Houston rebounds

Real estate firm Hines has plans to construct the fourth major downtown Houston office tower currently under development, following a drought of activity since 1986. The 32-story, 689,000-sq.-ft. office tower was designed by the Houston office of A/E Hellmuth, Obata & Kassabaum and is Houston-based Hines' 10th major downtown project. Calpine Corp., a large independent power producer, has signed a letter of intent to occupy approximately one-third of the building, which is slated to open in 2003.