This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Laurus Corporation Acquires Gateway I & II In Houston, Texas

HOUSTON, April 25, 2013 /PRNewswire/ --  Laurus Corporation, a U.S.-based private real estate investment and development firm, is pleased to announce that it has successfully completed the acquisition of the Gateway I & II Office Buildings in Houston, Texas. Strategically located on JFK Boulevard, this approximately 270,000 square foot Class-A Office property leads directly to the IAH Airport (George Bush Intercontinental), one of the top five airports in the world. 

(Photo:  http://photos.prnewswire.com/prnh/20130425/LA02067)

(Logo:  http://photos.prnewswire.com/prnh/20061212/LAURUSLOGO)

Gateway I & II is comprised of one six-story and one eight-story building, along with a five-story parking structure. These mid-rise buildings feature timeless architecture, extensively landscaped courtyard, beautifully decorated lobbies with vaulted ceilings and marbled floors and walls, as well as a covered driveway leading to the entrances of both building for easy passenger drop-off and pick-up.  With excellent exposure facing the Sam Houston Tollway, Gateway I & II is an attractive location for tenants seeking quick access to the entire Houston metro area, through immediate highway access in all directions including I-45 and Highway 59.  The acquisition also includes an additional four acres suitable for expansion or a new development project. 

"Gateway I & II presented us with a unique opportunity to maximize the properties' potential by infusing the necessary capital to lease-up vacancies," said Philip Cyburt, Chief Executive Officer of Laurus Corporation.  "We were very successful with the implementation of our value-add techniques at our nearby property also located on JFK Boulevard, where we were able to achieve 99.5% lease-up." 

"By utilizing our established relationships and unmatched expertise in the market, we will work with our local leasing and management to create greater economies of scale and realize even greater risk-adjusted returns," furthered Austin Khan, Chief Investment Officer of Laurus Corporation.

Houston, often known for its heritage in the oil industry, is the fifth largest metropolitan area in the U.S with a population of more than six million people.  Ranking first for paycheck worth by Forbes in 2012, Houston's economy has a broad industrial base in energy, manufacturing, aeronautics and transportation, while continuing to lead in health care and building oilfield equipment.  The Port of Houston ranks first and second in United States in international waterborne tonnage and total cargo tonnage handle, respectively.   Rated as a global city, it is home to 94 foreign consular offices and has experienced faster job growth than any other metro area since 2011, further exemplified in the growth of corporate headquarters. Twenty-three companies on the Fortune 500 list are headquartered in Houston, ranking it third nationally.  The IAH Airport serves more than nine million passengers each year and contributes $22 billion to the local economy, while supporting 170,000 local jobs.  Gateway I & II already caters to several high-profile tenants, including Siemens, Aeromexico, RAB Law Firm, and Wood Group Power Solutions among other top corporations, and will satisfy the market's continued expansion and demand for Class-A office space.

Located at 15333 John F. Kennedy Drive, additional tenant benefits include: controlled access, fiber optics, T-1 high speed internet, covered garage parking, a full service café and on-site management.  Laurus will be investing significant capital to further improve its tenant and visitor experience through capital expenditure upgrades and renovations of the lobby, corridors, and bathroom facilities. 

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,883.30 +78.50 0.44%
S&P 500 2,072.27 +1.62 0.08%
NASDAQ 4,774.7930 +9.4130 0.20%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs