HFF Closes Sale of 177 KSF Office Building in Houston to International Buyer
- Nov 16, 2012
By Keith Loria, Contributing Editor
Holliday Fenoglio Fowler represented an institutional owner in the sale of 777 Post Oak Boulevard, a 176,799-square-foot office building in Houston’s Galleria/West Loop submarket.
The property was sold to an international investing real estate fund managed by Credit Suisse AG in Switzerland for an undisclosed amount. The Swiss-based, institutional investor also owns office assets in Boston, Chicago and Washington, D.C.
“It’s meaningful for Houston because it’s another international buyer that’s come to market,” Robert Williamson, HFF’s senior managing director, told Commercial Property Executive. “We’ve seen a big influx in the last couple of years of international buyers coming here because they are attracted to the fundamental market and the pricing.”
Located on 2.28 acres adjacent to Uptown Park and the 610 West Loop in Houston’s Galleria area, the nine-story property was renovated between 1998 and 2000, and is currently 100 percent leased.
“It’s a little jewel box of a building, so it’s a very good sized building with 22 tenants and a very diversified tenant base,” Williamson said. “The French Consulate is in there, and some really good boutique firms.”
The property sits across from Uptown Park, which is a big lifestyle center with more than 50 restaurants and shops that brings thousands of people to the area each week.
“The building is located in Galleria, which is the largest suburban submarket in Houston and is the most liquid of any submarkets in town, Williamson said. “The building has a Post Oak address, which is the most prestigious address in the submarket.”
The HFF team representing the seller was led by Williamson and senior managing director Rusty Tamlyn.
“This is the first purchase for an international investing real estate fund managed by Credit Suisse in the Houston market,” Tamlyn said. “It represents the growing international buyer pool in the city of Houston.”
HFF also arranged acquisition financing for the buyer. HFF’s debt placement team representing the real estate fund managed by Credit Suisse was led by associate director Corby Chaffin.