Grubb & Ellis Acquires Houston Office Building
- Nov 10, 2008
Grubb & Ellis Realty Investors L.L.C. has purchased Oak Park Office Center III, a 151,000-square-foot office building in Houston’s Westchase submarket, in a $34 million deal with Realty Associates Oak Park III L.P.The property with an approximately 151,000 square feet, is located within Oak Park at Westchase, a 225-acre master-planned office park. Situated on more than 11 acres, the building is adjacent Sam Houston Parkway. The building features a two-story atrium complete with marble walls, wood accents, and both cove and pendant lighting. Additionally, it has open floor plans, card key access, two electric vehicle fueling stations and security cameras at all entries. The property offers ample parking with 855 spaces, an overall ratio of 5.7 spaces per 1,000 rentable square feet. It is located 30 minutes from both of Houston’s major airports and 10 minutes from the Houston Galleria. “Oak Park Office Center III is a brand new facility situated in a location that offers high visibility for its tenant,” Jeff Hanson, president and chief investment officer of Grubb & Ellis said in a release. “The property is an excellent addition to Grubb & Ellis Realty Investors’ portfolio of assets under management.” Jacobs Engineering Group Inc. is the sole occupant of Oak Park Office Center III and operates the building under a long-term triple net lease. Holliday Fenoglio Fowler L.P senior managing directors Robert Williamson and Jeff Hollinden and associate director Barbara Guffey–all with HFF’s Houston office–led the sales team on behalf of the seller.According to Grubb & Ellis Company’s most recent Office Market Trends Houston report, overall full-service asking rents continued their upward trek and increased across the board, rising by $0.31 to $26.44 per square foot per year. Class A asking rents within Houston’s CBD now stand at $39.29 per square foot per year as Class A vacancy still remains low at 6.8 percent.