3 Houston Center with Senior Director of Real Estate at Industrious Peri Demestihas and Brookfield Texas’ Travis Overall (Brookfield, LinkedIn)
Houston has the largest office vacancy rate for any major American city, and Brookfield Properties, downtown Houston’s largest landlord, owns most of that real estate.
The New York-based real estate investment trust is exploring its options with one of Houston’s notable downtown properties, but it’s also moving forward with plans on another downtown property.
Brookfield Properties is partnering with Industrious, one of the more successful coworking companies in a saturated market, to open a flexible co-working space at 1301 McKinney Street in the 3 Houston Center building.
This deal is timely because in October, Houston’s Downtown Redevelopment Authority issued a call for proposals to develop its “adaptive reuse incentive program” for downtown Houston’s aging office buildings. No doubt, Brookfield and other downtown Houston landlords’ bottom line in Houston will be helped with such a program.
“The economic challenges of conversion will most likely require an incentive program to encourage adaptive reuse in much the same way that historic structures receive tax credits for renovation, or through a program similar to the Downtown Living Initiative that incentivized the residential construction or conversion in the Downtown Houston market,” the Request for Proposal noted.
Industrious’ downtown location, which…
