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Houston Business Journal
Will Howard Hughes become a private company?
The Woodlands-based real estate developer Howard Hughes Holdings Inc. (NYSE: HHH) may soon become a private company if a well-known activist investor — and former chairman — gets his way.<\p> Howard Hughes said it has formed a special committee of independent directors in response to Pershing Square Capital Management LP looking into potentially buying all the company’s shares it doesn’t already own, effectively taking it private. The hedge fund was founded by billionaire investor Bill Ackmann, who served as Howard Hughes' chairman up until this spring. <\p>
Modern mansion kicks off August luxury sales (PHOTOS)
15 Regent Square was the biggest residential real estate sale for the week of Aug. 4, according to the Houston Association of Realtors.<\p> The styling of the home is distinctly clean and modern — a departure from the classic and ornate River Oaks and Memorial Villages homes that frequently top the weekly lists of most expensive home sales. It was listed for $2.97 million and sold on Aug. 7.<\p>
How this construction CEO righted the ship
When Travis Boone was offered the position of CEO at Houston-based Orion Group Holdings Inc. (NYSE: ORN), he wasn’t sure about the opportunity.<\p> Boone came from an engineering background, growing up working in New Mexico and Colorado for companies such as URS Corp. and Aecom. Orion at the time was in some turmoil, and Boone initially declined. But then he took another look.<\p>
Heights mixed-use redevelopment adding spec suites
The M-K-T mixed-use development in the Heights could soon have two new speculative retail suites up for lease. <\p> The Houston-based developers behind M-K-T — Radom Capital and Triten Real Estate Partners — have submitted paperwork to the Texas Department of Licensing and Regulation outlining plans to build out two suites in Building 5 of the development at 600 N. Shepherd Drive.<\p>
Houston is getting a new public company
Houston-based HMH Holding Inc. is prepping itself to be the Bayou City’s latest publicly traded company.<\p> The company this week filed a registration statement on Form S-1 with the U.S. Securities and Exchange Commission for an initial public offering.<\p>
The Playbook: How pay raise plans for 2025 are shaping up
Editor’s Note: Welcome to The Playbook Edition, a look at stories, trends and changes that could affect your business. Want more stories like this in your inbox? Sign up for The Playbook newsletter. <\p> Despite increasing political backlash toward diversity, equity and inclusion, a majority of workers still say they prioritize inclusion in their organizations. <\p>
Houston's economy slows, but bright spots remain
As expected coming into 2024, Houston’s economy is continuing to slow, according to recently released data.<\p> The Houston Purchasing Managers Index (PMI) — a monthly survey of local purchasing managers regarding the direction of sales, production and employment — slipped from 51.7 in June to 50.4 in July, according to the Greater Houston Partnership. Historically, readings above 50 indicate economic expansion, while readings below 50 indicate contraction. The decline in the index suggests that even though Houston’s economy continues to expand, it is doing so at a much slower pace.<\p>
CEOs share energy transition challenges, opportunities
In this week’s episode of the Texas Business Minds podcast, the focus is on energy. We revisit two previous CEO conversations covering two different areas of the energy industry and energy transition. <\p> Former Houston Business Journal Managing EditorJonathan Adams spoke to Michael Lee, CEO of retail energy provider Octopus Energy's Houston-based U.S. arm, about his vision for renewable energy, and HBJ Energy Reporter Naomi Klinge sat down with Phillips 66 President and CEO Mark Lashier to learn what his almost century-old company is doing to innovate for the future.<\p>
How Rootlab has become a go-to builder of custom experiences
In a world that’s becoming increasingly digital, there’s something to be said for building a product that can be held in your hand. It takes time, talent and finesse to bring a new object into the world. <\p> That passion for the physical world has been a driving force behind Logan Beck and Troy Stanley's Rootlab.<\p>
New downtown tower welcomes first tenant (PHOTOS)
Global law firm Norton Rose Fulbright has officially opened its new Houston offices in Skanska's new 1550 on the Green office tower downtown.<\p> As the building’s anchor tenant, the law firm secured naming rights for the newly rechristened Norton Rose Fulbright Tower at 1550 Lamar St., which is adjacent to Discovery Green. The law firm previously officed at 1301 McKinney St., which is currently known as Fulbright Tower. <\p>
How valuable are the Texans?
Heading into the 2024 NFL season, the Houston Texans Super Bowl odds aren't the team's only increasing metric.<\p> The Texans' value increased 12% year over year to $6.01 billion, good for the 12th-highest in the league, according to the latest rankings from Sportico. The estimated valuation comes from the sum of the enterprise value of an NFL franchise combined with the value of team-related businesses and real estate holdings, Sportico said.<\p>
Hines' newest community hits milestone
Houston-based real estate giant Hines’ residential community Brookewater in Rosenberg has started home sales in its first phase.<\p> Perry Homes, Highland Homes, David Weekley Homes, Chesmar Homes, Ashton Woods Homes, Westin Homes and Brightland Homes (formerly Gehan Homes) have either completed or are currently building their model homes, with the last ones expected to open in September, Hines Managing Director Carson Nunnelly said.<\p>
Local tech giant buying self-service IT co.
Spring-based Hewlett Packard Enterprise Co. (NYSE: HPE) is making another acquisition for its cloud computing business.<\p> The technology giant said Aug. 15 that it entered into an agreement to acquire Colorado-based Morpheus Data. Financial terms of the deal were not disclosed. The transaction is expected to close in the fourth quarter of 2024, HPE said.<\p>
Google: We're pouring $1B into Texas
Google LLC announced Aug. 15 plans to invest more than $1 billion in Texas this year, its latest strategic goal focused on supporting cloud and data center infrastructure.<\p> Some of that investment will go directly into the technology giant’s data center campuses in Red Oak and Midlothian, both south of Dallas, which are helping the company meet the increasing demand for cloud and artificial intelligence services. This capital outlay will boost California-based Google's total investments in Texas to more than $2.7 billion, the company announced Aug. 15.<\p>
David Lesar takes on new CEO role
David Lesar is back as the new CEO of a Houston-based company. <\p> Effective Aug. 19, Lesar will become chairman of the board and CEO of Superior Energy Services Inc., an oil field services company, three years after it emerged from bankruptcy.<\p>
Trucking co. moves to former competitor's facility
Greenwich, Connecticut-based XPO Inc. (NYSE: XPO), one of the largest logistics companies in the country, is relocating its Houston terminal to a facility that used to be occupied by bankrupt competitor Yellow Corp. <\p> The company acquired the facility and 27 other service centers as part of Yellow's bankruptcy proceeding last year.<\p>
Updated: Texas Children's reveals details about layoffs
Editor's note: This article has been updated to clarify when and where Texas Children's Hospital layoffs will occur.<\p> Nearly 1,000 Texas Children’s Hospital layoffs, first reported last week, will be completed in four phases beginning in early October, according to a new state filing.<\p>
Layoffs by the hundreds coming at Conn’s
Conn’s Inc. (Nasdaq: CONN) plans to lay off hundreds of its employees at major facilities in Texas following its bankruptcy filing earlier this summer.<\p> The Woodlands-based furniture and appliances retailer filed four separate Worker Adjustment and Retraining Notification Act letters with the Texas Workforce Commission detailing the planned layoffs. The company will let go of a combined 267 employees across its headquarters, call center and industrial facilities in The Woodlands, San Antonio, Beaumont and Grand Prairie. The layoffs will begin in Grand Prairie on Oct. 7, while the discharges in the other three cities will start Sept. 23.<\p>
Retailer returns under new ownership after bankruptcy
A least two local rue21 stores are reemerging from the longtime retail chain's abrupt Chapter 11 bankruptcy filing in May.<\p> The website for what's long been a value-priced youth fashion store includes a message that it is under new ownership with a list of more than 50 store locations now open or soon to be open.<\p>
Milestone tenant signs on to new TMC campus
A life sciences company is upgrading its Houston presence with a milestone lease in the Texas Medical Center’s new campus.<\p> Switzerland-founded Artidis is the first tenant for Chicago-based venture capital firm Portal Innovations, which occupies the entirety of the third floor of the TMC3 Collaborative Building on the TMC Helix Park campus. Artidis is also the first life science company to take up space in the Collaborative Building.<\p>
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