Parmenter Picks Up 202 KSF Houston Tower from KBS
- Feb 14, 2012
February 14, 2012
By Nicholas Ziegler, News Editor
Houston continues to outperform most of the nation in transaction volume. Parmenter Realty Partners has just picked up the 201,720-square-foot Class A tower at 2200 West Loop South from KBS Real Estate Investment Trust Inc. for an undisclosed price.
Holliday Fenoglio Fowler L.P. marketed the property on behalf of the seller.
The Houston market has seen quite a bit of activity lately, from sales to management contracts. Just last week, J.P. Morgan Asset Management turned over the leasing and property-management rights of a five-building, 4.2 million-square-foot Downtown portfolio to CBRE Group Inc. Earlier this month, Cassidy Turley picked up a 2.5 million-square-foot management portfolio from the same asset-management firm, notching 1.3 million of those square feet in the three-building Post Oak Central complex in Houston.
And two huge leases have been signed in the last 30 days as well. In late January, Noble Energy Co. inked an agreement to occupy the entire 497,000 square feet of the former Hewlett-Packard headquarters in Houston. And just three days later, LydondellBasell, a plastics and chemical manufacturer, signed a 358,100-square-foot lease at 1 Houston Tower – an agreement that included naming rights for the building, which will now be called LydondellBasell Tower.
Texas, as a whole, has fared well during the economic downturn of the last few years. According to a fourth-quarter report by services firm Marcus & Millichap Real Estate Services Inc., Houston will lead the nation in job growth in 2012, with employers adding 87,000 jobs for a 3.4 percent increase in employment levels. “Houston [led] the nation in hiring through the first three quarters [of 2011],” the report noted, “followed by nearby Dallas/Fort Worth.”