By Veronica Grecu
A boutique office building located at 520 Post Oak Blvd. in Houston’s Galleria submarket has changed ownership.
Griffin Partners Office Fund III purchased the eight-story property for an undisclosed amount. HFF’s investment team led by Danny Miller, senior managing director, and John Indelli, associate, negotiated the sale on behalf of the sellers, Germany-based balandis real estate AG and Griffin Partners. balandis AG was also advised by EII Realty Corp. in the transaction.
The Griffin Partners/balandis venture purchased the asset from L&B Realty Advisors for approximately $21.9 million in December 2006.
The building is 90.1 percent leased to a diverse roster of tenants including UNICEF, Wade Properties, SWBC Mortgage, First American Title, Browne McGregor Architects and Post Oak Capital Group. Eight spaces totaling nearly 22,800 square feet are currently vacant, according to Yardi Matrix data. The average rent at 520 Post Oak is $27.5 per square foot annually.
Completed in 1977, the 155,146-square-foot office property offers freeway connectivity to Loop 610, Interstate 10 and Interstate 69, and easy access to Houston’s top residential neighborhoods and shopping destinations. The building also features an attached four-level parking garage totaling 581 parking spaces.
Image courtesy of Yardi Matrix