Griffin Partners Adds to Houston Portfolio
- Feb 06, 2020
After recently buying Concourse at Westway, Griffin Partners has acquired a 136,698-square-foot office building in Houston from Madison Marquette. Harris County public records show that Frost Bank originated a $19.4 million acquisition loan. The financing carries a three-year term and a floating rate.
The six-story building is located at 2900 Weslayan St. in the Greenway Plaza submarket. Completed in 1980, the asset underwent renovations to the lobby and the common areas. At the time of sale, the property was 81.9 percent occupied, with its tenant roster including several law companies and retail groups.
The building is within walking distance of retail options such as H-E-B Central Market, Greenway Commons and River Oak District. Additionally, the property is less than 2 miles from the intersection of interstates 610 and 69, and roughly 7 miles from downtown Houston.
JLL Capital Markets Senior Managing Director H. Dan Miller and Analyst Katherine Miller worked on behalf of the seller, with Senior Managing Director Wally Reid, Managing Director Cameron Cureton and Director John Ream arranging the financing. Executive Vice Presidents Janie Snider and Lee Moreland of Griffin Partners will oversee building operations and asset and property management services.
The new owner retained President Wade Bowlin and Leasing Manager Angelina Stone of Madison Marquette to lease the asset. The deal represents the 14th for the buyer’s Fund III investment vehicle and brings the fund’s total portfolio to roughly 2.5 million square feet of office, industrial and mixed-use space.