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Houston Business Journal
Local commercial real estate firm opens first out-of-state office
A commercial real estate firm based in Houston has officially put down roots in Atlanta.<\p> Partners Real Estate opened its Atlanta office on June 1. It's the first of many expansions that the firm has planned for the Southeast in the next few years.<\p>
4,400 workers laid off amid bankruptcy, LNG project exit
Thousands of workers are out of work after Zachry Holdings filed for bankruptcy and is beginning to unwind itself from a Texas Gulf Coast liquefied natural gas export project.<\p> The San Antonio-based construction firm laid off 4,410 employees the day it filed for Chapter 11 protection in Housotn, according to a notice submitted to the Texas Workforce Commission. The firm pursued the measure after experiencing financial issues in its role as the lead contractor on the $10 billion Golden Pass LNG export terminal project in Sabine Pass, Texas. <\p>
Houston to host inaugural convention
The first-ever AAPI National Convention Houston will be held July 27 at the Marriott Marquis downtown.<\p> The inaugural event aims to bring together Asian American and Pacific Islander groups from across the country and marks a continued rise in conventions in Houston.<\p>
HPE stock hits highest price since spinoff
Artificial intelligence is continuing to power Hewlett Packard Enterprise Co.’s earnings as the company expands its services to the builders of AI models.<\p> Spring-based HPE (NYSE: HPE) reported that overall revenue increased 3.3% year over year to $7.2 billion for the company's fiscal 2024 second quarter. Although the company's diluted net earnings per share declined 25% year over year to 24 cents per share, it was still within HPE's guidance range of 20 cents to 25 cents. The company's quarterly adjusted earnings of 42 cents per share, down 19% from a year earlier, also beat its guidance range of 36 cents to 41 cents as well as the Zacks Consensus Estimate of 39 cents per share.<\p>
33-story mixed-use tower planned for Uptown
A local developer plans to build a 33-story mixed-use tower in the Uptown/Galleria area right by Memorial Park.<\p> Houston-based Zieben Group said it has obtained permits for the construction of Woodway Tower at 11 Riverway Drive and plans to break ground next January.<\p>
Hurricane season doesn't rattle Galveston-area development
When hurricane season rolls around, residents across Greater Houston cross their fingers and hope to be spared once again.<\p> In Galveston and other communities along the Gulf Coast and Galveston Bay, they are crossing fingers on both hands.<\p>
2-year-old logistics company expands
Pasadena-based container logistics provider Tigerhawk Logistics is expanding and relocating within the Portside Logistics Center in Baytown. <\p> The move more than doubles Tigerhawk’s space from 135,285 square feet in Building 2 of the industrial development to 328,048 square feet in Building 1. <\p>
Airline's local hiring spree continues
United Airlines (Nasdaq: UAL) plans to hire 900 people this year in Houston, where the carrier is the dominant airline at George Bush Intercontinental Airport (IAH).<\p> Houston ranks fourth among United’s seven domestic hubs when it comes to hiring this year, the company said June 4. The airline’s hometown of Chicago will get 2,300 new jobs; Newark, New Jersey, 1,500; San Francisco, 1,300; Denver, 700; Washington-Dulles, 700; and Los Angeles, 300. About 1,400 people will be hired in other parts of United’s operations.<\p>
Landlords’ financials draw increased scrutiny from tenants
As billions are set to mature within commercial real estate-backed loans, tenants are putting extra scrutiny on prospective landlords' financial wherewithal before signing leases.<\p> And while a preference for the newest or most-updated office towers that offer a bevy of amenities remains prevalent among tenants, so too is the appeal of leasing space from a landlord with limited or even no debt on the building.<\p>
How can chemical companies address labor shortage?
A harsh labor market is looming for chemical companies, as employees are aging out and students aren’t pursuing chemical engineering careers. <\p> But not all is lost for chemical companies looking to recruit talent and boost profits, especially for those in Houston. <\p>
Houston homebuilder develops its first community
Houston-based Tricoast Homes is developing the first residential community of its own — and it’s starting small.<\p> Summer Place, off state Highway 105 West and Old River Road at Lake Conroe, is a roughly 10-acre community with 67 homes at build-out.<\p>
Major bank closes multiple local branches
One of the largest banks in the Houston area recently closed multiple local branches.<\p> McLean, Virginia-based Capital One Financial Corp. (NYSE: COF) closed five of its branches in the Houston region in April, the company confirmed. The bank — the eighth-largest in Houston based on local deposits — now has 13 locations in its local physical footprint. Prior to the closures, Capital One already had the least number of branches of the 10 largest banks in the region.<\p>
Apartments to open on Greenspoint Mall property
An affordable housing complex on a portion of the Greenspoint Mall property at Interstate 45 and Beltway 8 is 90% completed, the developer told the Houston Business Journal.<\p> Summit at Renaissance Park, developed by Houston-based Zieben Group, is a four-story, 325-unit apartment complex located on the southeastern corner of the mall.<\p>
Where typical home values have pushed higher than $1M
Nestled amid the palm trees of Jupiter Island, Florida, is a three-bedroom, five-bathroom house with a pool on a half-acre lot.<\p> The 2,798-square-foot house, only steps to the beach and offering ocean views, is currently listed on the market for $5.1 million. As of the time of publication, it's the cheapest house for sale on Jupiter Island, which boasts the highest median home value in America, according to Zillow Group Inc. (Nasdaq: ZG).<\p>
Exxon, others drop in Fortune 500 rank
Greater Houston has 24 companies on the Fortune 500 list this year and a total of 44 on the expanded Fortune 1000. <\p> When looking at the city of Houston specifically, there are 21 companies on the Fortune 500 — second only to New York City, with 41, and far ahead of No. 3 Chicago, with 15.<\p>
Local commercial real estate firm acquired
Chicago-based commercial real estate firm Cresa has scooped up Houston-based Fritsche Anderson Realty Partners, adding the latter's 11-broker team to establish a 23-person local presence.<\p> The combined firm will focus on occupier services, with an emphasis on representing office and industrial tenants in Houston and nationally.<\p>
Most top-performing companies take this position on pay transparency
Most top-performing companies are proving to be open and transparent about pay at a time when workers increasingly expect it.<\p> That finding comes from compensation data and software provider Payscale Inc., which recently analyzed companies that beat their own revenue goals to find what they had in common. <\p>
RodeoHouston's economic impact rivals Super Bowl
The results are in for the Houston Livestock Show and Rodeo’s first economic impact analysis since its 2019 event. <\p> Total economic impact was $326.41 million for the event held Feb. 27 through March 17, an increase of 44% from 2019 — the last time RodeoHouston measured its impact. Meanwhile, the 20-day event generated $597.1 million in total economic activity, up 53% from 2019. Economic impact measures the effects of new spending by visitors, while economic activity measures all spending during the event from visitors, local residents and RodeoHouston.<\p>
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