{"id":1004113343,"date":"2015-02-12T13:25:54","date_gmt":"2015-02-12T21:25:54","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=325482"},"modified":"2022-12-06T08:34:50","modified_gmt":"2022-12-06T16:34:50","slug":"bny-subsidiary-exits-houston-market","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bny-subsidiary-exits-houston-market\/","title":{"rendered":"BNY Subsidiary Exits Houston Market"},"content":{"rendered":"<p><em>By Liviu Oltean, Associate Editor<\/em><\/p>\n<p><a href=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/11.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignright size-medium wp-image-325483\" title=\"1\" src=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/11.jpg\" alt=\"\" width=\"300\" height=\"162\" \/><\/a>CenterSquare Investment Management, the real asset investment subsidiary of BNY Mellon, announced its exit from the Houston real estate market with the sale of 1301 Fannin St. and the Villas at Hermann Park.\u00a0 The two assets were acquired through Urdang Value-Added Fund II (UVAF II), a $463 million value-added closed-end fund.<\/p>\n<p>1301 Fannin St. is a 784,000-square-foot mixed-use office tower and data center located in Houston\u2019s CBD. It was acquired in 2007 in joint venture with Griffin Partners and, along with the Villas at Hermann Park, represented\u00a0one of UVAF II\u2019s largest investments. Throughout CenterSquare\u2019s eight-year hold period, the common areas and infrastructure were upgraded, achieving net operating income growth of 71.6 percent.<\/p>\n<p>Located in Houston\u2019s renowned Texas Medical Center, the Villas at Hermann Park were purchased in joint venture with Austin-based Falcon Southwest Cos. in 2011. Upgrades to the common areas and apartment interiors under CenterSquare\u2019s ownership led to NOI growth of 20.5 percent.<\/p>\n<p>CenterSquare is not crossing Houston off its list, however. \u201cWhile we are out of Houston right now, CenterSquare plans to monitor potential new value-add investment opportunities in Houston next year as a robust development pipeline of new product converges with the approaching economic slowdown resulting from lower oil prices,\u201d said David Rabin, managing director of private real estate, in an official statement.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CenterSquare Investment Management, the real asset investment subsidiary of BNY Mellon, announced its exit from the Houston real estate market with the sale of 1301 Fannin Street and the Villas at Hermann Park.  The two assets were acquired through Urdang Value-Added Fund II (UVAF II), a $463 million value-added closed-end fund.<\/p>\n","protected":false},"author":1158,"featured_media":0,"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-1004113343","post","type-post","status-publish","format-standard","hentry","category-houston","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>BNY Subsidiary Exits Houston Market - 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\/bny-subsidiary-exits-houston-market\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BNY Subsidiary Exits Houston Market\" \/>\n<meta property=\"og:description\" content=\"CenterSquare Investment Management, the real asset investment subsidiary of BNY Mellon, announced its exit from the Houston real estate market with the sale of 1301 Fannin Street and the Villas at Hermann Park. The two assets were acquired through Urdang Value-Added Fund II (UVAF II), a $463 million value-added closed-end fund.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/bny-subsidiary-exits-houston-market\/\" \/>\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=\"2015-02-12T21:25:54+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-06T16:34:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/synd.yardi.com\/wp-content\/uploads\/sites\/46\/2015\/02\/11.jpg\" \/>\n<meta name=\"author\" content=\"Liviu Oltean\" \/>\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\\\/bny-subsidiary-exits-houston-market\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bny-subsidiary-exits-houston-market\\\/\"},\"author\":{\"name\":\"Liviu Oltean\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/a12696609e74785a9cb5f8f7eae8bbd0\"},\"headline\":\"BNY Subsidiary Exits Houston Market\",\"datePublished\":\"2015-02-12T21:25:54+00:00\",\"dateModified\":\"2022-12-06T16:34:50+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bny-subsidiary-exits-houston-market\\\/\"},\"wordCount\":225,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bny-subsidiary-exits-houston-market\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/synd.yardi.com\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2015\\\/02\\\/11.jpg\",\"articleSection\":[\"Houston\",\"News\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bny-subsidiary-exits-houston-market\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bny-subsidiary-exits-houston-market\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/bny-subsidiary-exits-houston-market\\\/\",\"name\":\"BNY Subsidiary Exits Houston Market - 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