{"id":1004102996,"date":"2014-08-28T07:45:45","date_gmt":"2014-08-28T15:45:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004102996"},"modified":"2022-12-08T09:18:17","modified_gmt":"2022-12-08T17:18:17","slug":"five-mile-crocker-partners-sell-houston-office-tower-to-metlife","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/five-mile-crocker-partners-sell-houston-office-tower-to-metlife\/","title":{"rendered":"Five Mile, Crocker Partners Sell Houston Office Tower to MetLife"},"content":{"rendered":"<p>By Barbra Murray, Contributing Editor<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004102998\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/five-mile-crocker-partners-sell-houston-office-tower-to-metlife\/3040-post-oak\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg\" data-orig-size=\"1500,2164\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"3040 Post Oak\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?w=710\" class=\"alignright size-medium wp-image-1004102998\" alt=\"3040 Post Oak\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg\" width=\"207\" height=\"300\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg 1500w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=208,300 208w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=768,1108 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=710,1024 710w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=1065,1536 1065w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=1420,2048 1420w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=150,216 150w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=300,433 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=696,1004 696w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=1068,1541 1068w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2014\/08\/3040-Post-Oak.jpg?resize=291,420 291w\" sizes=\"auto, (max-width: 207px) 100vw, 207px\" \/><\/a>A joint venture consisting of Five Mile Capital Partners L.L.C. and Crocker Partners has sold 3040 Post Oak Blvd., one of three buildings that comprise the 1.2 million-square-foot The Lakes on Post Oak office complex in Houston\u2019s Galleria\/Uptown district.<\/p>\n<p>With the assistance of commercial real estate and capital markets services provider HFF, which marketed the entire campus, the partners sold the 427,000-square-foot tower to MetLife Real Estate Investors.<\/p>\n<p>More than a few investors, predominantly institutional advisors and private equity funds, took a keen interest in 3040 Post Oak, and for good reason. \u201cIt\u2019s kind of interesting because it is part of a larger complex so three office buildings and a land piece were offered on a portfolio or individual basis, and on that\u00a0 particular building we did have strong interest,\u201d Trent Agnew, director with HFF, told <em>Commercial Property Executive<\/em>. \u201cIt\u2019s 80 percent leased in one of the strongest submarkets in the city, so there\u2019s near-term potential with vacancies, and in-place and long-term leases provide a backstop and security of income.\u201d<\/p>\n<p>The tallest of The Lakes\u2019 three towers at 22 stories, 3040 Post Oak is also the newest, having been developed in 1982. The building is home to a roster of 25 businesses, including the likes of Bechtel Corp., which serves as the anchor tenant at The Lakes.<\/p>\n<p>\u201cLakes on Post Oak has been a very successful project for Five Mile Capital and Crocker Partners due to its location, access and park-like setting within the Galleria submarket,\u201d HFF managing director Jeff Hollinden noted in a prepared statement. The complex\u2019s smallest building, the 350,000-square-foot 3050 Post Oak, sold a few months ago to its tenant, Chinese oil and gas company Sinopec, and rumor has it that a buyer has staked a claim to the remaining tower, 3000 Post Oak.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Lakes on Post Oak office complex is located in Houston\u2019s Galleria\/Uptown district. <\/p>\n","protected":false},"author":969,"featured_media":1004102998,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1589,21783,21742,21747],"tags":[],"class_list":["post-1004102996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-houston","category-investment","category-latest","category-office"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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