One of the most difficult but most satisfying and rewarding commercial real estate transactions I have worked on involved 41 acres inside the loop originally owned by the MacGregor family. The sale closed earlier this year. The property was donated to the City of Houston in the 1920s to be used as a park, which it was until a freeway was built. A clause in the deed provided that if the property was not being used correctly by the City of Houston, the land would revert back to the heirs of MacGregor. After 11 to 12 years of legal battles, the property did revert back to the heirs. The 15 different landowners were scattered all over the country, but they agreed to sell the property. Although there were several offers, with the credit markets tightening, the ownership felt like the University of Houston would be the buyer most able to close, given the current market conditions. This was a difficult commercial real estate transaction to close - with the University of Houston regents, the College Review Board and 15 different owners all trying to agree. It’s hard enough to get two people to agree. After the land deal was done, I remember what Welcome Wilson, Chairman of the Board of Regents, told me: “It’s not the value of what it is today, it’s not the value of it is five years from now; it is the value of what…for the Univerisity of Houston..what it will be in the next 100 to 150 years. We need that piece of property for our future growth.”