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Houston Business Journal
Newest downtown tower scores second tenant
Downtown’s newest office tower has landed its latest tenant.<\p> Boston-based Boston Consulting Group has inked a 12-year lease for 53,007 square feet in 1550 on the Green, New York-based Skanska USA Commercial Development’s 28-story trophy office tower at 1550 Lamar St. next to Discovery Green downtown.<\p>
Phillips 66 makes $1.28B deal
Houston-based Phillips 66 (NYSE: PSX) has taken a big step in its plans to divest over $3 billion in assets.<\p> The company will sell its 25% non-operated common equity interest in Rockies Express Pipeline LLC to a subsidiary of Colorado-based Tallgrass Energy LP in a $1.275 billion deal, which is expected to close June 14.<\p>
How a local founder built community in Houston
In 2015, Tammi Wallace saw a gap. Every other major city in Texas had a chamber of commerce dedicated to supporting entrepreneurs and business owners in the LGBTQ+ community. That is, all except Houston.<\p> The next year, she worked with Gary Wood, now managing director for consulting and staffing firm Integrus Solutions, to establish the Greater Houston LGBT Chamber of Commerce, now the Greater Houston LGBTQ+ Chamber of Commerce.<\p>
1,350-acre logistics park picks up momentum
Gulf Inland Logistics Park is picking up momentum.<\p> The 1,350-acre rail-served industrial development in Dayton, between state Highway 146 and the Grand Parkway northeast of Houston, has added two more users as it’s getting ready to break ground on a new road and the extension of another.<\p>
How World Cup could be even bigger for Houston
The 2026 FIFA World Cup is now less than two years away, and more details are beginning to trickle in, some of which have significant implications for Houston.<\p> FIFA released its initial list of potential hub sites on June 12, which include training facilities and paired hotels for teams traveling to the U.S., Mexico and Canada for the 2026 tournament. These “home away from home” sites will be where teams travel from and where players, staff and officials will spend the majority of their time during the group stage. <\p>
Where potential NRG Stadium renovations stand
As venues across the NFL get major upgrades, a proposal for NRG Stadium has yet to be revealed — but it could be coming soon.<\p> NFL teams — and the taxpayers that support them — have spent billions of dollars in recent years to renovate old and build new stadiums. On June 3, the Carolina Panthers announced a proposal for $800 million in renovations to Bank of America Stadium, becoming the latest NFL team to commit millions of dollars toward significant venue upgrades or new stadiums.<\p>
Another brewery to shut down
Klaus Brewing Co., which in its six years of operation has grown to be one of the Houston area's largest craft breweries, has announced it will shut down this weekend, citing financial hardships. <\p> In a June 11 Facebook post, Klaus Brewing Co. said a “significant mechanical failure” in February took down its brewing system at 10142 Jones Road in northwest Houston. Despite months of attempts to secure a fix from the system’s manufacturer and software providers, a repair was not possible, and the system needs to be replaced, the Facebook post said. <\p>
Saudi Aramco seeks LNG from Houston co.
Houston-based NextDecade Corp. (Nasdaq: NEXT) is finalizing an offtake agreement with Saudi Aramco for the latest phase of its liquefied natural gas project in South Texas, moving it one step closer to getting the green light. <\p> Aramco plans to buy 1.2 million tonnes per annum of LNG from Rio Grande LNG's fourth train for 20 years, according to the companies' "heads of agreement" — a preliminary, non-binding agreement. NextDecade expects to reach a final investment decision for that train in the second half of this year.<\p>
Most Americans still struggle to get away from work while on vacation
Most Americans struggle to get away from work while on vacation, even as some progress is being seen in restoring work-life balance.<\p> About 59% of the 2,000 Americans surveyed by communications firm Movchan Agency said they struggled to switch off during their downtime and 63% said they felt anxious if they didn’t check work emails while away. Overall, 54% said they worked while on vacation, although that's a lower share than previous years. <\p>
Austin’s largest credit union to expand in Houston
University Federal Credit Union, the largest credit union based in Austin, is expanding locally with plans to open its first central Houston branch.<\p> UFCU will open a Texas Medical Center branch at the the University of Texas Health Science Center at Houston's building at 7000 Fannin St. in the fourth quarter of 2024. UFCU then plans to open a standalone branch in the TMC area in 2025, said Chris Turnley, executive vice president of member experience. Turnley described this as the first step for the credit union's planned expansion in Houston.<\p>
How creativity erased some sizable debt
Houston-based DC Partners has retired the construction debt for The Allen, a new mixed-use project along Allen Parkway, by making use of financing aimed at supporting sustainable upgrades.<\p> Connecticut-based Nuveen Green Capital provided the project with a $46.6 million Commercial Property Assessed Clean Energy loan, and Frisco, Texas-based Lone Star PACE partnered with the lender to administer the financing, which was based on The Allen's green features, including enhancements to The Allen’s building envelopes, lighting, HVAC and plumbing systems.<\p>
NRG Stadium preps for busiest summer of soccer
NRG Stadium is preparing to host its busiest summer of soccer since it first opened, with four total matches over the course of a month and a half.<\p> The venue, home to the Houston Texans and Houston Livestock Show and Rodeo, will host three matches for the CONMEBOL Copa America tournament and one match for the MLS’ Leagues Cup — including a matchup between Lionel Messi’s Inter Miami CF and Club Tigres. With four international matches in a short timespan, this summer’s events will provide an example of what’s to come in two years when the 2026 FIFA World Cup brings seven total matches to NRG Stadium.<\p>
European carbon capture co. expands to Houston
A Norwegian carbon capture and storage company has just opened a new office in Houston. <\p> Although Capsol Technologies ASA comes from Europe, where there is a robust carbon capture network in development, the company considers North America to be the world’s largest carbon capture market. <\p>
The Playbook: The common pay threads for high-performing companies
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> During a time when more workers expect transparency around pay, most top-performing companies are proving to be forthcoming — but that's not the only common thread. <\p>
Bankruptcy judge clears way for foreclosure of Galleria-area property
Jetall Capital, the Houston-based investment firm run by Ali Choudhri, is facing another legal dispute stemming from alleged financial problems facing a property the company owns. <\p> The latest legal dustup saw a federal bankruptcy judge throw out a temporary restraining order that sought to block a lender from foreclosing on 50 Briar Hollow Lane. The two-building, 193,615-square-foot complex is near the intersection of Post Oak Boulevard and Briar Hollow Lane just inside the Interstate 610 Loop near the Uptown/Galleria area.<\p>
Alamo Drafthouse bought by industry giant
After a rough couple of years for a popular Texas-based movie theater chain, it has a new owner — media giant Sony.<\p> Alamo Drafthouse Cinema has been bought by Sony Pictures Entertainment, according to a June 12 announcement. Alamo Drafthouse will keep its CEO — Michael Kustermann, who has been in the role since last year — and headquarters in Austin and will be managed by Sony's newly established division called Sony Pictures Experiences.<\p>
Derecho derails some home sales
Houston’s housing market appears to have taken a hit from the derecho storm that swept through the region last month, but prices still set a record, the Houston Association of Realtors reported June 12. <\p> Single-family home sales totaled 8,538 in May, down 1.5% from a year earlier. The damage, including power outages, from the severe weather played a role in the decline by delaying some closings, HAR said. Total property sales dropped even more — down 3.1% — to 10,175. <\p>
$1.9B energy acquisition a 'winning deal' for Houston firm
Dallas-based Matador Resources Co. (NYSE: MTDR) announced June 12 that a subsidiary will acquire a unit of Austin-based Ameredev for $1.9 billion in cash, expanding its presence in the Delaware Basin in West Texas.<\p> The transaction marks the second deal between Matador and Houston-based EnCap Investments LP, which backs Ameredev, within the past 18 months. Matador previously acquired Advance Energy, also in the Encap portfolio, for $1.6 billion in a deal that closed in August 2023. CEO Joseph Foran said in a statement he has known Gary Peterson, one of EnCap's founders, for many years, and their relationship has played a role in both deals coming together.<\p>
NAR settlement threw a wrench into VA loans but a fix is coming
The class-action lawsuits that rocked the residential real estate industry over the past year have resulted in nearly $1 billion in settlements so far — and also put in place changes that could have hurt veterans’ ability to shop for homes.<\p> The National Association of Realtors and big brokers such as RE/MAX Holdings Inc., Anywhere Real Estate Inc. and Keller Williams Realty Inc. agreed to prohibit mandatory so-called “cooperation agreements,” in which sellers pay both the selling agent and the buyers agent commission for a sale, in exchange for being allowed to list a home on a multiple listing service.<\p>
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