GREENWICH, Conn.--(BUSINESS WIRE)--Greenwich, Connecticut-based Hanover Real Estate Partners (“Hanover”), a privately held real estate investment company focused on owning, managing and operating institutional grade commercial real estate assets across the United States, today announced leasing and investment activity at its three Texas properties. In 2012 and to date, Hanover secured seven new lease agreements and has undertaken more than $8 million in tenant and property improvements and upgrades.
Between its Marathon Oil Tower property, a 41-story, Class-A office building located in Houston, and its San Antonio-based Colonial Center and Citizens Center properties, four-story and five-story commercial office buildings respectively, Hanover secured the following lease agreements in 2012 and to date:
- Marathon Oil Tower, Houston – Hanover entered into new lease agreements with Baker Hughes for 41,119 square feet, Pacific Rubiales for 10,114 square feet, Group Dynamics International for 2,089 square feet and CBRE for 2,657 square feet. CBRE provides on-site property management services for Marathon Oil Tower. In addition, existing tenants Duke Energy and Frost Insurance renewed leases for 42, 576 and 6,585 square feet respectively and Texas Dow Employees Credit Union expanded its existing lease from 2,281 to 9,491 square feet.
- Colonial Center and Citizens Center, San Antonio – Hanover entered into new lease agreements with Infinity Funding for 2, 698 square feet, Congressman Joaquin Castro for 1,111 square feet and SL Lending for 605 square feet. In addition, The Art Institute of San Antonio expanded its existing lease by 6,867 square feet from 35,317 to 42,184 square feet. Signtronix extended its 732 square foot lease.
Property Improvements and Upgrades:
In conjunction with its leasing activity, Hanover has undertaken approximately $3.4 million of tenant improvements to customize tenant build outs that meet individualized space needs. Additionally, Hanover has made significant building improvements and upgrades to attract and retain tenants. Hanover’s investments in 2012 and to date include:
- Marathon Oil Tower, Houston – Hanover has undertaken $3.1 million in tenant improvements and in excess of $5 million to modernize the building’s elevator system.
- Colonial Center and Citizens Center, San Antonio – Hanover has undertaken $307,000 in tenant improvements and approximately $250,000 to modernize the building’s elevator system and remodel the common areas at Colonial Center and Citizens Center.
Reed Miller and Ken Boyle, managing partners for Hanover Real Estate Partners commented: “We continued to see solid leasing activity at our Texas properties from both new and existing tenants in 2012, and have seen positive traction thus far in 2013. The quality of our buildings and the market knowledge of our associates combined with a strong Texas commercial real estate market drove this success. We have also been pleased with the results from our retention of CBRE to lead leasing efforts in San Antonio and provide on-site property management services for Marathon Oil Tower. Our Texas portfolio remains a core focus for us and we look forward to continuing this momentum of activity in 2013.”
About Hanover Real Estate Partners
Hanover Real Estate Partners, Greenwich, CT is owned by Reed Miller and Ken Boyle. Hanover is a national full service real estate investment company focused on owning, managing and operating institutional grade commercial real estate. Its portfolio includes properties in the office, hospitality, residential and retail sectors located across the United States. For its own account Hanover acquires and repositions valuable but often under-performing real estate assets and specializes in repositioning assets and lease restructurings to realize untapped potential. Founded in 1981 and based in Greenwich, CT, Hanover approaches each asset from an owner’s perspective, priding itself on its strong operating and management capabilities strictly applied to each of its investments. The company currently owns and manages an aggregate of 2.7 million square feet of office buildings and industrial/warehouse, and several hotels. Please go to www.hanover-partners.com for more information.