HFF Arranges $50M in Financing for Uptown Houston Office Building
- Feb 05, 2015
Pittsburgh-based HFF arranged $50 million in financing for 3040 Post Oak Blvd., a 427,486-square-foot office building that is part of the Lakes on Post Oak complex in Uptown Houston.
The real estate investment firm acted on behalf of the owner, MetLife Real Estate Investors, obtaining a 10-year, fixed-rate loan through Northwestern Mutual Life Insurance Co. The HFF debt placement team consisted of Senior Managing Director Wally Reid, Associate Director Tyler Ford and Real Estate Analyst Matthew Putterman.
Located at the intersection of Post Oak Boulevard and Hidalgo, the property has been the recipient of “The International Office Building of the Year” award by the Buildings Owners and Managers Association.
The asset was purchased by MetLife in 2014 with the help of HFF, which marketed and closed the sale. It was acquired from a joint venture comprising Five Mile Capital Partners L.L.C. and Crocker Partners.
“It’s 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 particular building we did have strong interest,” Trent Agnew, director with HFF, told Commercial Property Executive last year. “It’s 80 percent leased, in one of the strongest submarkets in the city, so there’s near-term potential with vacancies, and in-place and long-term leases provide a backstop and security of income.”