Dallas-based Stream Realty Partners LP’s Houston office just nabbed an office leasing executive from another Houston landlord company.
Richard Barbles joined Stream Realty as vice president in the company’s Houston office leasing team. Prior to joining Stream, Barbles spent roughly a year at Houston-based Colvill Office Properties and more than a decade at Fuller Realty Partners LLC. Barbles said he had been in talks with Stream for a few years, and will be able to add on property acquisition and ownership as part of his new role at Stream. His officially started at Stream in December.
Tell me about the new job.
The interesting and exciting thing about Stream is that, from a real estate standpoint, Stream gives me the opportunity to look at acquiring properties. And when I say acquisitions, I primarily mean existing office and potential office developments. (But) it could go on to be anything – a retail center, a development or an industrial (property), so the sky’s the limit. It’s a very opportunistic group and it seems to be a good fit.
How has it been to start at a new firm in an unstable office market?
It’s going to be interesting. The next 12 or 24 months could bring some good opportunities. I’ve been pleasantly surprised with the activity that we’re having today. I didn’t expect to start 2016 the way we have. … Apart from some companies in some serious financial trouble, there seems to always be tenants making moves. Landlords are getting aggressive and realizing that if the oil markets stay where they are, (they’ll need to do) cost cutting and efficiencies.
Is it a landlord’s market or a tenant’s?
Definitely tenant. With all the supply out there, landlords are having to be very aggressive to keep modeled rental rates. Landlords are giving lots of concessions such as free rent and tenant improvement dollars, more than they want to. On the flip side, landlords with existing tenants that are coming up on their leases are going to do whatever they can do to keep those tenants.
Why was this the right move for you?
I’ve been very fortunate to work for two great firms – they’re best at what they do … (but) in 2006 or 2007, Stream’s Houston-founding partners approached me about a building when I was at Fuller. I toured them, and I went back to Fuller and asked them about Stream. At the time, they had three, maybe four guys in Houston, and a presence in Dallas.
Seeing how they’ve grown since then has been pretty fascinating and fun. Fast forward to 2016, and I’m working over here. It’s been exciting to see and I think Stream is still in its first inning. I think a lot of their principals will tell you that. And I think we’re just getting started.
By: Cara Smith
SOURCE: Houston Business Journal