Hines Exploring Potential Sale of Nearly $5 Billion in Holdings

By Mark Heschmeyer – CoStar

Ross Avenue Tower

Global real estate investment firm Hines is joining the ranks of major institutional investors seeking to cash in some of their longer-held investments and lock-in returns at today’s high property valuations.

The Houston-based developer disclosed it is exploring strategic alternatives for two of its sponsored non-traded REITs: Hines Real Estate Investment Trust and Hines Global REIT. Hines said it is considering the usual list of alternatives for such investment vehicles, including selling individual or packages of properties, a sale or merger, or even listing the REITs’ shares on a national exchange.

Combined, the two REITs have raised and invested more than $5.6 billion from stock offerings, which Hines REIT has been doing since 2003 and Hines Global since 2008. Both completed their acquisition phases a little more than a year ago.

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The Birth of Uptown

By Steve Brown, Dallas Morning News

Crescent

From the top of the Rosewood Crescent complex you get a stunning view of Dallas’ downtown.

But it’s the forest of towers that surround the Uptown landmark that really catch the eye.

New residential high-rises, office towers and luxury hotels line the streets surrounding the Crescent. And $1 billion in new projects are on the way.

The view was much different 30 years ago when the Crescent opened its door.

In the spring of 1986 when the Crescent held its grand opening party, the area now called Uptown was a hodge-podge of car lots, Mexican restaurants and run-down housing.

Today, it’s the most expensive patch of real estate in North Texas.

The Crescent gets a lot of credit for making Uptown into the current boomtown.

The landmark office, hotel and retail complex impacted the north side of downtown Dallas the way Rockefeller Center helped shape Midtown Manhattan.

The Crescent focused new attention on an area folks once just drove through in a hurry on their way to someplace else — the Park Cities or the entry to the Dallas North Tollway.

It started the migration of major downtown office tenants north of Woodall Rogers Freeway.

And the Crescent set the quality bar for other Uptown developments that would follow in the coming decades.

The Crescent has turned out of be one of Dallas’ best big ideas.

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Workplace Survey Shows Wide Gap in Office Preferences between Tech, Finance Companies

By Robert Carr, National Real Estate Investor

Office Space preferences

Growth in the office sector is forcing corporate executives to try to move in two directions at once—finding efficiency to cut costs, while also expanding and upgrading the office environment to attract new talent.

Concerns about creating attractive workplaces have increased as hiring has improved in recent months. Employers added 242,000 positions in February, including 29,000 positions in professional and business services, a steady pace of growth. The amount of underused workspaces continues to dwindle as occupancies and rents increase, according to a recent report from brokerage firm Marcus & Millichap.

“Further staff expansions may necessitate a reconsideration of tenants’ space requirements, providing a lift to space demand as leases for larger layouts are executed and move-ins take place,” according to the report.

A new survey by commercial real estate services firm CBRE delineates the workplace challenges, including the wide differences seen in space considerations by the traditional office users such as financial firms and the new office designs sought by technology companies to attract and retain workers.

In this expansion cycle, most respondents to CBRE’s Americas Occupier Survey listed talent availability as the most important consideration in their real estate decisions. However, efficiency and cutting real estate costs were also top concerns.

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New Developments Taking Off in Reborn Love Field Area

By Steve Brown, Dallas Morning News

 

West Love Project

The traffic on Dallas’ busy Mockingbird Lane is both on the ground and in the air.

Jets taking off a few blocks away at Love Field and cars lined up on the busy street are a testament to the surge in activity in the district.

“This whole area is undergoing a renaissance,” said developer Jorge Ramirez, who is turning two blocks of old industrial and commercial properties into a new mixed-use development.

His 35-acre, $200 million West Love development is the biggest new project in the Love Field area.

But it’s by far not the only thing happening around Dallas’ close-in airport.

With passenger traffic up more that 50 percent at Love Field and expansions at the nearby medical centers, the area south and west of the airport is attracting new development.

Apartment builder Fairfield Properties just cleared six acres south of Love Field at Denton Drive and Inwood Road where it is building a 347-unit complex.

“We like the changes we are seeing,” said Fairfield’s Zach Johnston. “The growth in the area and the proximity to the DART station across the street made the site attractive to us.”

The Inwood Station apartment project will open next summer.

Fairfield’s project is the latest in a series of apartment developments between Love Field and Parkland Hospital that have added thousands of rental units to the area.

More apartments are coming at the West Love project.

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McKesson Brings 1,000 New Jobs to Irving 

NB_25Colinas3.jpg

The former NEC America complex located at the northeast corner of State Highway 114 and 161 the Bush Turnpike in Irving, Texas. Shot Thursday, February 25, 2016. (David Woo/The Dallas Morning News)

 

http://bizbeatblog.dallasnews.com/2016/03/medical-giant-mckesson-bringing-almost-1000-new-jobs-to-irving-in-office-consolidation.html/

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Chase’s Planned Legacy West Campus is Growing

By Steve Brown, Dallas Morning News      

JPMorgan Chase’s new Plano office campus is getting bigger.

The financial services and banking giant is buying almost 50 acres in the Legacy West development near the southwest corner of State Highway 121.

chasecampus

Chase’s new regional business center will include more than 1.4 million square feet of office space in six buildings, according to plans filed with the City of Plano. The office buildings will be as tall as eight floors.

There are also three large parking garages to be built on the development site located between S.H. 121 and Headquarters Drive.

The buildings are connected by paved esplanades and landscaped areas.

And a large park area with an “amenity feature” planned for the north corner of the campus on Communications Parkway.

The campus is projected to cost almost $300 million and will open starting in 2018.

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Outlook for the Texas Economy

This recent publication from The Real Estate Center at Texas A&M University is a comprehensive review of current and past data that provides a detailed outlook for the Texas Economy.

oil-gas

Follow the link below to Vanguard Commercial Group’s CRE Data and Docs page to read or download the publication.

Link to Data and Docs page

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