Category: News & Market Reports

Hewlett Packard Enterprise Relocates Global HQ to Texas

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AUSTIN, TX – Governor Greg Abbott today announced that Hewlett Packard Enterprise (HPE) will relocate its global headquarters to Spring, Texas from San Jose, California. The headquarters will be located in a new state-of-the-art campus that will open in early 2022, building upon the company’s established presence in the state of Texas. The company’s headquarters relocation to the Houston area holds the potential to add additional jobs to its already robust presence in Texas in the coming years. HPE already has a significant presence across Texas, with locations in Austin, Plano, and Houston — the latter of which is home to more than 2,600 employees and is the company’s largest employment hub. HPE currently operates major product development, services, manufacturing, and lab facilities in Houston and Austin. HPE is a global enterprise information technology company that helps customers drive digital transformation by unlocking value from all of their data. Built on decades of re-imagining the future and innovating to advance the way people live and work, HPE delivers unique, open and intelligent technology solutions, with a consistent experience across all clouds and edges, to help customers develop new business models, engage in new ways, and increase operational performance. The company was founded in 2015 following the separation from HP, Inc. It is currently ranked 109 on the list of Fortune 500 companies. “We are excited that Hewlett Packard Enterprise has chosen to call Texas home, and I thank them for expanding their investment in the Lone Star State by relocating their headquarters to the Houston region,” said Governor Abbott. “Hewlett Packard Enterprise joins more than 50 Fortune 500 companies headquartered in the Lone Star State, including 22 in the Houston area alone. That is because Texas offers the best business climate in the nation. Our low taxes, high quality of life, top-notch workforce, and tier one universities create an environment where innovative companies like HPE can flourish. We look forward to a successful partnership with HPE, as together we build a more prosperous future for Texas.” “As we look to the future, our business needs, opportunities for cost savings, and team members’ preferences about the future of work, we are excited to relocate HPE’s headquarters to the Houston region,” said Antonio Neri, CEO of HPE. “Houston is an attractive market to recruit and retain future diverse talent and where we are currently constructing a state-of-the-art new campus. We look forward to continuing to expand our strong presence in the market.” “HPE’s headquarters relocation is a signature moment for Houston, accelerating the momentum that has been building for the last few years as we position Houston as a leading digital tech hub,” said Bob Harvey, president and CEO of the Greater Houston Partnership, the economic development organization serving the Greater Houston area. “Houston has long been a hub for global innovation and offers leading tech companies a deep bench of digital and corporate talent to drive success. We are excited HPE leadership recognized this, and look forward to welcoming the headquarters team to Houston.” “It’s a smart relocation move for HPE to come to Texas, bringing their Corporate Headquarters to North Harris County! These are great 21st century jobs for Texans,” said Senator Paul Bettencourt. “As one of the State Representatives for the Spring area, I am elated that Hewlett Packard Enterprise has chosen to relocate their new Global Headquarters to Spring. New business growth such as this is one of the primary economic drivers to look forward to in an area that will see tremendous job creation, providing new innovation and opportunity for our communities. HPE’s “state-of-the-art” facility will add another jewel to the crown that is our community and our home. With the impact this year of COVID on our local businesses, the addition of a world class technology headquarters will be a welcome indication of a brighter future,” said Representative Sam Harless. In addition, Governor Abbott released a video to celebrate the announcement.

Source: Office of Governor Greg Abbott

Rastegar Acquires Office in Affluent West Lake Hills to be the Company’s Global Headquarters

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Espirit Office Building to Feature Design Elements Addressing Health and Wellness

Austin, TX – December 2, 2020 – Rastegar Property Company, a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States, announced today the acquisition of the Espirit office building, located at 515 S. Capital of Texas Hwy in West Lake Hills, one of the wealthiest zip codes in all of Austin. The two-story, 29,685 square foot office building that features single level subgrade parking will be the global headquarters for Rastegar Property Company as well as other businesses looking to take advantage of the prestigious location that is just under seven miles from downtown Austin and 14 miles from the Austin-Bergstrom International Airport. Located in the heart of West Lake at the intersection of Bee Caves and Highway 360, Rastegar and the businesses that will lease space in the building will benefit from being able to offer convenient employment opportunities to the neighborhood’s affluent residents while taking full advantage of the various restaurants, shopping and other amenities in the area. “While many have cooled on office real estate, we believe the Espirit building provides Rastegar Property Company with an innovative opportunity to get our hands on a property located in one of Austin’s premier neighborhoods,” said Ari Rastegar, Founder and CEO of Rastegar Property Company. “As human beings, we’re communal by nature and need human interaction to be our most productive, which is why we are confident that there will be a welcomed return to the office post pandemic, with added health and wellness elements that address the concerns brought on by COVID-19.” The health and wellness of both employees and tenants is a core value of Rastegar Property Company, and the Espirit office building will be designed and maximized for the post-COVID world. Sitting on 2.39 acres will allow Rastegar to build outdoor workstations that take advantage of Austin’s favorable climate while the latest technology and materials will be used throughout the building to keep employees and other tenants safe and healthy. “The building has great bones in a terrific, easily accessible location. This will enable us to transform the space into one of the most sought-after boutique offices in West Lake,” said Hunter Floyd, Director of Design and Development at Rastegar Property Company. “Design will also focus on the post COVID environment by adding outdoor amenities, enhanced air filtration systems, touchless entries and exits, and common touchpoints, like railings and elevator buttons, could feature antimicrobial materials like copper.” About Rastegar Property Company Rastegar Property Company is a technology-enabled private real estate investment firm focused on value-add and development in all asset classes throughout Austin and the Southwest United States. Rastegar and its affiliates have co-invested in or directly own and operate over 13.8 million square feet of real estate across projects in 13 states and 38 cities. The firm specializes in acquiring complex or undervalued assets with opportunities to create value through repositioning, redevelopment, and/or improved operational efficiencies.

HOM Condominiums Completes Construction & 40% Sold Out

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With Construction Complete, Prospect Real Estate Says Remaining HŌM Condos Will Sell Quickly Prospect Real Estate Now Conducting Walkthroughs and Closings for HŌM Condominiums in Prime East Austin

Locale AUSTIN, TEXAS—December 1, 2020. Austin-based Prospect Real Estate—a full-service, family-owned and operated boutique residential real estate firm focusing on Austin’s evolving urban core—today said with construction of the highly anticipated HŌM Condominiums complete, interested parties should move quickly to secure one of the remaining residences. “HŌM is currently 40% sold out, and the residences will be move-in ready in this month,” said Emily Lee, founder, principal and broker of Prospect Real Estate, which has the exclusive sales listing for HŌM. “We are conducting walkthroughs and scheduling closings for the sold units now, and we anticipate the remaining 35 available units will sell quickly.” Located at 3101 Govalle Avenue in a quiet, residential area of East Austin, HŌM will offer the perfect blend of peaceful residential living and luxury amenities. Its target audience is predominantly local residents who want a more urban lifestyle. HŌM Condominiums feature the atmosphere of a single-family home in a park-like setting that is walkable and dog-friendly, combined with the benefits of community luxuries and low-maintenance upkeep in a prime location. The property is situated just around the corner from the eclectic bars, shops, cultural centers and restaurants of East 7th Street, and moments away from downtown’s vibrant culture and nightlife. Lee projects HŌM will be completely sold out by the end of the year. Seven of the original fourteen floorplans are still available, ranging from $339,000 to $509,000. HŌM residences feature quartz countertops; stainless steel appliances; wood-style flooring; designer tile in kitchens and baths; designer cabinetry; media walls in living rooms; and kitchen islands, full pantries, walk-in showers, large balconies and private yards (in select units). All residents will enjoy reserved, gated-access parking; a community courtyard that is perfect for gatherings of families or friends; a community pool with conversation cove and tanning ledge; and eco-friendly landscaping that controls rain overflows. The architect for HŌM is Mark Hart Architecture, the general contractor is Bartlett Cocke, and the civil engineer is the Wuest Group, all of the Austin area.

Office/Flex Industrial Complex in Houston Trades

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JLL Capital Markets has closed the sale and arranged financing for Westchase Commons, a three-building office/flex industrial complex totaling 149,893 square feet in Houston. Terms of the transaction were not disclosed. JLL represented the seller, and procured the buyer, Mission Companies. Additionally, JLL worked on behalf of Mission Companies to secure the acquisition loan through Woodforest National Bank. Westchase Commons occupies 13.93 acres at 3100-3120 Hayes Road in Houston’s Westchase District, Houston’s fourth largest office submarket and home to more than 1,500 businesses and major global employers. The property’s location between Westheimer and Richmond, two of Houston’s main east-west thoroughfares, provides connectivity to Beltway 8, Interstate 10, U.S. 59 and Westpark Tollway, which afford regional access to the entire greater Houston area. Completed in 2001, Westchase Commons has a flexible building design appealing to a wide range of tenants. The buildings offer grade-level, semi-dock and dock-high loading areas; open floorplan layouts and an above-average parking ratio. The property is currently over 77 percent leased to an investment-grade tenant roster. The JLL capital markets team representing the seller was led by senior director Kevin McConn and managing director Trent Agnew. JLL’s financing team was led by senior directors John Ream and Michael Johnson. “Despite challenging market conditions, overall investor interest for this asset was substantial. Investors were ultimately attracted to the property due to its unique features such as its high parking ratio, high ceilings, varying dock levels and the single-story nature of the buildings,” McConn said. “Currently at 77 percent leased to a strong roster of credit tenants, the asset provides immediate stable cash flow with the opportunity to achieve attractive value-add returns via lease-up of the remaining vacancy.”

Shallow Bay Industrial Portfolio in the Dallas-Fort Worth Area Sells

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JLL Capital Markets closed the sale of and arranged acquisition financing for an eight-property, shallow bay industrial portfolio totaling 606,889 square feet within infill markets in the Dallas-Fort Worth metroplex area. Terms of the deal were not disclosed. JLL worked on behalf of the seller, Fort Capital. Birtcher Anderson, in a joint venture with Belay Investment Group, purchased the portfolio. Additionally, JLL worked on behalf of the new owner to place the five-year, floating-rate acquisition loan. The 95-percent-leased, multi-tenant portfolio includes Manana Business Park at 2526 Manana Drive in Dallas; Garden Brook Industrial at 3109, 3113 and 3300 Garden Brook in Farmers Branch, Texas; 4101 Lindberg in Addison, Texas; Luke Business Park at 1100-1220 Luke Street in Irving, Texas; Hickory Business Park at 1665 Hickory Drive in Haltom City, Texas and 1115 and 1101 NE 23rd Street and Suffolk Industrial Park at 2901, 2905, 2921 and 2951 Suffolk Drive in Fort Worth. All these properties are in premier infill locations in established industrial submarkets near major transportation arteries. The JLL capital markets investment advisory team representing the seller was led by senior director Stephen Bailey, managing director Dustin Volz, senior director Zane Marcell and analysts Wesley Gilmer and Erin Lazarus. The JLL capital markets debt placement team representing the new owner included senior director Cullen Aderhold. The DFW industrial market continues in 3Q 2020 to set its record run of growth as one of the top industrial markets in the country. JLL reports that strong fundamentals and ongoing demand for space in the DFW market will continue to push rents higher along with new speculative construction well into 2021.

RESOLUT RE Inks 10 Deals in Multiple Texas Markets

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RESOLUT RE recently completed 10 retail leases in Texas. The deals included transactions in the Austin, Dallas, El Paso and Houston markets. Anchor Bar has leased 7,950 square feet at La Frontera Village (2702 Parker Drive, Round Rock, Texas). David Simmonds of RESOLUT RE represented the tenant. Dan Gostylo of Providence Commercial Real Estate represented the landlord. Sprinkler Medics has leased 1,254 square feet at Longhorn Biz Park (4701 Priem Lane, Pflugerville, Texas). Andrew Perkel and Michael of RESOLUT RE represented the landlord. Dapper Five Fine Men’s Grooming has leased 2,045 square feet at Shops at Three Eighty (2281 E. University Drive, Prosper, Texas). Chris Flesner and Brian Sladek of RESOLUT RE represented the landlord. Fossil Creek Liquor has leased 3,000 square feet at Shops at Three Eighty (2281 E. University Drive, Prosper). Chris Flesner and Brian Sladek of RESOLUT RE represented the landlord. Pike Chapman of Lot 7 Realty represented the tenant. Buddy’s Home Furnishings has leased 6,720 square feet at West 7th Shopping Center (1809 W 7th Avenue, Corsicana, Texas). Colin Cannon and Chris Flesner of RESOLUT RE represented the landlord. David’s Wholesale has leased 5,600 square feet at West 7th Shopping Center (1809 W 7th Avenue, Corsicana). Colin Cannon and Chris Flesner of RESOLUT RE represented the landlord. Evan Webb of Mercer Company represented the tenant. An undisclosed buyer has purchased the 16,380-square-foot industrial building at 6250 Modesta Street in El Paso. Chris Duncan of RESOLUT RE represented the seller. Taylor Roberts of CBRE represented the buyer. Dog Haus has leased 2,167 square feet at 8422 Highway 6 North in Houston. Benny Nguyen and Dave Burggraaf of RESOLUT RE represented the tenant. Karen Hutton of Hutton represented the landlord. An undisclosed buyer has purchased three acres at the SWQ of FM 529 and Fry Road in Houston. Mohamed Gamal of RESOLUT RE represented the seller Kareem Gamal, president of Gamal Enterprises Inc. An undisclosed buyer has purchased two acres at Anderson Road and Vandalia Way in Houston. Benny Nguyen Dave Burggraaf of RESOLUT RE represented the seller. Imtiaz Ali of Keller Williams Signature Realty represented the buyer.