Columbus
Houston Business Journal
Prospective homebuyers are missing out as sellers cut their prices
The chronically troublesome housing market is seeing more price drops, but that doesn’t necessarily translate into relief for homebuyers.<\p> Data from real estate firm Redfin Corp. shows 6.4% of active listings on the platform had a price drop through the week ending May 26. While that's not a massive portion of listings, the percentage is substantially higher than the 4.4% of listings with price drops recorded during the same time in 2023.<\p>
A rising cost for companies and employees takes hold as summer arrives
Editor's Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business and career. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> In the coming weeks, schools around the nation will be out, and many employees will find themselves scrambling for child care options.<\p>
Luxe VIP perfume lounge opens downtown
Renowned French perfume maker Krigler has expanded its boutique in one of the city’s most highly rated hotels, adding the brand’s first VIP lounge anywhere in the world in more than five decades.<\p> The new Le Salon Krigler will allow connoisseurs to sample some of the brand’s most exclusive fragrances in an appointment-only private setting. <\p>
US House investigates local energy cos.
The Federal Trade Commission’s decision to ban Pioneer Natural Resources Co. founder Scott Sheffield from joining Exxon Mobil Corp.’s (NYSE: XOM) board of directors has spiraled into more investigations of Houston energy companies. <\p> The U.S. House of Representatives has launched an inquiry into seven oil and gas companies to look at potential conversations with other companies regarding oil prices. While many in the industry see these conversations as standard practice, there is disagreement over whether that is a good or bad thing.<\p>
Energy cos. prep for 'active' hurricane season
After a sudden storm hit Houston May 16, the threat of hurricane season is all too clear to businesses. <\p> That storm — which the National Weather Service classified as a derecho, a widespread long-lived wind storm — has local companies pulling out and reviewing their hurricane preparation plans for the upcoming season.<\p>
All of the HBJ's 2024 40 Under 40 honorees
The Houston Business Journal is proud to announce the 2024 class of 40 Under 40 honorees.<\p> The award recognizes 40 outstanding professionals under the age of 40 in the greater Houston area who have demonstrated leadership, success in business and contributed to our community.<\p>
Local Foods Group shakes up French restaurant
Restaurateurs Benjy Levit and chef Dylan Murray and their team — known for the Local Foods and Lees Den concepts — are preparing for a major shakeup of their Rice Village location. <\p> The duo, who own the Houston-based Local Foods Group, plans to shutter their Eau Tour French concept at 5117 Kelvin Drive to make way for a new Italian eatery, dubbed Milton’s. Eau Tour’s final brunch service will be June 2.<\p>
Developer delivers another distribution center near IAH
More than a decade after purchasing the land for the 145-acre Kennedy Greens South Business Park near Bush Intercontinental Airport, Clay Development & Construction has completed its sixth warehouse.<\p> The 110,250-square-foot Kennedy Greens Distribution Center III is now ready for tenants, Clay Development President and CEO Robert Clay said.<\p>
HBJ's 2024 40 Under 40 honorees – Part 1
The Houston Business Journal is proud to announce the first round of its 2024 40 Under 40 honorees.<\p> The award recognizes 40 outstanding professionals under the age of 40 in the greater Houston area who have demonstrated leadership, success in business and contributed to our community.<\p>
Uptown office tower to get seafood concept
Houston-based restaurateur Mack McDonald, who co-owns the popular Rouxpour chain of New Orleans-inspired restaurants, has picked the recently renovated 5POP office building to open his latest concept. <\p> The new restaurant, dubbed Mack Allen’s, is scheduled to open next year in a 15,858-square-foot space in the 28-story office tower at 4400 Post Oak Parkway. <\p>
Former NFL star's Cypress home hits market
The Cypress home of former NFL wide receiver Hines Ward has hit the market.<\p> Houston-based Nan & Company Properties is listing the two-story house at 19114 Caney Creek Mills in Caldwell Cos.’ Towne Lake master-planned community at $2.1 million.<\p>
Exxon directors re-elected despite opposition
At Spring-based Exxon Mobil Corp.’s (NYSE: XOM) annual shareholder meeting on May 29, all of the company’s current independent directors on its board won majority votes of approval. While this is not so unusual on its own, recent investor calls to action put the expected results of this vote in question. <\p> Several major investors, including the California Public Employees’ Retirement System, the California State Teachers’ Retirement System, and Norway’s sovereign wealth fund, announced they would vote against all or some of Exxon’s independent directors and CEO Darren Woods during the 2024 shareholder meeting. <\p>
Rockets continue winning off the court
The Houston Rockets saw a significant improvement on the court this past season, which is fueling wins on the business side of the organization.<\p> The team finished with its best record since the 2019-20 season, leading to a number of positive developments at Toyota Center. Houston sold out 28 of its 41 home games — its highest mark since 2019-20 — and set a franchise record for single game ticketing revenue. The team also entered the season with a sellout of its courtside seating and Lexus Lounge membership, as well as with a record number of new corporate partners.<\p>
Major airline plans $80M project at Hobby Airport
The city of Houston approved a new lease agreement with Southwest Airlines Co. (NYSE: LUV) for William P. Hobby Airport (HOU), in which the company will construct new facilities at the airport.<\p> Under the agreement, which was approved by Houston City Council during its May 29 meeting, Southwest will lease two parcels of land at Hobby Airport. Southwest will use the new leased land to construct a 155,000-square-foot facility, which will include a larger warehouse for its provisioning team, expanded cargo facilities, more space for the company’s ground support equipment maintenance teams and additional training spaces, the airline said in a statement. The capital expenditure for the project will be at least $80 million.<\p>
ConocoPhillips announces $22.5 billion acquisition
The era of massive consolidation is far from over with another acquisition valued at more than $20 billion.<\p> ConocoPhillips (NYSE: COP) has agreed to acquire fellow Houston company Marathon Oil Corp. (NYSE: MRO) in an all-stock transaction valued at $22.5 billion, plus $5.4 billion of net debt.<\p>
Lawsuit targeting small-business grant program is tossed
A judge has tossed a lawsuit targeting Progressive Insurance and small-business funding platform Hello Alice for a grant program offered to Black small business owners.<\p> The decision, handed down by the U.S. District Court for Northern Ohio, found plaintiff Nathan Roberts, owner of Cleveland-based Freedom Truck DIspatch LLC, lacked the standing to sue the companies over a grant program it offered to Black small-business owners to purchase a new truck.<\p>
Meet the man behind Pitch 25
Former Houston Dynamo star Brian Ching has certainly racked up his fair share of goals and accolades on the pitch. Now, he’s making a name for himself in another way one block away from his previous home turf.<\p> Ching played eight seasons with the Dynamo from 2006 to 2013, joining the team when the San Jose Earthquakes moved to Houston. He led Houston to back-to-back MLS Cup titles in 2006 and 2007, was a six-time MLS All-Star and made 45 appearances with the U.S. National Team. Ching retired from playing soccer in 2013 and joined the newly formed Houston Dash as its managing director.<\p>
Hydrogen co. eyes huge fundraising following expansion
Another Houston hydrogen and syngas production company has received investment after expanding its footprint in the Bayou City.<\p> Utility Global Inc. filed a Form D with the Securities and Exchange Commission on May 24 announcing the raise of $48.2 million in new equity funding. According to the filing, the company is seeking to raise over $120 million in funding. A spokesperson told the Houston Business Journal that as the round was still being completed, the company could not comment on what the money would be used for.<\p>
Longtime Montrose biz relocates
After nearly 30 years, Copydotcom has ditched the Montrose building it had called home for a new space in the Greenway Plaza-Upper Kirby area, just as its former home is set to undergo a major redevelopment.<\p> Copydotcom recently announced it has moved out of its longtime home at 1201 Westheimer Road and has opened shop in a 10,500-square-foot space at 4230 Richmond Ave.<\p>
Houston Business Journal
5K+
Posts
693K+
Views
The Houston region's source for local business news, breaking news alerts, newsletters, business intelligence and local business networking. An American City Business Journals publication.
Welcome to NewsBreak, an open platform where diverse perspectives converge. Most of our content comes from established publications and journalists, as well as from our extensive network of tens of thousands of creators who contribute to our platform. We empower individuals to share insightful viewpoints through short posts and comments. It’s essential to note our commitment to transparency: our Terms of Use acknowledge that our services may not always be error-free, and our Community Standards emphasize our discretion in enforcing policies. We strive to foster a dynamic environment for free expression and robust discourse through safety guardrails of human and AI moderation. Join us in shaping the news narrative together.