Lufkin Automation buys 6.2 acres for future 40,000 SF headquarters
Houston, TX – November 16, 2009 – (RealEstateRama) — November 16, 2009 – Lufkin Automation, a provider of engineered products and services to oil and gas producers, has purchased a 6.2 acre land site within Lakeview Business Park. This marks the first land sale closed in the newly developed business park, which is located Missouri City, Texas, in Fort Bend County.
The City of Missouri City and the Greater Fort Bend Economic Development Council (GFBEDC) played a significant role in attracting Lufkin Automation to Lakeview. Lufkin is currently situated in approximately 25,000 sf in Houston and upon the expansion and relocation, will bring approximately 45 jobs to the area when the building is complete.
“We’re glad to see Lufkin Automation chose Lakeview Business Park for its headquarters,” said Jim Casey, a managing director of Trammell Crow Company. “Their attractive building will add to the high quality environment that Lakeview offers. The site they have purchased will accommodate their future expansion plans as well.” Powers Brown Architecture is designing the facility.
Lakeview Business Park is a 157-acre development of Trammell Crow Company and Crow Holdings Realty Partners IV, L.P. Lakeview offers users a master-planned business park environment with sites for sale, as well as recently completed buildings for sale or lease. The light industrial development is set in a unique natural environment with mature trees and neighboring lakes. It’s conveniently located near the Sam Houston Parkway, U.S. Highway 90-A, and the Fort Bend Parkway, allowing easy access to the Greater Houston area.
Lufkin Automation’s $4 million, 40,000 square foot facility will serve as the company’s new headquarters for this subsidiary of Lufkin Industries, Inc. Lufkin Automation is a leader in the development, manufacture, sales and service of technically advanced, electronic well automation equipment and the premier supplier of artificial lift optimization and training with emphasis on increasing profits for oil and gas producers through minimized operating cost and optimum production.
Jarret Venghaus and Don Foster with Jones Lang LaSalle represented Lufkin Automation in the transaction while Steve King, Faron Wiley and Joseph Smith of CB Richard Ellis represented the land seller.
About CB Richard Ellis
CB Richard Ellis Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2008 revenue). The Company has approximately 30,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CB Richard Ellis offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. CB Richard Ellis has been named a BusinessWeek 50 “best in class” company for three years in a row. Please visit our Web site at www.cbre.com .
About Trammell Crow Company
Trammell Crow Company, founded in 1948, is one of the nation’s leading developers and investors in real estate. It has developed or acquired over 500 million square feet of buildings with a value exceeding $50 billion. As of September 30, 2009, Trammell Crow Company had over $6.1 billion of projects in process or in its pipeline.
Trammell Crow Company’s teams are dedicated to building value for their clients with professionals in approximately 21 major cities throughout the U.S. and Canada. The company serves users of, and investors in, office, industrial, retail, healthcare, student housing, on-airport distribution, multi-family residential and mixed-use projects. For those who occupy real estate, TCC can execute the development or acquisition of facilities tailored to meet its clients’ needs. For investor clients, the company offers large strategic joint ventures, opportunity funds, and other targeted investment options.
Trammell Crow Company is an independently operated subsidiary of CB Richard Ellis Group, Inc., the world’s largest commercial real estate services firm (based on 2008 revenues). For more information visit www.TrammellCrow.com .
About Crow Holdings
Crow Holdings (www.crowholdings.com) is a privately owned business based in Dallas, Texas, that makes investments on behalf of the Trammell Crow family and its investment partners. Today, Crow Holdings has a substantial stake in the ownership of various businesses, both real estate and non-real estate related, with a level of involvement in the management of these companies that ranges from active to passive. Their holdings also include significant, diversified positions in financial investments.
Crow Holdings actively acquires existing properties and development parcels of all types of real estate both independently and with operating partners. Crow Holdings currently oversees a portfolio of existing assets and assets under development totaling over 7.6 million square feet of retail, office and industrial properties, approximately 6,000 multi-family units, more than 1,800 hotel rooms and approximately 2,000 acres of lot development through its real estate private equity funds.
Robin Black | Media Relations Manager
CB Richard Ellis | Marketing Services
2800 Post Oak Blvd., Suite 2300 | Houston,Texas 77056
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robin.black (at) cbre (dot) com | www.cbre.com
