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Trophy tower gets first restaurant (PHOTOS)
Houston-based Berg Hospitality Group opened yet another concept on June 28.<\p> The Sylvie, a French-European bistro, opened in Texas Tower, the 47-story office building at 845 Texas Ave. downtown. The bistro serves breakfast, lunch and dinner from 7 a.m. to 9 p.m. Monday through Friday and from 10 a.m. to 8 p.m. on Saturdays. <\p>
How Houston's newest public company plans to grow
Update: LandBridge closed its initial public offering of 14.5 million Class A shares at $17 each on July 1. The underwriters also exercised in full their 30-day option to purchase an additional 2.175 million Class A shares at the public offering price, less underwriting discounts and commissions, and LandBridge sold another 750,000 Class A shares at $17 each in a private placement. <\p> Combined, LandBridge received net proceeds of approximately $270.9 million, after deducting underwriting discounts and commissions, placement agent fees and offering expenses.<\p>
Houston energy co. makes $2.55B deal
Houston-based XCL Resources LLC, a private company backed by Houston-based EnCap Investments LP and Pennsylvania-based Rice Investment Group, is selling its Uinta Basin assets in a $2.55 billion deal. <\p> Denver-based SM Energy Co. (NYSE: SM) will acquire the assets for a net $2.04 billion, while Minnesota-based Northern Oil and Gas Inc. (NYSE: NOG) will acquire a 20% stake for $510 million and become a non-operated partner. The deal is expected to close in September 2024.<\p>
Underbelly Hospitality closes another new restaurant
Underbelly Hospitality, a Houston-based restaurant group behind several high-profile eateries over the years, has closed another restaurant less than a year after it opened.<\p> Comalito, a Mexico City-inspired taqueria, opened in November 2023 in the Houston Farmers Market, at 2520 Airline Drive. On June 17, the restaurant announced on social media that it has closed. <\p>
Houston’s pro rugby team a league success
The Houston Sabercats, Houston’s professional rugby team, are finding significant success on and off the field, making the team a model franchise for Major League Rugby. <\p> The Sabercats played their first season in the league in 2018 and built their own rugby-specific stadium in southern Houston. The $13 million, 4,000-seat stadium opened in 2019. Having its own stadium — which is unique for the league — gives the team a foothold in the market and allows it to enhance its game-day atmosphere, said Harry Hardy, Major League Rugby's chief commercial officer.<\p>
Houston to gain a new public company
Houston is set to gain a new public company soon.<\p> LandBridge Co. LLC, a land management business focused on the Delaware sub-basin in the Permian Basin, said June 17 it launched its initial public offering and has been authorized to list its shares on the New York Stock Exchange under the ticker symbol “LB.” <\p>
Major landlords targeted by class-action lawsuits over pricing
Several major apartment landlords from across the country are under fire over rental rates — allegations that have spawned a wave of class-action lawsuits and garnered the attention of state and federal authorities. <\p> The lawsuits have high-stakes for the apartment market and beyond, with potential to shape how pricing software could be utilized in multiple industries. <\p>
Energy leaders head up new power investment firm
The energy executives that led a Houston power producer out of bankruptcy are now heading a new power investment partnership.<\p> Three board members at Houston-based GenOn Holdings Inc. are leading the newly formed EverGen Power, a power generation acquisition advisory firm. Former GenOn CEO David Freysinger and former CFO Darren Olagues — both based in Houston, according to their LinkedIn profiles — are serving as managing partners. <\p>
General contractor hires new Houston leader
A new leader has been selected to oversee Joeris General Contractors' Houston division.<\p> The contractor, which is headquartered on San Antonio's North Side and boasted $1 billion in top-line revenue last year, hired Brandon Meyers as the new vice president of its Houston office. <\p>
Local co. lands $75M NASA deal
Houston-based KBR Inc. (NYSE: KBR) has landed another sizable federal contract from NASA as the agency ramps up its mission programming.<\p> KBR has secured a $75.3 million contract known as the Safety and Mission Assurance, Audits, Assessments and Analysis contract, or SA3. The work is a follow-on to previous safety and mission assurance contracts, which KBR has supported for the past eight years, according to a June 13 press statement. The contract term begins August 2024 and runs for three years, with a two-year option to extend its term. The contract will be executed through a subsidiary, KBRwyle.<\p>
Local teen-led businesses win national awards
Four teen-led businesses in the Houston area received five awards from Junior Achievement USA at the organization's National Student Leadership Summit on June 12 in Washington, D.C.<\p> The summit brought together the top 15 teams in Junior Achievement's Company Program and the top 10 teams in its Social Innovation Challenge together for a three-day event. They were selected from more than 500 Junior Achievement businesses across the country, said Tania Daniel, vice president of entrepreneurship initiatives for Junior Achievement of Southeast Texas. The students' businesses are effectively early-stage startups and even pay sales tax, but they are not registered business and do not hold patents on their products due to the application expenses, Daniel said. <\p>
McDermott wins landmark contract
Houston-based energy engineering firm McDermott International Ltd. has been chosen to design Canada’s first commercial green hydrogen and ammonia production facility.<\p> McDermott’s Houston team will lead the execution of a new engineering, procurement and construction contract for Canada-based Abraxas Power Corp.'s Exploits Valley Renewable Energy Corp. project in Newfoundland. <\p>
Homeowners continue to build equity, impacting future buying decisions
American homeowners continue to build significant equity even as the housing market has slowed and home prices aren't rising as rapidly as they did in recent years.<\p> U.S. homeowners with a mortgage pulled in $28,000 in equity gains on average year over year in the first quarter, the highest amount since late 2022, according to CoreLogic Inc. That average year-over-year increase of 9.6% translates to a collective gain of $1.5 trillion and means net homeowner equity totaled more than $17 trillion at the end of Q1.<\p>
Well-known local PR leader dies
Susan Farb Morris, founder and president of Susan Farb Public Relations, died June 14 at 68, according to her obituary and a June 15 Facebook post.<\p> As of 7:30 a.m. on June 17, the post had over 950 comments of grief and condolences.<\p>
New Rice football stadium a possibility
As Rice University looks to address the future of Rice Stadium, a brand new football stadium appears to be a possibility.<\p> The university completed a facilities master plan with Kansas City-based sports architectural design firm Populous in fall 2023. It looked at each of Rice’s sports facilities, including a deep dive into the school’s aging football venue. Rice Stadium — the 74-year-old, 70,000-seat home of Rice Owls football — needs to be updated in a “transformational way,” said Tommy McClelland, Rice's director of athletics.<\p>
Tickets remain for State of Giving & Nonprofits discussion
The Houston Business Journal is excited to host its annual State of Giving & Nonprofits panel discussion on June 27, with tickets still remaining for purchase.<\p> Join the HBJ and our panel of nonprofit leaders to discuss the challenges, opportunities and best practices within the nonprofit industry, beginning with registration and networking at 8 a.m. at The Briar Club, located at 2603 Timmons Lane in Houston.<\p>
Look outside Beltway for latest top local home sales (PHOTOS)
To find the most expensive homes in Houston, the luxury real estate corridor that includes Memorial Villages, Bellaire, River Oaks and West University is usually a safe bet. <\p> At least half of the 10 most expensive homes sold the week of June 2 can be found there, including the No. 2 home, which is in Spring Valley Village. However, this week's list also includes homes as far away as northern Montgomery County.<\p>
Fast-growing grocer continues Houston expansion
A little over a year since entering the Houston market, restaurant-focused grocery store chain Gordon Food Service is opening its ninth Houston-area location.<\p> The newest Gordon Restaurant Market is slated to open on June 18 at 4519 Griggs Road in the Greater OST/South Union neighborhood.<\p>
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