Tag Archives: houston

Ameriprise Financial System to Acquire Houston-Based Lionstone Investments

Mix Strengthens UK-Centric Columbia Threadneedle’s Realty Capabilities in the US

Wanting to extend its realty investment abilities throughout the pond, London-based Columbia Threadneedle Investments today revealed that its privately owned investment manager, Columbia Management Investment Advisers, LLC in Boston, has actually agreed to obtain investment company Lionstone Partners, Ltd.

. Financial terms for the transaction were not revealed. Columbia Threadneedle Investments, formed in 2015 through the mix of Threadneedle Investments and Columbia Management Investment Advisers, is the international property management group of Minneapolis-based varied financial services provider Ameriprise Financial, Inc. (NYSE: AMP).

Columbia Threadneedle has more than 2,000 people, consisting of over 450 investment professionals, based worldwide. As of June 30, 2017, the company handled $473 billion of properties in equities, fixed earnings, property allowance and alternatives.

The Lionstone acquisition will expand Columbia Threadneedle’s offerings across the alternatives property management and include abilities in U.S. property, which is attracting increasing allocations from both institutional and retail investors all over the world, complementing Columbia’s $10.5 billion UK property service and additional improving its multi-asset abilities.

Lionstone Investments, likewise known as Lionstone Partners, was established in 2001 by investors Tom Bacon, Glenn Lowenstein, and Dan Dubrowski and focuses on analytics-driven investment techniques. The company, which managed about $6 billion in possessions as of June 30, 2017, will benefit from access to Columbia Threadneedle’s wider asset and client base and research study capabilities, not to mention the financial strength of Ameriprise Financial, which has more than $800 billion in possessions under management or administration as of second-quarter 2016.

Lionstone’s U.S. CRE investments are concentrated in cities it thinks are best positioned for outsized need and rental development. The business, which counts a number of leading business and public pension among its crucial customers, has purchased several prominent home deals this year, including the $182 million purchase in April of 271 17th St., a prize workplace anchored by BB&T in Midtown Manhattan’s Atlantic Station.

Lionstone likewise previously this year integrated with Dallas-based Crescent Realty and Goldman Sachs Possession Management to acquire a 21-property combined portfolio of structures totaling about 860,000 square feet and development sites in Flatiron Park in Stone, CO, for a reported $170 million.

CoStar Analysis: More Than One-Quarter of Houston'' s Industrial Property May Have Suffered Flood Damage

Flooding in Texas and Louisiana impacted almost one-fifth of U.S. oil-refining capacity, sending gas rates higher and raising concerns for future supply.

As the flood waters finally begin to decline in Texas and Louisiana, authorities warn the storm waters continue to present risks to life and property. Nevertheless, the area is moving into healing mode and beginning to take a full step of the unmatched destruction brought by Typhoon Harvey.

A CoStar Group, Inc. assessment of the possible impact of the legendary storm on the Houston commercial realty market reveals that 27% of the market’s gross leasable location, representing approximately $55 billion in home worth, was likely affected by flooding.

Included in the approximated is 175 million square feet of industrial area located within the Houston metro’s 100-year flood zone that appears to have actually been inundated by the epic floodwaters, consisting of some 72,000 apartment or condo units and 20 million square feet of office. Another 225 million square feet sits in the broader 500-year floodplain as well as appears to have been impacted by flooding.

Harvey, which initially made landfall at Rockport, TX, as a Classification 4 hurricane early Aug. 26 then stalled over the Texas coast, broke all records to become the wettest hurricane in the adjoining United States, and the greatest in regards to wind speed to strike the nation given that Cyclone Charley in 2004. Weather specialists have approximated that through Wednesday, the storms had disposed an approximated 20 to 25 trillion gallons of water on Texas and Louisiana.

” Unfortunately, the variety of displaced locals might be far bigger than current media reports show,” CoStar Group creator and CEO Andrew Florance stated. “Our property-by-property review of the possessions in the flood plain reveals an outsized share includes low- to moderate-income families, including those in southwest Houston, where the bayous overflowed.”

Editor’s note: Click here to see CoStar’s microsite on Harvey’s impact on Houston business residential or commercial property, consisting of a map, charts and a list of possibly affected homes.

Greater Houston ranks as the sixth-largest U.S. metro location in the United States by total CRE space at 1.6 billion square feet. An overall of 12,000 residential or commercial properties with 400 million square feet of area are within the Federal Emergency situation Management Administration (FEMA) designated 500-year flood plain zone. Only 9 million square feet of that area, consisting of 4,000 apartments, is located within a designated floodway.

Inning accordance with CoStar data, $16 billion of the $55 billion in property at risk is comprised of apartment within the 100-year flood zone. The key question for all CRE owners, investors, tenants and analysts is now what does it cost? of that home has or will sustain damage due to water incursion.

CoStar is planning to conduct an air survey to more totally examine the damage as soon as it is authorized to do so.

The densely inhabited Southwest Houston submarket, the home of more than 66,000 house systems, is most likely to be the district most affected by flooding. Almost 30% of the submarket’s apartment systems are estimated to be impacted, with the Braeburn, Greater Fondren and Sharpstown communities having the largest variety of units within the 100-year flood zone.

Each of those communities borders Brays Bayou, among the river ways that snakes through southwest Houston and has actually overflowed because of the historic torrential rains.Click to Broaden. Story Continues Listed below

An extra 5 million square feet of space is under building within the floodplain, including 3,144 apartment or condo systems, representing about one-fifth of the 25 million square feet of CRE under building and construction in Houston, including more than 12,000 apartment units.

The Greenspoint district, which has had elevated jobs following the departure of ExxonMobil in late 2015, is the metro’s most affected office submarket, with some 3.5 million square feet falling within the 100-year floodplain.

Couple of Definitive Damage Reports Yet Offered

Numerous CRE owners and supervisors had actually not yet had the ability to access their properties as of mid-week, not to mention make a comprehensive price quote of losses from Harvey, which has discarded practically 52 inches of rain in parts of southeastern Texas. At least 37 deaths had been reported as of early Thursday.

Pure Multi-Family REIT LP, a Vancouver-based multifamily REIT, reported that its 216-unit Boulevard at Deer Park residential or commercial property in the suburb of Deer Park southeast of Houston was positioned under an evacuation order due to flooding in the immediate area. The business did not right away have an evaluation of potential damages.

The business’s second Houston home, the 352-unit Broadstone Walker Commons in League City south of Houston, Texas, was not materially impacted by the storm, though they will continue to keep an eye on the property. 10 residential or commercial properties in Dallas Fort Worth, 4 residential or commercial properties in San Antonio, and one property in Austin

Pure Multi-Family REIT, which owns 10 properties in Dallas/Fort Worth, 4 homes in San Antonio, and one home in Austin, stated it will make comprehensive evaluations in coming days and weeks to examine the extent of any damage.

” We prepare for that it may take weeks to adequately assess the damage, if any, at our two homes in the Houston location,” stated Pure Multi-Family CEO Steve Evans. “As a regular course of company, Pure Multi-Family has insurance coverage in effect at all of our apartment homes.”

” It is going to spend some time for the extent of the damage in the higher Houston location to be completely understood,” Evans stated.

A variety of REITs and other CRE owners issued statements offering update on their Houston-area properties and efforts to help personnel and occupants, with companies reporting they have adequate property and casualty insurance coverage in location, which wind and rain was hindering damage assessments, including single-family home rental firm American Houses 4 Rent, which owns about 3,200 rental houses in the Houston market location.

” Our evaluation will be ongoing for numerous days,” stated American Residences 4 Rent CEO David Singelyn.Oil, Gas Line Damages to Increase Gas Costs Walter Kemmsies, a managing director, economist and chief strategist for JLL’s U.S. Ports, Airports and International Facilities Group, tells CoStar that direct and indirect damage from the disaster, while not yet understood, will definitely have an effect that ripples throughout the country. Damage to oil and gas pipelines

will cause supply issues that will lead to increased fuel costs throughout the United States, a process that has actually already started. With more than a dozen refineries closed due to flooding, the nationwide average hit$ 2.43 per gallon as of mid-afternoon Wednesday, up 7 cents from a week back, inning accordance with consumer details site GasBuddy.com. From the point of view of impact to U.S. seaports, Harvey is similar in magnitude and impact to cyclones Katrina and Sandy, while farmers will have to assess agricultural damage to crops that were entering into the late-summer harvesting season. JLL Managing Director Walter Kemmsies stated seaports such as Port Houston could feel the sting of Cyclone Harvey economic effects. “All this taking place prior to the cresting of the flood waters,” Kemmsies stated.

” Which water still has to drain (prior to the extent of the problems is known). We’re all simply biting our nails. “As a result of the Panama Canal expansion and increased downstream demand in current

years, port volumes and industrial real estate demand are higher than ever in Gulf Coast ports, Kemmsies kept in mind. At Port Houston, for instance, 20-foot equivalent system (TEU )volumes increased from 4.6% to 5.2 %of overall U.S. TEU volumes from 2010 to 2017, he stated. Under contingency plans that enter into impact at the first warning of a typhoon, cargo slated for export would have been

rerouted to other upland ports, and Port Houston could see decreased shipping volumes because Typhoon Harvey will likely disrupt railway connections as far as a few hundred miles away, Kemmsies added. CoStar Senior News Editor Mark Heschmeyer added to this report.

Houston furnishings store opens as shelter for flood victims

(MEREDITH)– A Houston-based furniture store transformed 2 of its places into shelters to support numerous individuals displaced by Tropical Storm Harvey.

When floodwaters began to force households from their homes on Sunday, Jim “Mattress Mack” McIngvale published an online video providing food and shelter for his fellow Houstonians.”We have actually got lots of beds, we have actually got lots of food, we’ve got lots of water and you can even bring your animals,” he stated in the video.

More than 300 people showed up to each Gallery Furniture store, and by Monday night McIngvale revealed one place had reached capacity. The other place was still accepting those still in need of shelter.

Heartwarming pictures shared on social networks reveal families sleeping on bed mattress, recliner chairs, sofas and loveseats. National Guard soldiers likewise rested at one of the shops in between their rescue missions.

His daughter, Laura McIngvale-Brown, published among those genuine images on her Facebook page showing a female holding a little woman as they oversleeped a chair. Along with the image, McIngvale-Brown shared a charming message to her daddy:” Dad, it does not surprise me (that) you opened the shops to our fellow Houstonians, you would give your last breath for another, but it still astonishes me how selfless you are.”

Click here to check out the complete post.

McIngvale stated he’s done this in the past– during flooding in Houston last year when Typhoon Katrina made landfall 12 years back.

“We did this throughout Katrina, and we had a couple hundred people stranded for a couple days,” he told CNN. “We have lots of mattresses in our storage facility and we can provide everybody with a blanket.”

More than 17,000 people have actually looked for refuge in Texas shelters after 5 days of downpour submerged Houston and surrounding locations.

Copyright 2017 Meredith Corporation. All rights booked.

More rain, more dead: Harvey floods keeps Houston incapacitated

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Two individuals walk down a flooded section of Interstate 610 in floodwaters from Tropical Storm Harvey on Sunday, Aug. 27, 2017, in Houston, Texas. (AP Photo/David

Cyclone Harvey Introduce slideshow” HOUSTON– Floodwaters reached the rooflines of single-story houses

Monday and people might be heard pleading for aid from inside as Harvey put rain on the Houston area for a 4th successive day after a disorderly weekend of rising water and rescues. The country’s fourth-largest city was still mainly disabled by among the largest rainstorms in U.S. history. And there was no relief in sight from the storm that spun into Texas as a Category 4 cyclone, then parked over the Gulf Coast. With nearly 2 more feet (61 centimeters )of rain expected on top of the 30-plus inches(76 centimeters )in some locations, authorities worried that the worst might be yet to come. Harvey has actually been blamed for at least three validated deaths, consisting of a woman killed Monday in the town of Porter, northeast of Houston

, when a big oak tree removed by heavy rains fell onto her trailer home. A Houston tv station reported Monday that 6 member of the family were believed to have actually drowned when their van was swept away by floodwaters. The KHOU report was

attributed to three member of the family the station did not recognize. No bodies have been recovered. Police Chief Art Acevedo informed The Associated Press that he had no info about the report however said that he’s “actually anxious about how many bodies we’re going to find.”Inning accordance with the station, 4 kids and their grandparents were feared dead after the van hit high water Sunday when crossing a bridge in the Greens Bayou area. The driver of the car, the children’s great-uncle, supposedly escaped prior to the van sank by grabbing a tree limb. He told the kids to attempt to get away through the back entrance, however they were unable to obtain out. The disaster unfolded on an impressive scale in among America’s most vast urban centers. The Houston city area covers about 10,000 square miles, an area somewhat bigger than New Jersey. It’s crisscrossed by about 1,700 miles of channels, creeks and bayous that drain pipes into the Gulf of

Mexico, about 50 miles to the southeast from downtown. The storm was producing a quantity of rain that would typically be seen just when in more than 1,000 years, said Edmond Russo, a deputy district engineer for the U.S. Army Corps of Engineers, which was worried that floodwater would spill around a set of 70-year-old reservoir dams that protect downtown Houston. The flooding was so widespread that the levels of city waterways have either equated to or went beyond those of Hurricane Allison from 2001, and no major highway has been spared some overflow. The city’s usually dynamic downtown was practically deserted Monday, with emergency situation automobiles comprising most of the traffic.

Meanwhile, rescuers continued plucking individuals from the floodwaters– a minimum of 2,000 up until now, according to Acevedo, with many more still awaiting rescue. Chris Thorn was among the numerous volunteers still helping with the mass evacuation that began Sunday. He owned with a friend from the Dallas area with their flat-bottom searching boat to pull complete strangers out of the water.

“I could not sit in your home and watch it on TELEVISION and not do anything considering that I have a boat and all the tools to help, “he stated. They got to Spring, Texas, where Cypress Creek had actually breached Interstate 45 and went to work, assisting individuals out of a gated neighborhood near the creek.”It’s never ever flooded here,”resident Lane Cross stated from the front of Thorn’s boat, holding his brown canine, Max.”I don’t even have flood insurance coverage.

“An obligatory evacuation was purchased for the low-lying Houston suburb of Dickinson, the home of 20,000.

Police cited the city’s vulnerable facilities in the floods, restricted working utilities and concern about the weather report. In Houston, questions continued to swirl about why the mayor did not provide a similar evacuation order. Mayor Sylvester Turner has actually defended the decision and did so again Monday, insisting that a mass evacuation of millions

of individuals by automobile was a greater risk than enduring the storm. “Both the county judge and I took a seat together and decided that we were not in direct course of the storm, of the hurricane, and the best thing to do was for

people to sit tight, make the necessary preparations. I have no doubt that the decision we made was the right choice.” He added,” Can you envision if millions of people had left the city of Houston and then aimed to return in today?” The Red Cross quickly set up the George R. Brown Convention Center and other locations as shelters. The center, which was also used to house Cyclone Katrina refugees from New Orleans in 2005, can accommodate approximately 5,000 individuals. At the Addicks and Barker reservoirs, the Army Corps started launching water Monday because water levels were

climbing at a rate of more than 6 inches(15 centimeters )per hour, Corps representative Jay Townsend said. The relocation was supposed to assist protect the

enterprise zone from floodwaters, but it likewise risked flooding thousands more homes in close-by neighborhoods. Developed after ravaging floods in 1929 and 1935, the tanks were designed to hold water until it can be launched downstream at a controlled

rate. In the Cypress Forest Estates area in northern Harris County, individuals called for assistance from within houses as water from a close-by creek increased to the exact same level as their eaves. A consistent procession of rescue boats drifted into the location. Harvey increased slightly in strength Monday as it drifted back over the warm Gulf of Mexico, according to the National Typhoon Center. Forecasters anticipate the system to remain over water with 45 miles per hour(72 kph )winds for 36 hours and then head back inland east of Houston at some point Wednesday. The system will then head north and lose its tropical strength

. Before then, up to 20 more inches (51 centimeters) of rain could fall, National Weather condition Service Director Louis Uccellini stated Monday. That suggests the flooding will get worse in the days ahead and the floodwaters will be sluggish to decline as soon as Harvey finally carries on, the weather service stated. Sometime Tuesday or early Wednesday, parts of the Houston area will probably break

the nearly 40-year-old U.S. record for the most significant rains from a tropical system– 48 inches, set by Tropical Storm Amelia in 1978 in Texas, meteorologists said. The quantity of water in Houston was so unprecedented that the weather condition service

on Wednesday had to update the color charts on its main rainfall maps to indicate the heavier totals. In Louisiana, the images of the devastation

in Houston stirred up agonizing memories for many Hurricane Katrina survivors.”It really stimulated a lot of feelings and heartbreak for individuals who are going through that now in Houston,”Ray Gratia stated as he picked up sandbags for his New Orleans home, which flooded during the 2005 typhoon. In Washington, President Donald Trump’s administration guaranteed Congress that the $3 billion balance in the Federal Emergency situation Management Agency’s disaster fund sufficed to deal with instant requirements, such as debris removal and temporary shelter for displaced homeowners. Trump planned to visit Texas on Tuesday. Harvey was the fiercest hurricane to

hit the United States in 13 years and the greatest to strike Texas because 1961’s Cyclone Carla, the most effective Texas typhoon on record.

Rescuers pluck hundreds from increasing floodwaters in Houston

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David J. Phillip/ AP FILE Wilford Martinez, right, is rescued from his flooded cars and truck by Harris County Constable’s Department Richard Wagner along Interstate 610 in floodwaters from Hurricane Harvey on Sunday, Aug. 27, 2017, in Houston, Texas.

Sunday, Aug. 27, 2017|3:55 p.m.

HOUSTON– Hurricane Harvey sent ravaging floods putting into the country’s fourth-largest city Sunday as increasing water chased after thousands of people to roofs or greater ground and overwhelmed rescuers who could not keep up with the consistent calls for aid.

The incessant rain covered much of Houston in turbid, gray-green water and turned streets into rivers navigable only by boat. In a rescue effort that recalled the after-effects of Cyclone Katrina, helicopters landed near flooded highways, airboats buzzed across submerged neighborhoods and high-wheel cars raked through water-logged intersections. Some individuals handled with kayaks or canoes or swam.

Volunteers signed up with emergency teams to pull individuals from their homes or from the water, which was high enough in locations to gush into second floors. The flooding was so prevalent that authorities had problem determining the worst areas. They urged individuals to obtain on top of their homes to avoid becoming caught in attics and to wave sheets or towels to draw attention to their location.

Evaluating from federal catastrophe declarations, the storm has up until now impacted about a quarter of the Texas population, or 6.8 million individuals in 18 counties.

As the water increased, the National Weather Service provided another threatening projection: Prior to the storm that arrived Friday as a Classification 4 typhoon is gone, some parts of Houston and its suburbs might get as much as 50 inches (1.3 meters) of rain. That would be the highest amount ever taped in Texas.

Some locations have currently received about half that amount. Since Thursday, South Houston tape-recorded nearly 25 inches (63 centimeters), and the suburban areas of Santa Fe and Dayton got 27 inches (69 centimeters).

“The breadth and strength of this rains is beyond anything experienced in the past,” the National Weather Service stated in a declaration.

Typical rains totals will end up around 40 inches (1 meter) for Houston, weather service meteorologist Patrick Burke said.

The director of the Federal Emergency situation Management Agency, Brock Long, predicted that the consequences of the storm would need FEMA’s involvement for many years.

“This disaster’s going to be a landmark event,” Long stated.

Rescuers needed to provide top priority to life-and-death situations, leaving numerous impacted families to look after themselves.

Tom Bartlett and Steven Craig pulled a rowboat on a rope through chest-deep water for a mile to rescue Bartlett’s mother from her home in west Houston. It took them 45 minutes to reach your home. Inside, the water reached halfway up the walls.

Marie Bartlett, 88, waited in her bedroom upstairs.

“When I was younger, I used to wish I had a child, but I have the best boy in the world,” she stated. “In my 40 years here, I have actually never ever seen the water this high.”

The city’s main convention center was quickly opened as a shelter.

Gillis Leho arrived there soaking wet. She stated she woke up Sunday to discover her downstairs flooded. She attempted to move some belongings upstairs, then got her grandchildren.

“When they informed us the current was getting high, we had to bust a window to get out,” Leho stated.

Some people utilized inflatable beach toys, rubber rafts and even blow-up mattress to get through the water to safety. Others waded while bring trash bags stuffed with their valuables and small animals in picnic coolers.

Houston Mayor Sylvester Turner stated authorities had received more than 2,000 calls for assistance, with more being available in. He prompted chauffeurs to remain off flooded roads to prevent contributing to the variety of those stranded.

“I don’t need to inform anyone this is a really, very major and extraordinary storm,” Turner told a news conference. “We have several hundred structural flooding reports. We anticipate that number to rise pretty considerably.”

The weakening scenario was bound to provoke concerns about the clashing recommendations offered by the guv and Houston leaders prior to the typhoon. Gov. Greg Abbott prompted people to run away from Harvey’s course, but the Houston mayor issued no evacuation orders and informed everybody to stay at home.

The guv chose not to point fingers on Sunday.

“Now is not the time to second-guess the choices that were made,” Abbott, a Republican, said at a news conference in Austin. “What is very important is that everyone work together to make sure that we are going to, initially, save lives and, second, assist individuals throughout the state rebuild.”

The mayor, a Democrat, safeguarded his choice, stating there was no way to understand which parts of the city were most vulnerable.

“If you believe the circumstance today is bad, and you offer an order to evacuate, you are creating a nightmare,” Turner said, pointing out the threats of sending the city’s 2.3 million inhabitants onto the highways at the same time.

Rain of more than 4 inches per hour led to water levels greater than in any current floods and greater than throughout Tropical Storm Allison in June 2001, said Jeff Linder of flood control district in Harris County, which includes Houston.

Jesse Gonzalez, and his boy, likewise named Jesse, utilized their boat to save people from a southeast Houston community. Asked what he had actually seen, the younger Gonzalez responded: “A lot of individuals walking and a lot of dogs swimming.”

“It’s chest- to shoulder-deep out there in certain areas,” he informed television station KTRK as the pair got a gasoline can to refill their boat.

The Coast Guard deployed 5 helicopters and requested for additional aircraft from New Orleans.

The White House announced that President Donald Trump would go to Texas on Tuesday. He fulfilled Sunday by teleconference with top administration authorities to talk about federal assistance for action and recovery efforts.

The rescues unfolded a day after the typhoon settled over the Texas coastline. It was blamed for the deaths a minimum of 2 people.

The fiercest cyclone to strike the U.S. in more than a decade came ashore late Friday about 30 miles (48 kilometers) northeast of Corpus Christi with 130 miles per hour (209 kph) winds.

Harvey damaged Saturday to a hurricane. On Sunday, it was virtually fixed about 25 miles (40 kilometers) northwest of Victoria, Texas, with optimal sustained winds of about 40 miles per hour (72.42 kph), the typhoon center said.

The system was the fiercest cyclone to strike the United States in 13 years and the strongest to strike Texas considering that 1961’s Cyclone Carla, the most effective Texas cyclone on record.

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Associated Press authors Carla K. Johnson in Chicago; Juan Lozano and Robert Ray in Houston; Peter Banda in Dickinson, Texas; and Jamie Stengle in Dallas added to this report.

Betting on Big Houston Return, CPPIB Buying Office REIT Parkway for $1.2 Billion

Houston workplace property REIT Parkway Inc.(NYSE: PKY), the spin-off financial investment trust formed to take control of the Houston holdings of Parkway Properties and Cousins Characteristics following their 2016 merger, is being purchased by the Canada Pension Plan Financial investment Board (CPPIB) for $1.2 billion, ($23.05 per share).

The offer, which is not subject to a financing condition, consists of $19.05 per share plus a $4 unique dividend to be paid prior to closing, representing a premium of roughly 14.3% when compared with Parkway’s 30-day volume weighted average cost ended June 29, 2017.

The REIT’s stock leapt 12% this morning on the news.

Parkway’s board of directors all approved the contract. TPG Capital and its affiliates, which collectively own around 9.8% of the impressive common stock of Parkway, have actually consented to enact favor of the transaction.

“Parkway fits well with CPPIB’s long-term property strategy to hold stable, premium properties in big U.S. markets,” said Hilary Spann, handling director, head of U.S. real estate financial investments, CPPIB. “Through this financial investment, CPPIB gains additional scale in Houston.”

Earlier this year, CPPIB showed it was something of a contrarian financier whern it obtained a major stake in an 11-building Houston workplace portfolio including Greenway Plaza and Phoenix Tower from Parkway Inc. for $141 million. The deal pegged the full value of that 4.9 million-square-foot portfolio at $1.045 billion, an implied $210 per square foot.

CPPIB joined with TH Property and Silverpeak Real Estate Partners in the joint venture with Parkway to own the Greenway portfolio. CPPIB took a 24.5% interest, and TH Realty and Silverpeak own a combined 24.5%, with Parkway maintaining a 51% interest.

Parkway owns the biggest workplace portfolio in Houston, amounting to 8.7 million square feet throughout 19 properties situated in the Greenway, Galleria and Westchase submarkets of Houston. The residential or commercial properties were 87.6% rented as of March 31, 2017.

“CPPIB shares our view of the long-lasting resiliency of the Houston market,” said James R. Heistand, Parkway’s CEO. “Our company believe there are still some near-term headwinds in the office sector for Houston, but the implied property assessment of this transaction reveals CPPIB’s appreciation for the top quality portfolio we have actually assembled and the near-term stability it provides throughout the present slump in the market.”

The offer is anticipated to close in the 4th quarter of 2017, subject to customary closing conditions, including approval by Parkway’s investors.

HFF Securities LP acted as financial consultant to Parkway, and Hogan Lovells served as Parkway’s legal counsel.


Sheriff'' s deputy fatally shot in Houston while pumping gas

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Karen Warren/ Houston Chronicle by means of AP

Authorities investigate the scene at a filling station where a constable’s deputy in uniform was fatally shot Friday, Aug. 28, 2015, in Houston. Harris County Sheriff’s Office representative Ryan Sullivan said the deputy was pumping gas into his car on Friday night when a man approached him from behind and fired numerous shots.

Published Friday, Aug. 28, 2015|10:15 p.m.

Updated Friday, Aug. 28, 2015|11:49 p.m.

HOUSTON– A constable’s deputy in uniform was shot and eliminated Friday night while filling up his police car at a rural Houston gasoline station, according to authorities.

Deputy Darren Goforth, 47, was pumping gas into his automobile when a man approached him from behind and fired several shots, Harris County Constable’s Workplace representative Ryan Sullivan told The Associated Press. As soon as the deputy was up to the ground, the suspect fired more shots.

Goforth was a 10-year veteran of the force.

Authorities described the suspect as a male with a dark skin tone, about 5-foot-10 to 6-feet tall, using a white T-shirt and red shorts and driving a red or maroon pickup-style truck with an extended taxi. They said an extensive search for the suspect remained continuous Saturday morning.

Constable’s workplace spokesman Deputy Thomas Gilliland stated Goforth had taken a trip to the Chevron station where the shooting occurred, after earlier responding to a routine automobile mishap.

“He was pumping into his automobile and the male suspect turned up behind him and shot the deputy several times,” Gilliland informed the Houston Chronicle. “The deputy fell to ground. The suspect visited and shot the deputy again numerous times as he lay on the ground.”

He said Goforth passed away at the scene. Detectives were examining security cam video for possible clues.

“We are actively searching for suspect right now,” Gilliland said. “I can tell you with diligence and justice the suspect will certainly be caught. And he will be brought before the bar … This is an extremely callous person.”

Harris County Constable’s deputies and homicide detectives joined officers from other firms, including the Texas Department of Public Safety and the Houston Cops Department, in searching for the suspect.

“This is an extremely difficult minute today for the Harris County Sheriffs Office,” Gilliland stated. “Keep us in your prayers and in your ideas.”

“Bob Goerlitz, president of the Harris County Deputies Company, stated the occurrence was “shocking.”

“We’ve been alerted of things like this, since of public belief nationally and events over the last couple of years … It’s simply horrific. That’s the only method to describe it.”