(HOUSTON) – Hines, the international real estate firm, has finalized an exclusive agreement with 2ML Real Estate Interests to develop Levit Green, more than 52 acres of prime real estate adjacent to the Texas Medical Center. The thoughtfully designed masterplan will offer a curated mix of uses, including research facilities, office, residential, shopping and dining, outdoor amenities and green space at the epicenter of Houston’s biotech, corporate life sciences and medical research hub.
Located inside Houston’s I-610 Loop, steps from one of the city’s largest parks, myriad arts and cultural institutions and vibrant retail offerings, Levit Green will offer amenities that are increasingly rare today: unparalleled size, versatility and connectivity within the city’s urban core. The unique property is less than three miles from Houston’s Central Business District and its prominent location enjoys immediate access to State Highway 288, METRORail, METRO bus, bike trails and the planned TMC³ medical research campus.
A partnership between the Hines and Levit families, two names synonymous with Houston, Levit Green will go beyond a live-work-play paradigm to create an environment that fosters interaction and collaboration in and out of the laboratory. From venture capital to IPOs and M&A, investment in life sciences is reaching all-time highs. We are seeing record-breaking R&D spending creating the need for highly sophisticated lab space and cutting-edge pharmaceutical facilities.
“At 15.5%, Houston has one of the highest five-year growth rates in life sciences establishments in the United States. Impressive advancements in therapeutics, science and innovation are driving demand for real estate,” stated John Mooz, senior managing director at Hines. “With multimodal connectivity and proximity to TMC, we believe Levit Green will create a new and needed destination for Houston’s rapidly growing life sciences cluster.”
An initial piece of the property was acquired by Joe Levit, founder of The Grocers Supply Co, which grew to be the largest independently owned wholesaler of grocery products in the southeast U.S. and the largest supplier of Hispanic grocery products in the country. Through the dedication of four generations of the Levit Family, Grocers Supply has enjoyed 97 years of success in serving and partnering with independent grocers to provide quality products for communities in Texas and surrounding states.
“We are excited to bring the shared vision of Hines and the Levit family to the community. Our family has deep roots in the neighborhood, and we believe this development will add tremendous value to the area and the Texas Medical Center,” said Max Levit, President of 2ML Real Estate.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as an investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
About 2ML Real Estate Interests (“formerly” The Grocers Supply Co., Inc.)
The Grocers Supply Co., Inc was founded in 1923 by Joe Levit. Joe’s sons grew the company to be the largest independently owned wholesaler of grocery products in the southeast United States and the largest supplier of Hispanic grocery products in the United States. The company entered the retail business by acquiring both Gerland’s Inc. and Fiesta Mart Inc., two locally owned independent supermarket chains. In December 2014, the company sold its wholesale business and the name “Grocers Supply.” The next year, the company sold Gerland’s and Fiesta. Pursuant to sale of the wholesale business and name, The Grocers Supply Co., Inc. changed its name to 2ML Real Estate Interests, Inc. 2ML has a portfolio of over 5,200,000 square feet comprising of warehouses, shopping centers, freestanding supermarkets and office buildings. Visit https://2mlrealestate.com/ for more information.