HOUSTON – Spire Realty of Dallas has purchased the 1177 West Loop South office building in Houston’s Galleria area.
The 18-story building was 96% leased at the time of sale. The 341,947-square-foot asset offers a well-diversified base of quality corporate tenants with an average tenure of 8.6 years. Rent growth in the Galleria submarket is expected to increase substantially over the next five years.
Russell Ingrum, Gary Carr, and Todd Casper of CBRE represented the sellers, URDANG, the real estate investment manager and part of BNY Mellon and Houston based Griffin Partners.