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Korean Investors Buy Lakes on Post Oak Project Near Houston’s Galleria

The Lakes of Post Oak development in Houston.

The Lakes of Post Oak development in Houston.

HOUSTON – FG Asset Management, a Korean syndicator, has paid about $175 million to purchase the 3000 Post Oak Boulevard building, a 441,000 square feet in the Lakes on Post Oak development in Houston.

The 23-acre Lakes on Post Oak development, developed by Hines in 1982, consists of three office buildings totaling 1.2 million square feet. The site is just west of Loop 610 between Westheimer Road and Richmond Avenue.

HFF marketed the property exclusively on behalf of the seller, a joint venture between an affiliate of Five Mile Capital Partners LLC and Crocker Partners.  FG Asset Management purchased 3000 Post Oak for an undisclosed amount.

The 19-story property and attached parking garage are 100 percent leased to engineering and construction firm, Bechtel.

Earlier this year the two other buildings in the Lakes of Post Oak were sold. The Chinese oil company Sinopac closed on the 3050 Post Oak Boulevard office tower, paying $100 million for the 337,000-square-foot building. And MetLife Real Estate Investors paid about $125 million to purchase a 22-story 3040 Post Oak Boulevard.

Additionally, HFF’s debt placement team worked on behalf of the buyer to secure acquisition financing of the 3000 Post Oak tower, HFF reported Thursday. HFF’s debt placement team was led by senior managing director Wally Reid.

The HFF investment sales team representing the seller was led by senior managing directors Jeff Hollinden and Dan Miller and director Trent Agnew.

“This is FG Asset Management’s first acquisition in Houston and is a great example of the strong interest that Korean investors and other foreign firms are showing in the Houston office market,” said Hollinden.  “Well-located, Class A assets with quality tenancy and lease terms such as 3000 Post Oak are very much in demand by offshore capital.”

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