A joint venture between CP Group and funds managed by Rialto Capital Management has bought Five Post Oak Park, a 567,000-square-foot tower in Houston. CommercialEdge data shows that Shorenstein was the property’s most recent owner, after purchasing the asset back in 2008.
The acquisition marks the partnership’s third purchase this year, as well as CP Group’s first in the Houston market since 2014. Less than a month ago, CP Group together with Siguler Guff & Co. sold a roughly 191,000-square-foot office building in Boca Raton, Fla., for $99.5 million.
Located at 4400 Post Oak Parkway in the metro’s Galleria/Uptown area, the 28-story building is less than a mile from Interstate 610, adjacent to the St. Regis Hotel and a private park, as well as roughly 7 miles from downtown Houston. Common-area amenities at the LEED Silver-certified property consist of a 3,000-square-foot fitness center and multi-use conferencing facility. According to CommercialEdge data, the tower’s tenant roster includes the local offices of Avison Young, Heritage Wealth Management and Stellus Capital Management.
Originally completed in 1982, the asset underwent cosmetic renovations in both 2007 and 2017. According to CP Group Managing Partner Angelo Bianco, the new owner intends to implement upgrades at the property. These will include modernizing the interior finishes and design, as well as adding amenities, including a top-tier restaurant, coffee bar and concierge services.