HOUSTON — Sable Offshore Co. will open a 46,500-square-foot office in downtown Houston. The space spans the 28th and 29th floors of the 47-story Texas Tower building, and the upstream energy provider plans to take occupancy in the third quarter of next year. Kevin Kushner, William Padon and Sydnee Hilburn of CBRE represented the tenant in the lease negotiations. Michael Anderson of Cushman & Wakefield represented the landlord, a partnership between Hines, Ivanhoé Cambridge and an affiliate of global investor CDPQ.
AUSTIN, TEXAS — Cousins Properties (NYSE: CUZ) is under contract to acquire Sail Tower, a trophy office building located at 601 W. 2nd St. in downtown Austin. The Atlanta-based REIT agreed to a net purchase price of $521.8 million for the 804,000-square-foot property. Sail Tower was delivered in 2022 and its offices are fully leased to a Fortune 20 company through 2038, according to Cousins. The tenant name was not disclosed, but multiple media outlets report that Google is the occupant. The seller was also not mentioned, but Dallas-based Trammell Crow Co. developed the tower, which was formerly known as Block 185. The name “Sail Tower” derives from its curved appearance. The LEED Platinum property is situated near Austin’s Second Street entertainment district and offers unobstructed views of Lady Bird Lake. “We are thrilled to add this iconic office property, with a strong investment grade customer, to our Austin portfolio,” says Colin Connolly, president and CEO of Cousins. “This exciting transaction enables Cousins to enhance the quality of our leading lifestyle office portfolio and is immediately accretive to earnings.” Cousins’ existing downtown Austin office portfolio is situated near Sail Tower and is currently 93 percent leased. The assets include 300 Colorado, …
FARMERS BRANCH, TEXAS — Texas-based developer Presidium has begun leasing Presidium Valley View, a 348-unit multifamily project located in the northern Dallas metro of Farmers Branch. Units come in studio, one-, two- and three-bedroom floor plans and range in size from 573 to 1,631 square feet. Residences are furnished with stainless steel appliances, quartz countertops, kitchen islands, built-in desks, private balconies, keyless entry mechanisms and individual washers and dryers. Indoors, the property houses a fitness center, clubroom area, coffee bar, theater lounge with a golf simulator and coworking spaces. Outdoor amenities include a pool, yoga lawns, grilling areas and a pet park/spa. Dallas-based O’Brien Architects served as the project architect. Rents start at $1,585 per month for a studio apartment.
ARLINGTON, TEXAS — California-based investment firm Bendetti has acquired two industrial properties totaling 114,390 square feet in Arlington. The building at 1173 109th St. totals 35,000 square feet, and the property at 1114-1118 W. Harris Road comprises two buildings totaling 79,390 square feet, including 1,400 square feet of office space. Both facilities were fully leased at the time of sale. Stephen Bailey of Newmark represented the seller, Dallas-based CanTex Capital, in the off-market transaction. The sales price was not disclosed.
AUSTIN, TEXAS — Law firm Pillsbury Winthrop Shaw Pittman LLP has signed a 28,000-square-foot office lease in downtown Austin. The firm, which primarily represents clients in the tech industry, is taking the entire 32nd floor at The Republic, a 48-story building that is under construction in the downtown area. Mark Miller and Seth Johnston of Lincoln Property Co., which owns the property in partnership with Phoenix Property Co. and DivcoWest, internally represented the landlord in the lease negotiations. John Gump and Marc Vanderslice of CBRE represented the tenant.
COLLEGE STATION, TEXAS — Colliers has brokered the sale of a 14,165-square-foot industrial building in College Station. The building at 5936 Imperial Loop Drive sits within Aggieland Business Park, a 133-acre development on the city’s southwest side. The property is a build-to-suit for global agricultural company Advanta Seeds. Todd Moore, Connor Duffy and Zack Martin of Colliers represented the seller, Dark Horse Real Estate, in the transaction. Bill Byrd of Colliers and Judd Harrison of KBC Advisors represented the undisclosed buyer.
SAGINAW, TEXAS — Marcus & Millichap has negotiated the sale of Victory Shops at Basswood VI, an 8,246-square-foot retail strip center in Saginaw, located north of Fort Worth. The center was built in 2021 and was fully leased at the time of sale to four tenants: Mooyah Burger, Thrive Pet Healthcare, Bazooka Charlie’s Barber Co. and Swig. Chris Gainey and Philip Levy of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
MIAMI — Newmark has arranged two loans totaling $1.75 billion for the refinancing of a pair of hotel resorts in Miami. Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Tyler Dumon of Newmark arranged the loans on behalf of the borrower, national hospitality owner-operator Fontainebleau Development. In the first deal, the Newmark team arranged a $1.2 billion loan through Goldman Sachs for Fontainebleau Miami Beach. Originally developed on 22 acres in 1952, the beachfront property totals 1,594 guestrooms across four towers and features a newly built convention center. Amenities include 11 pools with luxury cabanas; nine food-and-beverage outlets; three nightlife and lounge venues; 200,000 square feet of meeting and event space; and a 40,000-square-foot spa with a 5,800-square-foot fitness center. In the second transaction, the quartet of financial intermediaries placed a $550 million loan through J.P. Morgan for the JW Marriott Miami Turnberry Resort & Spa. Built in 1967 and renovated and expanded in 2019, the 270-acre resort comprises 685 guestrooms; two golf courses with a private country club; 120,000 square feet of meeting and event space; six restaurants and lounges; a waterpark; and a 25,000-square-foot spa. “These financings underscore the enduring appeal of South Florida’s premier hospitality assets,’’ says Roeschlaub, …
SAN ANTONIO — A partnership between locally based developer The Lynd Group, New York City-based investment firm Declaration Partners and Delaware-based investment manager Corten Partners has acquired a multifamily property in downtown San Antonio for $48 million. Augusta Flats is a five-story, 260-unit apartment community that was initially developed in 2021 and subsequently sold during lease-up. The property offers studio, one-and two-bedroom units and amenities such as a pool, fitness center, rooftop lounge, golf simulator and outdoor grilling and dining stations. The partnership purchased Augusta Flats from the previous owner’s lender. Benefit Street Partners provided acquisition financing for the deal.
PLANO, TEXAS — Eastern Union has arranged $20.4 million in financing for a seniors housing conversion project in Plano. Built in 1984 and renovated in 2005, the six-story, 137-room building at 700 Central Parkway E. was most recently operated as a Deluxe Inn hotel. The borrower plans to convert the property into a facility with 100 assisted living units and 40 memory care units that will be operated under the Parkdale Senior Living brand. Meir Abrahamson of Eastern Union arranged the financing, which consists of a $15.8 million construction-to-permanent loan and $4.7 million bridge loan. The direct lender was not disclosed. The conversion is slated for a mid-2026 completion.