HOUSTON – (Realty News Report) – Transwestern Real Estate Services has been selected by Hicks Ventures and Taconic Capital to handle leasing for the 1177 West Loop South office building.
The 18-story, 341,947-square-foot office tower is situated in Houston’s Galleria submarket on the east side of Loop 610. Transwestern’s leasing team representing the property includes Vice President Kelli Gault, Managing Director Doug Little and Associate Megan Snodgrass.
“We’re excited to have Transwestern on board,” said Houston real estate investor Pat Hicks of Hicks Ventures. “I’ve respected the firm as both a competitor and industry colleague for more than 30 years. We look forward to the energy and market reach their team will bring to our leasing efforts at 1177 W. Loop South.”
Transwestern assumes leasing responsibilities at a challenging time for the Houston office market. According to a recent market update from local real estate firm NAI Partners, overall vacancy reached 23.7 percent and availability 26.2 percent early in the year, both higher than the prior year. The Houston office market recorded roughly 519,000 square feet of leasing activity—comprising new leases and renewals—while net absorption was negative approximately 590,000 square feet.
In response to market pressures, many downtown and suburban owners are investing in enhancements to differentiate their properties. The 1177 West Loop South building has undergone an extensive $6 million renovation program to elevate tenant experience and competitiveness.
Improvements include a redesigned lobby and upgraded common areas, a multi-room conference facility with a reception and registration area, an onsite café, a fitness center with full-service locker rooms, and a renovated outdoor patio. These amenity upgrades are intended to provide flexible, comfortable workspace options for tenants returning to the office amid ongoing public health concerns.
“Hicks Ventures has executed an aggressive capital improvement plan that has truly reimagined this already distinctive building,” Gault said. “New amenities and updated common areas offer tenants convenient, comfortable alternatives—ideal for those returning to the workplace in a COVID-conscious environment.”
The building sits on a 4.4-acre site just south of the Katy Freeway and near Memorial Park, placing it in a desirable location within the Galleria submarket.
Hicks Ventures and Taconic Capital acquired 1177 West Loop South roughly two years ago from Spire Realty Group, a Dallas-based firm led by Caleb Smith. That sale was facilitated by brokers Danny Miller, Marty Hogan and Johnny Kight, who were with HFF at the time.
Taconic Capital Advisors L.P. is a global institutional investment manager founded in 1999 by former Goldman Sachs partners Frank Brosens and Ken Brody. The firm partners with local and national investors on value-add and core-plus real estate opportunities.
March 2, 2021 Realty News Report Copyright 2021
Photo courtesy Transwestern
File: Pat Hicks Hires Transwestern
File: (2) Venture of Taconic Capital and Pat Hicks Hires Transwestern to Lease Tower in Houston. 2021. Spire Realty. West Loop. Goldman Sachs. Frank Brosens. Ken Brody. Caleb Smith. Danny Miller. Marty Hogan. Kelli Gault. Doug Little. Megan Snodgrass