Cousins Secures 230 KSF Lease; Chambers Street Cashes In $26M for Sam Houston Crossing IInc.
- Dec 26, 2014
By Eliza Theiss, Associate Editor
Fully integrated, self-administered and self-managed REIT Cousins Properties Inc. has secured a 230,000-square-foot lease extension at Post Oak Central. Tenant Stewart Information Services Corp.’s contract was set to expire in September 2016. It has now been expanded until September 2019. The deal put Cousins’ 5.6 million-square-foot Houston portfolio at 96 percent occupancy, with a six-year weighted average lease term.
Located in the heart of Uptown Houston, Post Oak Central comprises 1.3 million square feet of LEED Gold-certified, Energy Star-rated commercial space in three 24-story office towers. Amenities include a 125-person conference room, full-service banking, 24-hour monitored security, a 20,000-square-foot fitness center, a child-care center, an outdoor fountain plaza and 4,550 parking spaces.
In other commercial news, Chambers Street Properties completed the sale of four multi-tenant office properties totaling 534,849 square feet. The $66.3 million sale included one wholly-owned property and three assets jointly owned with Duke Realty Corp. After paying off $19.2 million in mortgage loans, Chambers Street reported $47.1 million in sale proceeds, bringing the company’s 2014 dispositions volume to $184.8 million.
Among the sold properties was the 159,175-square-foot Sam Houston Crossing I office building in northwest Houston. Chambers Street cashed in $26.2 million for its 80 percent pro rata share in the asset. According to the Houston Chronicle, the three-story multi-tenant office building was picked up by Fuller Realty Partners. HFF marketed the property and represented the sellers.
Sam Houston Crossing I is fully leased to tenants such as Brock Enterprises, Framers Insurance Exchange, U.S. Steel, Axon EP, AMEC Oil & Gas and C.H. Robinson Project Logistics.
Chambers Street also sold the 253,705-square-foot One and Two Easton Oval in Columbus, Ohio, which brought in $20.7 million, based on the company’s 80 percent pro rata share of the Columbus and Houston properties, and the wholly-owned 121,969-square-foot Deerfield Commons I and II in Alpharetta, Ga., which fetched $19.4 million.
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Image courtesy of Cousins Properties