HOUSTON – The Reserve at Park Ten, a 145,114-sf, Class A office building located in Houston’s Energy Corridor was purchased by a subsidiary of CapLease for $35.5 million.
The building, constructed in 2009, is 100 percent leased. The Energy Corridor, located in west Houston along Interstate 10, is one of the strongest submarkets in Houston with occupancy ovr 90 percent.
Bernard Branca, Jared Chua and Russell Ingrum of CBRE arranged the transaction on behalf of the seller, Principal Real Estate Investors, one of the largest institutional real estate managers in the United States.
“The Reserve at Park Ten opportunity generated significant investor interest due to the global appeal of the Houston market and its projections for further growth. Also driving investor interest was the property’s location within the Energy Corridor, which is widely recognized as one of the world’s most important energy centers and a perennial leader in Houston market fundamentals,” said Branca, Senior Vice President with CBRE.