Category: News & Market Reports

geniant Joins Forces with Eastlake Studio to Transform the Nature of Design Consulting

Posted on by Sarah

Today, geniant, a next-generation experience consulting company, announced the acquisition of Eastlake Studio, a Chicago-based architecture and interior design firm. Together, the forward-thinking teams will collectively transform the nature of experience consulting by integrating architecture and digital solutions to deliver exceptional experiences for employees and customers.

“We’re entering a new era in workplace design,” says geniant CEO of Physical Space David Dewane. “To meet future demands, we must think about the employee experience holistically – space, people, and technology. Eastlake is a best-in-class design firm that instantly brings geniant’s capabilities to a new level.”

“As we’ve been examining unique hybrid work models, we are finding that additional skill sets and methods are needed to truly understand the evolution of the modern workplace,” says Eastlake Studio Architect and Principal Kevin Kamien.

“geniant provides our team with experience research expertise that, when integrated with architecture and design, can shape the future for organizations in this critical moment in history,” added Eastlake Studio Interior Designer and Principal Christina Brown.

As consultants who have partnered with top companies around the country, geniant believes that the experience and performance of information workers can be radically improved. The modern office has not kept pace with the rapid changes in technology and lifestyles. The pandemic exposed this misalignment and has called the status quo into question.

To effectively adapt the employee experience to this new reality, geniant employs contextual research methods, producing crucial, actionable insights for optimal workplace performance — this has specific implications for workplace design, as well as cultural and change management programs.

“As designers, our curiosity has led us to deliver award-winning solutions for our clients over the past 35 years,” says Eastlake Studio Principal Emeritus Tom Zurowski. “This next step is a natural evolution. It allows our teams to gain even more insights into the clients we’re designing workspaces for,” added Jon Salzmann, principal emeritus of Eastlake Studio.

Eastlake Studio recently received an Interior Design Firm of the Year award at the 2022 Chicago Commercial Real Estate Awards and frequently has projects awarded by the International Interior Design Association (IIDA) and the American Institute of Architects (AIA). The firm’s work has appeared in publications including Metropolis, Interior Design, Architect, and Crain’s Chicago Business.

“Experiences happen in physical spaces, between people and through technology, shaping the world we live in,” says Chairman and Co-CEO David Lancashire. “The addition of Eastlake Studio is a key step in our strategy to provide a complete suite of services to help businesses optimize their entire brand experience.”

Olive Tree Affordable Housing Unveils $7.8 million Modernization Plan at The Life at Westpark

Posted on by Sarah

Olive Tree Affordable Housing, an affiliate of Olive Tree Holdings, a real estate investment firm focusing on value-add multifamily projects in dynamically growing markets across the United States, today unveiled its $7.8 million modernization plan at The Life at Westpark, a 312-unit affordable multifamily complex in Houston. Property improvements are currently underway, with final completion slated for Q1 of 2023.

The interior upgrades, which consist of comprehensive improvements to 188 of Westpark’s residences, 78 of which are designated Fair Housing Accessibility (FHA) units, include new flooring, cabinets, countertops and vanity tops, new sinks and service lines for both the kitchen and bathrooms, upgraded appliances and two-tone painted walls, with select units receiving new water heaters and HVAC systems. 30 residence upgrades have been completed to date, with an additional 52 currently in progress. Exterior upgrades completed to date include full roof replacements throughout, and the addition of exterior gate water valves.

Remaining rehabilitation efforts at The Life at Westpark include the completion of the interior residence upgrades, the installation of new windows and sidewalks throughout the complex, the addition of new accessible parking offerings, building siding and wood repairs and the creation of a refurbished leasing office.

Built in 1994 and acquired by Olive Tree Holdings in 2019, The Life at Westpark is an amenity-rich, pet-friendly community comprised of two-, three- four- and five-bedroom apartment homes reserved for those earning up to 60 percent of the area median income (AMI). In 2022, Olive Tree Holdings acquired a Housing and Urban Development (HUD) insured mortgage to undergo substantial capital improvements to preserve Westpark’s affordability status, which was previously set to expire in 2025 and will now be extended for an additional 75 years.

To date, Olive Tree Affordable Housing manages more than 4,000 affordable units nationwide, including preserving the affordability of 865 units within the Houston-metro area, totaling $125 million in development costs.

Hines Unveils Brava, Houston’s Tallest Residential Community

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Hines, along with investment partners Cresset-Diversified QOZ Fund and Levy Family Partners, announced the grand opening of Brava, a world-class apartment high-rise located at the corner of Preston and Milam Streets in downtown Houston. Adjacent to Market Square Park and Texas Tower, Hines and Ivanhoe Cambridge’s new one-million-square-foot office tower, the residences lie at the convergence of Houston’s Central Business District, Theatre District and Historic District, offering a truly metropolitan living experience and immediate access to the city’s major urban, cultural and sports facilities.

Striking Views of the Downtown and Beyond

Comprised of 373 luxury residences, the 46-story high-rise stands taller than any other residential community in Houston. The tower, designed by Munoz + Albin Architecture & Planning, is positioned diagonally on its site, allowing for uninterrupted views from every window. Featuring a dynamic twisting shape that rises the building, the Brava’s distinct façade is a remarkable architectural presence and an important contribution to the Houston skyline.

Brava is expected to achieve LEED Gold certification, demonstrating Hines’ commitment to sustainability.

Contemporary, Art-Focused Interiors

Setting a new tone for the bustling borough, Brava’s modern design provokes a vibrant energy that yields undeniably welcoming and luminous spaces. With common space interiors by award-winning Mayfield and Ragni Studio (MaRS), a soothing color palette is accented by contemporary interiors, unique millwork and commissioned art installations by renowned sculptors and artists including D’lisa Creager, Sachin Tekade, Sergio Albiac and many others. Located on the former Houston Chronicle site, the building subtly incorporates the physical presence of a newspaper, from the consistent use of black and white materials to its uniquely curved façade. Houston-based artist Robynn Sanders, with Maverick Murals Art and Design completed MaRS’s vision for the concrete columns in the building’s lobby, which tell a story of Houston’s milestone events as recorded across the Houston Chronicle headlines ranging from the 1920s into the 2000s.

Condominium-Level Finishes in a Rental Residence

Brava boasts spacious single-level floor plans ranging from 657 to 2,926 square feet. Each light-filled residence features 10-foot ceilings, flexible living spaces, generous walk-in closets with custom shelving and floor-to-ceiling windows to maximize views. Natural materials and finishes create an inviting sense of warmth with luxurious millwork and fixtures including quartz countertops, stainless-steel Bosch appliances and wide-planked wood flooring complimenting Italian-made custom cabinetry throughout.

The building’s 10 penthouse residences, on levels 45 and 46, range in size from 1,739 to 2,927 square feet with large outdoor living rooms, freestanding bathtubs and ultra-luxurious finishes rivaling the finest of condominium residences. Select penthouses feature outdoor kitchens with gas grills and refrigerators, and contemporary indoor fireplaces.

Unmatched Amenities

Residents of Brava enjoy access to an array of outstanding amenities, including a 24-hour concierge; valet parking; 47th-level sky amenity deck capturing panoramic views of the skyline with private resident dining room and catering kitchen; 10th level resort style pool, cabanas, daybeds, yoga lawn and private terrace; state-of-the-art gym with on-demand virtual fitness classes; coworking and conference spaces; guest suites; multiple social lounges with complimentary beverage and coffee bars; pet parlor; on-site storage; bike shop and bike storage; 6,800 square feet of curated street-level retail and restaurants onsite.

Prime Location
The community’s prime location between Market Square and the Arts District boasts a WalkScore of 97, with more than 50 bars and restaurants, 40 million square feet of office space, and multiple cultural institutions in the immediate vicinity. Nearby attractions include the Buffalo Bayou Park system, Jones Hall, The Wortham Theatre, Sesquicentennial Park, the Toyota Center and Minute Maid Park, among others. Bravery Chef Hall, Georgia James Tavern and Finn Hall are all within walking distance of Brava, and over 50,000 square feet of retail is currently underway within one block of the project site.

Conveniently located near the METRORail red line on Main Street and several bus lines, Brava is also easily accessible from US 59, Memorial Drive, IH-10 East, IH-45 North, IH-10 West, Allen Parkway and IH-45 South via automobile.

Project Team, Pricing and More Information

Hines assembled a stellar Texas-based design team for Brava, including Munoz + Albin, design architect; Mayfield and Ragni Studio (MaRS), interior design of common areas; TBG, landscape architect; and Harvey Builders, general contractor. Jones Lang LaSalle (JLL) provided construction financing and equity. The building is managed by Willowick Residential, Hines’ own best-in-class multifamily property management firm. Construction commenced March 2019 and initial move-ins began in the first quarter 2022. Final delivery is slated for Q4 of 2022.

Laramar Group: Record-low Vacancy Rates Mean a Good Second Half of 2022 for Multifamily

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Resilient. That’s how a new report from The Laramar Group describes the multifamily market across the nation and the Midwest.

According to the Laramar Group’s Mid-Year Multifamily Review, record-low vacancy rates and double-digit rent growth will continue to fuel the multifamily market across the United States.

This doesn’t mean that this sector won’t face challenges throughout the rest of 2022 and into next year.

Interst rates remain a major concern. Laramar Group says that rising interest rates during the second quarter of this year have already had an effect on capital markets, resulting in lower loan-to-value ratios, increased borrowing costs and an uneven transaction market.

“We are expecting continued upward trajectory for rents in the multifamily sector, especially in the Southeast and Mountain states where demand drivers such as job and population growth are strong,” said Bennett Neuman, chief investment officer with Laramar. “At the same time, the recent dislocation in the capital markets may present interesting acquisition opportunities on a selective basis.”

According to Laramar, investment volume will remain elevated but may decrease from recent record levels. The multifamily market saw $63 billion of sales in the first quarter of 2022, a year-over-year increase of 56%.

This was the strongest first quarter on record for overall multifamily activity, according to CBRE research. But rising interest rates will have an impact on investment activity and pricing through the remainder of 2022.

Laramar predicts that multifamily construction will continue at a steady pace. Given population shifts and housing demand, Gateway and Texas markets are leading the way for new supply.

During the first quarter of 2022, the multifamily market saw the highest absorption in more than 20 years. New York topped the list for absorption in the first quarter, with 105,600 units.

Among the other top 15 markets noted by CBRE are high-population growth markets such as Denver, which ranked ninth, and Orlando, which ranked 12th, as well as mature markets such as Chicago, which ranked fifth, and Washington, D.C. which ranked sixth.

Another study, commissioned by the National Multifamily Housing Council and the National Apartment Association, said that the United States needs 4.3 million new apartments by 2035.

In the Midwest, markets such as Indianapolis and Columbus will each need 3,000 additional units annually by 2035 to meet market demand. Apartment construction represents a notable segment of the economy, generating $984 million for the local economy in Columbus and $779.5 million in Indianapolis, according to the NMHC/NAA study.

CBRE research from the first quarter of this year shows several Midwest markets with 10% or higher yearly rent growth, including Detroit (10.4%), St. Louis (10.4%), Kansas City (10.5%), Cincinnati (10.6%) and Indianapolis (13.0%).

“Strong and Vibrant”: All Property Types in Texas Appeal to Investors

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After two fed rate hikes in as many months, it’s worth checking in on capital markets in Texas. What was predicted to create both short- and long-term headwinds for investors doesn’t seem to be slowing down deals here.

“We’ve been able to help keep deals moving along with the rising construction costs and interest rates,” says Dustin Gabriel, vice president of origination of Petros PACE Finance, which is based in Dallas. “Our cost of capital is significantly less than alternatives and our rate is fixed for long term.”

That’s important as demand for investment in all property types grows.

“The four main Texas markets (Dallas – Fort Worth, Houston, Austin, and San Antonio) have been strong and vibrant, across all the main property types,” says Walter Bialas, senior insight analyst for research at Avison Young.

He explains that after an investment pause in 2020, commercial real estate roared back to life in 2021.

“To illustrate the volume of business, the number of 2021 sales for office, industrial, apartment, and hotel were almost 40 percent higher than in 2019, pre-pandemic,” Bialas points out. “This same momentum continues to influence 2022, with first quarter sales suggesting that it will be another record year at a pace fully 10 percent above the number of transactions in 2021.” Click to read more at www.rednews.com.

Ripe for Relocation: Major Corporations Target Texas

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Now home to 53 Fortune 500 corporate headquarters, Texas can boast more than any other state in the U.S. (New York has 51 and California has 50.) The list, which includes giants such as Exxon Mobil, AT&T, Valero Energy, American Airlines and USAA, just got longer. The Lone Star State will soon add a 54th: Caterpillar, which announced in June that it too plans to move its headquarters to Irving, Texas from Deerfield, Illinois.

“We believe it’s in the best strategic interest of the company to make this move, which supports Caterpillar’s strategy for profitable growth as we help our customers build a better, more sustainable world,” Chairman and CEO Jim Umpleby said in a statement announcing the move.

Caterpillar, the world’s leading manufacturer of construction and mining equipment, boasted sales and revenues of $51 billion in 2021.

“Caterpillar’s global headquarters relocation is a major win for the people of North Texas and the entire state,” Governor Greg Abbott said in a statement. “I am proud to welcome Caterpillar’s headquarters to Texas and am excited for the economic opportunities this will create for Texans.” Click to read more at www.rednews.com.