HOUSTON – Granite Properties purchased a 237,000-sf office building at 3555 West Alabama in the inner loop of Houston, the Houston Chronicle reported. The seller was KBS Realty Advisors. The 12-story building is 94 percent leased. Ken Page of Transwestern represented the seller. The building is in the Greenway Plaza area between downtown and the Galleria.
Separately, in West Houston, Granite is constructing a spec office project called Briarpark Green. The 300,000-sf building will be located at 3141 Briarpark Drive in Westchase.
Office occupancy and rents are rising in Houston. Several spec office projects are under construction. The positive office market dynamics, supported by the energy industry, are attracting investors from around the world.
