HOUSTON – (Realty News Report) – Russell Ingrum, a veteran commercial real estate broker who has overseen the sale of multiple Houston skyscrapers, has been appointed by CBRE to lead office institutional investment sales for CBRE Capital Markets in Texas.
Ingrum, who has sold more than $4 billion in Houston office properties, is relocating to Texas after spending the past eight years as a senior leader on CBRE’s Northern California Capital Markets team. His move represents a strategic repositioning for the firm, strengthening its presence in key Texas markets.
“Russell’s name is well known in the Houston market as a product of the successful results he has delivered our clients,” said Mark Taylor, Senior Managing Director, Investor Services for CBRE. “His local experience and his effective positioning of buildings being sold has produced some of the highest sales prices in the Houston area.”
During his career in Houston, Ingrum closed 62 equity sales transactions totaling $4.4 billion and involving approximately 21 million square feet of office space. Notable transactions include the sales of Hess Tower, Energy Center 3 and 4, 1000 Main, and the Marathon Oil Tower. In Texas he will collaborate closely with CBRE colleagues Jared Chua, Todd Casper and Mike Hassler to advise institutional office clients throughout Houston and the surrounding region.
One of the landmark deals attributed to Ingrum is the $440 million sale of the 36-story 1000 Main building in 2015, which at $525 per square foot to Germany-based Union Investment is still regarded as one of downtown Houston’s most significant office transactions.
Ingrum will be based in CBRE’s Dallas office with the title of vice chairman. He is expected to recruit additional office investment sales professionals in Dallas, Austin and Houston to expand the firm’s institutional coverage and better serve investor demand across the state.
“This Texas team will have a differentiating quality based on our existing connections in the region and the time I have spent on the West Coast, forging relationships and meeting new capital sources unfamiliar with the Texas markets,” Ingrum said. His experience on both coasts is expected to help channel new sources of capital into Texas office investments.
Across his career nationwide, Ingrum has closed more than 850 equity sales transactions encompassing roughly 605 million square feet for a total consideration of about $36 billion. He has repeatedly ranked among CBRE’s top producers in investment sales, representing major institutional investors including equity and opportunity funds, life insurance companies and REITs.
“We are thrilled to have Russell return to Texas where he started his career. He has extensive experience and strong relationships in these markets and he knows the investment community in Texas well, allowing him to advise our clients immediately,” said Michael Caffey, President, South‑Central Division & Latin America for CBRE.
“Russell has deep national and international investor relationships developed from his role as the national office practice leader and as a leading producer on the West Coast. We believe Russell will have real success assisting investors in deploying capital across markets from the West Coast into Texas markets,” added Chris Hipps, Senior Managing Director, Investor Services for CBRE.
April 28, 2020 Realty News Report Copyright 2020