Tuesday , 27 September 2016
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Griffin Capital Buying Energy Corridor Property for $135M

Westgate project in the Energy Corridor.

Westgate project in the Energy Corridor.

HOUSTON – Griffin Capital, a private REIT based in El Segundo, Calif., is buying the Westgate 2&3 buildings for $135 million, according to Real Estate Alert.

The 412,000-square-foot property, located in the Energy Corridor of West Houston, is the headquarters Wood Group Mustang engineering.

HFF is handling the deal for the owner, a partnership of Denver-based Miller Global and Houston-based Transwestern.

Last fall, Miller Global and Transwestern began marketing the Westgate property and another tower they own in the Uptown/Galleria area. But that was before energy prices began to crater quickly.

The other building, 1900 West Loop South, has been taken off the market. That building, a 21-story, 409,000 square-foot building serves as the headquarters of Transwestern.

Building 1 of the Westgate development, located north of Interstate 10 and East of Barker Cypress Road is not included in the deal.  Transwestern and Miller Global broke ground on the Westgate project in 2012. Westgate, designed by Powers Brown has frontage on the Katy Freeway.

 

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