Braun Enterprises embarks on redevelopment of next Galleria-area project
Houston-based Braun Enterprises will expand its Urban Office product to a second location in the Galleria area after acquiring an office and retail complex on a prime parcel along West Alabama.
The concept will take space in the 196,000-square-foot Yorktown Plaza property at 5353 and 5373 West Alabama, which Braun plans on renovating, rebranding and restocking with new tenants serving both the neighborhood and office occupants. The Urban Office package offers private office spaces starting at $700 a month. Shared amenities include conference rooms, lounge areas and coffee bars
The property was purchased from Wedge Properties Management Corp. in a deal brokered by HFF.
The complex, which includes a 35,000-square-foot, single-story retail space flanked by two six-story office buildings, is 54 percent occupied. The site, between Rice and Yorktown, also has a two-story parking garage.
Braun Enterprises has redeveloped a number of inner-city retail and office projects. The company plans an extensive renovation of the interior and exterior of the office buildings, which were developed in the 1970s, along with a complete redevelopment of the retail space.
The company recently rolled out its Urban Office product in 15,000 square feet of 5757 Woodway, another office building in the Galleria area it acquired in late 2017.
The exteriors and common areas were redeveloped, adding a Sola Salon Suites in 6,000 square feet as part of the parking garage. Tenants are close to retail amenities, such as Cyclone Anaya’s, Starbucks, a dry cleaner and Brisket House.
Braun’s other Urban Office projects are in buildings with retail on the first floor at 3100 and 3033 Fannin in Midtown and 535 W. 20th and 2522 Yale in the Heights.
The West Alabama complex is across the street from the Hyatt Regency Houston Galleria and Hyatt Place Houston Galleria, one block west of the Galleria. It would likely contain one floor of Urban Office space, according to Zach Wolf of Braun Enterprises.
Davis Adams, Wally Reid and Kelly Layne of HFF represented Wedge Properties, a privately-held company based in Houston.
Braun Enterprises has acquired and developed more than 3 million square feet of commercial real estate since 1989.