boomtown redux

Hines touts new 41-story skyscraper in downtown Houston as demand for office space grows

Hines, the Houston real estate firm that developed the Galleria and a number of skyscrapers in downtown, is planning and marketing a major new downtown office tower on Main Street that will be at least 41 stories tall and perhaps, even taller.

The building would be located at the southwest corner of Main and Texas Avenue, catty-cornered from the Rice Lofts, which was the historic Rice Hotel at one time. The Hines site is a city block known as Block 69.

“Hines proudly introduces Houston’s next landmark, 609 Main at Texas, a stunning, 41-story 815,000-square-foot office tower soon to be situated in the heart of downtown.”

Hines owns the Block 69 site, which is mostly vacant land. Calling the proposed building “609 Main at Travis” the new Hines marketing brochure says “Hines proudly introduces Houston’s next landmark, 609 Main at Texas, a stunning, 41-story 815,000-square-foot office tower soon to be situated in the heart of downtown.”

Hines says no anchor tenant has been signed and without a major tenant in-tow, the company would not begin construction. But experts in the commercial real estate community believe Hines is close to signing a major corporation to lease a sizable chunk of the building and have the building completed by late 2016. Skyscrapers of this magnitude usually take two years or more to build.

The Hines proposed tower at 609 Main further validates Main Street as a prime business address in today’s market. Over the last 20 or 30 years, Main Street had become dominated by exhaust-spewing buses and low-end retail. But Main Street has been changing for the better in recent years.

Two years ago, Hines completed the BG Group Place tower on Main Street and it is now 96 percent leased.

“Back in 2007, our investment thesis for BG Group Place and the purchase of 609 Main at Texas site centered on Main Street being central to all downtown amenities and transit,” John Mooz, senior managing director in Hines’ Southwest Regional office, told CultureMap.

Experts believe Hines is close to signing a major corporation to lease a sizable chunk of the building and have the building completed by late 2016.

“Over the past four years, the Class AA tenant market has validated BG Group Place as a striking new business address. Additionally, other owners are also voting with significant investments that Main Street is a top of mind location.”

Mooz said Hines has just begun seriously marketing the building to corporations and realty brokers who specialize in office leasing. In the demand for more office space demands it, Hines can adjust and make the building taller than 41 stories, Mooz said.

The office market in downtown is very tight with most major towers having little or no vacant space. Companies that need big blocks of office space have few options.

The proposed Hines tower would have the Metro rail running right by it and the building would be in easy walking distance of the Theater District and Minute Maid Park.

Ralph Bivins, former president of the National Association of Real Estate Editors, is editor-in-chief of RealtyNewsReport.com

Rendering of a new Hines skyscraper at Main and Travis in downtown

Hines Starts Marketing New Skyscraper on Block 69 Tower in Downtown Houston

Rendering courtesy of Hines

Rendering of a new Hines skyscraper at Main and Travis in downtown

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Where to Live Now

Houston high-rise's 2-story penthouse hits the market at $11 million

Photo by Harry Stonhill

Penthouse 2502 at The Belfiore spans the top two stories of the high rise.

For those looking to move on up to a deluxe penthouse in the sky — the new $11 million listing at 1275 S. Post Oak Lane, Unit 2502 hits the right note.

At nearly 9,000 square feet, Penthouse 2502 at The Belfiore spans the top two floors of the 26-story high rise.

"The team that created Penthouse 2502 offers Houston something exceptionally rare: a brand-new, never-occupied, two-story residence with custom-caliber design atop an established luxury tower," said Justin Dugat of Douglas Elliman, co-listing agent with Misty Meredith, in a statement.

The penthouse underwent a full build-out in the past seven months under the guidance of Jeffrey Fawaz and Mike Elaridi of Fratelli Companies with Ghandi Saad and Salim Obeid of RSG Development Group.

“From the beginning, we saw the opportunity to create something truly elevated; not just in design, but in experience,” Fawaz said. “Every detail was approached with intention, and the result is a space that reflects both luxury and functionality in a seamless way.”

$\u200bPenthouse 2502 at The Belfiore$

Photo by Harry Stonhill

Penthouse 2502 at The Belfiore spans the top two stories of the high rise.

What was once a blank concrete shell is now an 8,689-square-foot home with five bedrooms, including two primaries and a dedicated 680-square-foot dressing room, along with three full and three half bathrooms.

The home’s two floors are connected via both an interior lift and a floating staircase that serves as a sculptural centerpiece. Multiple entertaining spaces include a media room, office, wet bar, massage room, and a wine cellar.

The views are a luxury of their own, with floor-to-ceiling windows and two corner terraces offering panoramas of the east, west, and south.

The list of elevated features is extensive, including an automated designer lighting system by Lutron and appliances from La Cornue and Gaggenau. Venetian plaster, Italian marble countertops, European cabinetry, and custom white oak herringbone flooring throughout highlight the attention to craftsmanship.

The Belfiore’s amenities add to the penthouse’s appeal, with a 24-hour concierge and valet, swimming pool, athletic club, private dog park, and — perhaps most enticing in Houston — industrial generators. The perks come with a hefty monthly maintenance fee of $11,157.

The 45-residence building, completed in 2016, was originally developed by Giorgio Borlenghi of The Interfin Companies alongside McNair Interests, the investment entity of late Texans owner Bob McNair.

“Houston’s luxury high-rise condo market is gaining momentum, driven by demand for a lock-and-leave, full-service lifestyle,” Dugat said. “As more wealth flows into the city, buyers are prioritizing efficiency, design, and the ability to spend more time living and less time managing a traditional home.”

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