Houston — CBRE has been retained by Pearlmark Real Estate Partners, Easton, Cobb, and Perez as the exclusive marketing advisor for the acquisition opportunity of 1800 West Loop South, a 21-story, 400,000-sf office tower in the Galleria submarket near San Felipe Road.
The building, which is 89 percent leased, is expected to fetch around $75 million, according to Real Estate Alert Newsletter. Last year, the building was under contract to Brookfield Asset Management for $50 million, but the deal never closed, the newsletter reported. The market has improved significantly since then and the Galleria submarket is 92.2 percent leased with asking rents that exceed the Houston market average by 33 percent.
Vice Chairman Russell Ingrum, Vice President Jared Chua and Senior Vice President Bernard Branca of CBRE in Houston will collaborate with Vice Chairman Gary Carr and Senior Vice President John Alvarado with CBRE’s Dallas office to market the property on behalf of Pearlmark, Easton, Cobb, and Perez.
