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Medical office space with a twist opens
A Philadelphia-based medical coworking company with national ambitions has expanded to Texas with new offices in Pearland.<\p> MedCoShare opened 3,675 square feet of office and medical exam space in an office condo park at 3129 Kingsley Drive on June 1.<\p>
What this major court ruling means for energy
The U.S. Supreme Court's recent decision to overturn a 40-year-old precedent will change how companies across industries — particularly the energy industry — interact with regulators, experts say.<\p> On June 28, the Supreme Court struck down the Chevron deference. Under that precedent, judges deferred to a federal agency’s interpretation of its powers described under law if those powers were ambiguous. Energy analysts and trade groups primarily applaud the June 28 decision and view the move as an opportunity to rein in regulators acting beyond their authority. <\p>
Houston's countdown to World Cup is on
After hosting matches for the CONMEBOL Copa America tournament in recent weeks, Houston now turns its attention to the 2026 FIFA World Cup.<\p> Houston hosted three matches for the Copa America tournament, garnering 53,763, 67,059 and 69,456 fans at NRG Stadium, respectively. While the three games — which included a group stage match with the Mexican National Team and quarterfinal match featuring Lionel Messi’s Argentina squad — failed to sell out the 72,220-seat stadium, Houston appeared to be one of the most-attended markets in a tournament plagued with low turnouts. <\p>
Iconic River Oaks home sold (PHOTOS)
3237 Inwood Drive was the biggest residential real estate sale for the week of June 23, according to the Houston Association of Realtors.<\p> The home, called the "Redbird House," is an icon of River Oaks. It got its name from the bird motifs on the original windows, according to an application for landmark status with the city of Houston. It was added to the landmark registry in 2009.<\p>
Houston's 'sushi king' dies at 75
"Just a humble sushi salesman." That's how Glen Gondo, co-founder of Houston's Asian Chamber of Commerce, often described himself to his peers despite the impact he had on his community and others.<\p> Gondo, locally called the "sushi king," died July 1 due to cancer at 75. He left a legacy of profound impact on both the Asian American business community as well as the Houston community at large, according to those who knew him.<\p>
FTC sues to block $4B local deal
The Federal Trade Commission has voted to block Lexington, Kentucky-based Tempur Sealy International Inc.’s $4 billion acquisition of Houston-based Mattress Group Inc.<\p> With the unanimous vote, the FTC said July 2 it authorized a lawsuit in federal court to block the acquisition. The FTC alleges that combining the world’s largest mattress supplier and manufacturer with the largest U.S. mattress retailer could result in suppressed competition for rival mattress suppliers as well as decreased choices and increased mattress prices for consumers. <\p>
Energy execs bring pro sports team to Houston
Houston will soon be home to yet another professional sports team.<\p> The Big3, a professional 3-on-3 basketball league co-founded by musician and actor Ice Cube and entertainment executive Jeff Kwatinetz, will expand to Houston starting in 2025, the league announced July 3. Local executives Eric Mullins and Milton Carroll purchased the rights to the Houston franchise. The deal is valued at $10 million, according to Bloomberg. <\p>
Real estate veteran to lead city department
Mayor John Whitmire plans to appoint local commercial real estate veteran Vonn Tran director of Houston's Planning and Development Department. Houston City Council will vote on her confirmation on July 17.<\p> Tran is succeeding longtime city employee Margaret Wallace Brown, who had been in the role since 2019 and was one of the Houston Business Journal's Women Who Mean Business honorees in 2023. She retired from the position in February during a period when many city staff members resigned or retired in the first few months of Whitmire's term.<\p>
Can a rebranding save Greenspoint?
Mention Greenspoint to any longtime Houstonian, and you’ll probably get a similar reaction from most.<\p> The area around the intersection of Interstate 45 and Beltway 8 in north Houston has long been synonymous with crime, plight, subpar apartments and the struggling Greenspoint Mall.<\p>
A popular job-posting strategy can backfire
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> The hiring process sparks plenty of questions for employers and candidates alike. <\p>
Restaurant Roundup: Etro, Damian’s closing; Several new openings
It's been an extremely busy month for restaurant announcements — both openings and closings. To get caught up before the regular workweek starts, here’s a recap of the many comings and goings.<\p> Etro Nightclub, which moved from Montrose to 114 Main St. in the Main&Co. mixed-use redevelopment downtown in 2018, will close July 13.<\p>
Another restaurant chain reportedly eyes bankruptcy
Fast-casual dining chain Mod Pizza is preparing a potential filing for bankruptcy, according to a report from Bloomberg. <\p> The Bellevue, Washington-based company could submit the filing as early as next week, a source told the news site, though plans may still change.<\p>
Lone Star College center breaks ground
Lone Star College has broken ground on the penultimate project from the $485 million bond package voters passed in 2014.<\p> The Magnolia Center, a $28.86 million project, had a ceremonial groundbreaking June 27 at its future location, 1280 Escondido Drive in Magnolia.<\p>
Houston's best, worst stocks so far this year
Through the first half of 2024, most of the largest public companies based in Houston have seen gains in the stock market — though the stock prices of many local companies have also declined significantly.<\p> Overall, 74 of the 120 largest Houston-based public companies have increased their stock prices through the first six months of the year, according to Houston Business Journal research. On average, the stock prices for those 120 companies have increased nearly 5.7% between Dec. 29, 2023 — the last trading day of 2023 — and June 28.<\p>
Local co. starts oil production in Gulf
Houston-based Beacon Offshore Energy LLC has started producing oil at one of its Gulf of Mexico projects after shifting its focus earlier this year.<\p> The Winterfell project, which just reached a final investment decision in January, has started production in the Green Canyon area of the Gulf and is expecting a third well to come online in the third quarter.<\p>
Recently completed apartments sold for $195M
A Connecticut-based real estate investment firm has doubled its Texas portfolio with the acquisition of four new Houston apartment complexes.<\p> About a year after entering the Texas market, Hamilton Point Investment purchased three communities in northwest Harris County and one in Katy from Arizona-based Alliance Residential Co. for a total of $195 million.<\p>
Houston nonprofits face tough labor market
With hurricane season, a changing labor market and technological landscape, changes in donor generations and the sunsetting of available American Rescue Plan Act funds, the nonprofit sector is seeing a challenging environment where they have to figure out meeting the needs of their missions and their partners.<\p> During the Houston Business Journal's State of Giving and Nonprofits forum, nonprofit leaders gave advice on how to best handle these emerging challenges on June 27 at The Briar Club.<\p>
Financial firm to move main Houston office
A Fort Worth-based insurance, financial and human resources services firm plans to move its main local office to Northwest Houston.<\p> Higginbotham’s main office has been located at 11700 Katy Freeway in the Energy Corridor since 2015, when the firm consolidated its operations following multiple local acquisitions. After the firm's acquisition of Houston-based Iscential in August 2023 — which added 140 employees, doubling its local presence — Higginbotham has signed a lease for three full floors at 4424 W. Sam Houston Parkway W., known as Westway II.<\p>
OSHA fines local co. $338K
A Houston-based metal powder coating company faces a bevy of penalties after a federal investigation found that employees were exposed to safety hazards that could cause diseases.<\p> Outdoor Furniture Refinishing Inc., operating as Allied Powder Coating, was the subject of an Occupational Safety and Health Administration investigation at its site at 6011 St. Augustine St., the U.S. Department of Labor said July 1.<\p>
Another megadeal likely delayed
Houston-based Schlumberger Ltd.'s (NYSE: SLB) nearly $8 billion acquisition of The Woodlands-based ChampionX Corp. (Nasdaq: CHX) could be delayed after the companies received a second request for information from the Department of Justice. <\p> When SLB announced in April it would acquire ChampionX for $7.8 billion, it expected to close the deal by the end of the year. However, after receiving the second request, the companies say the acquisition is likely to close in the fourth quarter of 2024 or the first quarter of 2025. <\p>
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