission approved an amended version of the PUD that meets multiple environmental requirements and addresses those concerns. The PUD now moves to the Austin Planning Commission.

A PUD is a type of zoning that alters code requirements in exchange for other construction opportunities. PUDs are required to preserve the natural environment, provide high-quality development and innovative design, and ensure adequate public facilities and services, Environmental Program Manager Atha Phillips said.

A debate sparked between Phillips and Suttle led to the amended version of the PUD. Phillips said the original proposed lawn areas of the PUD would add and remove certain vegetation, causing additional erosion. Click to read more at www.communityimpact.com.

The Rise Of Productivity As A Service In The Coworking Model

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In 2020, it briefly seemed like the stunning rise of coworking spaces would come to a crashing halt. Now, however, new coworking spaces and other shared office models are cropping up in every major city. Demand is on the rise again as many professionals itch to get back to the office — just not the office they went to before the start of this pandemic.

To provide value to professionals who have the flexibility to work from wherever they please, offices must have what most homes lack: quiet, privacy and amenities that support focused work. For many, the shoulder-to-shoulder environment of old coworking spaces won’t cut it anymore.

Here’s a look at what the new “productivity as a service” paradigm means for commercial real estate.

Employees May Be Productive At Home, But Their Work Environments Are Taking A Toll

By many accounts, workers became more productive while working from home. The National Bureau of Economic Research estimates an overall 5% productivity lift in the U.S. economy from remote work, especially among knowledge workers who enjoyed less time in meetings at home and more time on the tasks that matter.

So why return to the office at all? Click to read more at www.forbes.com.