Madera Residential has acquired Chelsea Museum District, a 325-unit apartment high-rise at 4641 Montrose Blvd. The property was developed by Alliance Residential Co.Brookfield Properties’ investment in downtown’s Houston Center complex is attracting tenants in a tough office market.
Brookfield is upgrading older buildings with amenities that compete with downtown’s newest buildings. In 2020, it completed renovations of the 46-story LyondellBasell Tower at 1221 McKinney St. as part of the multiphase transformation of its 4.2 million-square-foot Houston Center complex. The office will include individual and collaborative work areas, 10 conference rooms, and HD technology to hold meetings with in-person and remote participants across the firm’s global operations.WorkSuites to add Greenway-area coworking spot in a bet on growing flex space demand in Houston
The leases come as Houston faces a glut of empty office space made worse by the pandemic as employees, often working hybrid schedules, spend less time in the office and companies require less space. The downtown office vacancy rate averaged 24.6 percent in the second quarter compared to 20.1 percent for the Houston area overall, according to commercial real estate firm Transwestern.
The company purchased Chelsea Museum District, a 325-unit apartment high-rise at 4641 Montrose Blvd. from Alliance Residential., a residential real estate developer based in Scottsdale, Ariz.
Finance Finance Latest News, Finance Finance Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: PhillyInquirer - 🏆 81. / 68 Read more »
Source: CoinDesk - 🏆 291. / 63 Read more »