Australian Group Buys Midtown Parcel, Market briefs

In Houston, Caydon Property Group of Australia has purchased a 41,000-SF parking lot at Main and McGowen, extending its holdings in Houston’s Midtown area. Caydon is planning to build a 26-story, 357-unit residential tower a block away.

Caydon purchased the land from Current Standing Developments, a Houston firm led by Brent Friedman. Friedman’s firm is redeveloping the Mid-Century Modern building at Main and McGowen into an office/entertainment multi-use development. The site is near a Metro light rail stop.

Friedman’s firm purchased the 1950s-era building in 2016, which offers three floors of office space above street-level retail. Studio Red Architects is designing a redevelopment of the building.