Nicola Crosby Buys $50M Houston Office Building

HFF worked on behalf of the buyer to arrange a seven-year, 4.6 percent fixed-rate acquisition loan for its purchase of Westgate I, a four-story, 249,00-square-foot asset.
Westgate I

Nicola Crosby Real Estate has acquired Westgate I, a Class A office building in Houston. Miller Global Properties sold the asset for $50 million, according to Yardi Matrix data. HFF worked on behalf of the buyer to arrange a seven-year, 4.6 percent fixed-rate acquisition loan through Principal Real Estate Investors. 

Located at 17220 Katy Freeway, the property comprises 248,707 square feet across four stories. Built in 2013, the 5.9-acre building is part of a three-asset master-planned development totaling more than 660,000 square feet. Features of Westgate I include high-quality finishes, a fitness center, cafe, five-level parking garage with 1,056 spaces and three passenger elevators. The building, designed to LEED Gold standards, is currently 95.7 percent leased, anchored by Subsea 7 and Atkins PLC, which together occupy 68 percent of the total rentable space. Other tenants include Skyline Deli, G&A Partners, Mazda, Langan and Strategic Materials. 

HFF’s Managing Director Cortney Cole led the debt placement team representing the borrower. 

In April, Nicola Crosby acquired the $25.5 million Swift Gateway, an office building in Bellevue, Wash., from Swift Real Estate Partners.

Image courtesy of HFF