{"id":1004055932,"date":"2012-12-16T21:46:29","date_gmt":"2012-12-17T05:46:29","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=87986"},"modified":"2022-12-08T10:20:13","modified_gmt":"2022-12-08T18:20:13","slug":"houston-office-market-heats-up-as-3-buildings-change-hands-invesco-emerges-as-williams-tower-buyer","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/houston-office-market-heats-up-as-3-buildings-change-hands-invesco-emerges-as-williams-tower-buyer\/","title":{"rendered":"Houston Office Market Heats Up as 3 Buildings Change Hands; Invesco Emerges as Williams Tower Buyer"},"content":{"rendered":"

By Georgiana Mihaila, Associate Editor<\/em><\/p>\n

With Houston having already set an annual record in office sales, December closings will certainly stand as confirmation, as investors seem to be herding local properties at an unusual pace.<\/p>\n

3555 Timmons, a 225,895-square-foot, Class A office building in Houston\u2019s Greenway Plaza submarket, recently traded hands for an undisclosed amount. Buyer Unilev Capital Corp. acquired the 14-story building from Great Point Investors L.L.C., with Holliday Fenoglio Fowler L.P. arranging the deal.<\/p>\n

The 272,361-square-foot Westchase Park also experienced a change in ownership, with Clarion Partners recently acquiring the Class A office building along with seven acres of adjacent land. Westchase Park, completed in 2009, is one of the newest office properties in the Westchase submarket and has been awarded a LEED Gold designation for core and shell and a LEED Platinum designation for certain tenant improvements. The property is currently 98.3 percent occupied.<\/p>\n

KBS Strategic Opportunity REIT also added a Houston office property to its portfolio; in its sixth investment of the year, KBS acquired 1800 West Loop South, a 400,101-square-foot, 21-story office tower located in the West Loop\/Galleria submarket for the reported amount of $68.5 million. Although the 1982-built property underwent a renovation process in 2005, the new owner plans additional building improvements and modernizations, including an upgrade of the lobby and elevators.<\/p>\n

The biggest local offic\"\"<\/a>e deal is yet to come, Invesco Real Estate has reportedly agreed to pay Hines approximately $420 million for the 1.5 million-square-foot Williams Tower. If the deal closes, it would be Hines\u2019 second major deal of the year, following the company\u2019s August sale of the 1.8 million-square-foot One and Two Shell Plaza for $550 million. The 64-story Williams Tower, located at 2800 Post Oak Blvd. in the Galleria\/West Loop submarket, is currently 96.5 percent leased, according to CoStar Group Inc. The tenant roster includes Hines itself, Transco Energy, Rowan Cos., Quanta Services and Citigroup.<\/p>\n

While the $420 million price tag the LEED Gold-certified building could trade for would mark the top price in total dollars ever paid for a Houston office property outside the central business district, it would still fall short of some early expectations that it could trade for as much as $475 million.<\/p>\n

Image: Williams Tower via Wikimedia Commons<\/h6>\n","protected":false},"excerpt":{"rendered":"

With Houston having already set an annual record in office sales, December closings will certainly stand as confirmation as investors seem to be herding local properties at an unusual pace.<\/p>\n","protected":false},"author":39,"featured_media":1004506514,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1589,21742],"tags":[],"class_list":["post-1004055932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-houston","category-latest"],"acf":[],"yoast_head":"\nHouston Office Market Heats Up as 3 Buildings Change Hands; Invesco Emerges as Williams Tower Buyer - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/houston-office-market-heats-up-as-3-buildings-change-hands-invesco-emerges-as-williams-tower-buyer\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Houston Office Market Heats Up as 3 Buildings Change Hands; Invesco Emerges as Williams Tower Buyer\" \/>\n<meta property=\"og:description\" content=\"With Houston having already set an annual record in office sales, December closings will certainly stand as confirmation as investors seem to be herding local properties at an unusual pace.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/houston-office-market-heats-up-as-3-buildings-change-hands-invesco-emerges-as-williams-tower-buyer\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-12-17T05:46:29+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-08T18:20:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/03\/272px-Williamstower.jpg?w=1024\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"1024\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Amalia Otet\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/houston-office-market-heats-up-as-3-buildings-change-hands-invesco-emerges-as-williams-tower-buyer\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/houston-office-market-heats-up-as-3-buildings-change-hands-invesco-emerges-as-williams-tower-buyer\\\/\"},\"author\":{\"name\":\"Amalia Otet\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/9f6a1043b1429cf8ff129c75614caa73\"},\"headline\":\"Houston Office Market Heats Up as 3 Buildings Change Hands; 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