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    Real Estate Rumblings

    Big foreign money: Korean buyers behind near-record $480 million Houston office tower sale

    Ralph Bivins
    Ralph Bivins
    Apr 26, 2013 | 4:17 pm

    Korean investors are believed to be behind the $480 million purchase of the 46-story BG Group Place office tower in downtown Houston, in a deal organized by Invesco Real Estate, a Dallas-based firm that represents major real estate investors, according to Real Estate Alert, a highly respected real estate investor newsletter.

    The $480 million sales price represents one of the highest sales prices in Houston’s history.

    According to people in the investment community, Invesco is buying the skyscraper on behalf of the National Pension Service of Korea or a similar Korean organization, the newsletter reported.

    Korean money has been reallocated and invested in U.S. realty in a fast pace recently because of political unrest and the nuclear threat from North Korea.

    “Koreans have been coming to the U.S. and they are buying assets,” said CBRE's Bernard Branca. “We are seeing a lot of Korean buyers.”

    “Koreans have been coming to the U.S. and they are buying assets,” said Bernard Branca, senior vice president of office investments for the CBRE real estate firm in Houston. “We are seeing a lot of Korean buyers.”

    The sellers of the BG Group Place building, Hines and Calpers, were represented by Eastdil Secured, a real estate investment firm with significant contacts in the Far East.

    The 973,000-square-foot tower is expected have a final sales price of $485 per square foot, the second-highest per square-foot sales price ever in Houston, Real Estate Alert reported.

    The record sales price in Houston was set when H&R REIT paid $524 per square foot or $442 million for the 845,000-square-foot Hess Tower in 2011.

    The highest dollar price was set when the 1.8-million-square-foot One and Two Shell Plaza sold for $550 million last summer to an affiliate of Enterprise Products, Real Estate Alert said. The sale is expected to close soon.

    BG Group Place is 92 percent leased. The BG Group energy firm is the largest tenant, with KPMG and the BakerHostetler law firm also having large offices. The building, completed in 2011, is located at 801 Main Street. Pickard Chilton was the architect.

    In developing BG Group Place, Hines anointed Main Street as a viable venue for new office development today. Years ago Main Street had been ceded to transit domination, making Main Street not much more than an elongated bus stop. But Main Street has enjoyed a revival in recent years as METRO rail arrived and new development has occurred.

    Hines has proposed to build another Main Street tower on Block 69 at the southeast corner of Main and Texas Avenue, just a couple of blocks from BG Group Place.

    News_Ralph_Hines building_exterior_BG Group Place_skyscraper
    Photo by Ralph Bivins
    unspecified
    news/real-estate

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    Connecting to Rice Village

    Rice University reveals game-changing new development and stadium renovations

    Holly Beretto
    Nov 6, 2025 | 2:13 pm
    Rice University Gateway project rendering
    Courtesy of SWA Group
    A rendering previews the extension of Amherst Street near the Rice campus.

    Rice University is building a new development to better connect its campus with the nearby Rice Village shopping district. On Thursday, November 6, the university announced the Gateway Project, which it describes in press materials as a “transformative initiative to unify campus, reimagine athletics, and strengthen ties with the Houston community.”

    Called the Gateway Project, the development will create a seamless, pedestrian-friendly corridor linking the campus to the heart of the Village, while reimagining the campus’ west side by renovating Rice Stadium.

    The $120 million venture — all of it on university-owned land in Rice Village — will position both the school and the city for the future, Rice officials say.

    “This is a generational investment in the growth and vitality of Rice University,” said Robert T. Ladd, chairman of the Rice Board of Trustees in a statement. “By physically linking our university to one of Houston’s most dynamic neighborhoods and modernizing a cornerstone of our athletics district, we are honoring Rice’s legacy while paving the way for future growth, connectivity and impact.”

    Campus Connection

    The Gateway Project will transform the campus and its western edge in several ways. A new pedestrian-oriented street will extend Amherst Street two blocks east from Morningside Drive, through Chaucer Drive, to a new campus entrance near Entrance 13A on Greenbriar Drive. The new walkable, tree-lined path will activate underused outdoor spaces. Planned water, sewage, and drainage lines are designed to attract retail, multifamily housing, restaurants, and a grocery store. A public greenspace is planned to host community events and performances.

    “Rice Village has long been a beloved destination and part of the Rice community,” Rice President Reginald DesRoches said. “By connecting our campus directly to the Village, we are strengthening our ties to Houston while enriching the student experience, advancing our growth and reinforcing Rice’s commitment to innovation and community.”

    Stadium Renovations

    In addition to the improved campus-to-Rice Village corridor, major upgrades are in store for the 75-year-old Rice Stadium. The university’s football field has hosted multiple major events, including President John F. Kennedy’s iconic “We choose to go to the moon” speech in 1962, Super Bowl VIII in 1974, and Rice’s own 19-17 upset over Texas in 1994, the last time the Owls beat the Longhorns.

    The aging stadium will become a fan-focused destination, transformed into what the university is calling a “stadium in a park.” The goal is to prioritize sustainability and offer greater flexibility for hosting a wide range of sports and events. Capacity will be reduced from 47,000 to 30,000, which not only better aligns with current trends, according to the university, but will provide richer opportunities for Owls fans.

    Expect a dramatic overhaul, including the demolition of the existing press box, upper bowl, and upper concourse. In their place will be a new, three-level west concourse building with new, premium club seating that extends into the lower bowl, featuring chairback seats, loge boxes, and living room-style box seating. This club level can be converted into flexible conference and banquet space, accommodating more than 600 guests for seated events such as conferences and banquets, and more than 1,000 attendees on game days.

    The stadium’s second level will house 14 private suites, while the third will include new spaces for media, broadcast, game operations, and coach’s booths along with dedicated suites for the university and athletics department. A dramatic shade canopy will extend from the top of the concourse over a portion of the lower bowl, offering comfort and energy efficiency. A suite-level outdoor patio will offer space for private events, recruiting, alumni gatherings, and other events.

    Owls fans can also expect improved sightlines, larger restrooms and concessions stands, and a 360-degree concourse allowing them to move freely around the stadium. A new kitchen will allow for on-site food preparation. The campus’ southwest entry plaza will reinforce the “stadium in a park” concept and connect to the landscaped walkway leading to Rice Village.

    Redevelopment will begin with the demolition of the Greenbriar Annex building, clearing the way for the new corridor and mixed-use improvements. Rice Real Estate Co., the university-affiliated company that is the largest landowner in Rice Village, owns roughly 260,000 square feet of building area — 97 percent of which is leased to a diverse mix of national brands, independent boutiques, and local restaurants

    The stadium renovation will be led by Populous, a globally recognized architecture firm, in conjunction with Nations Group. The Gateway Project’s design and development are guided by the university’s 30-year Campus Land Use Plan. Construction on the stadium and gateway components is expected to continue through 2028.

    Rice University Gateway project rendering

    Courtesy of SWA Group

    A rendering previews the extension of Amherst Street near the Rice campus.

    rice universityrice villagereal estate
    news/real-estate

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