HOUSTON – Atlanta-based Songy Highroads has sold Galleria Place, a 401,271-square-foot office campus located across the street from Houston’s Galleria. The buyer is an affiliate of Lincoln Property Company.
Galleria Place is a 6-acre property that contains the 11-story Galleria Place I office building, the 10-story Galleria Place II office building, the 5,797-square-foot Sage Plaza retail building, a 3,892-square-foot retail building currently occupied by Regions Bank and two parking decks containing a total of 1,361 parking spaces.
The property also is adjacent to two hotels Songy Highroads currently is developing. The 325-room Hyatt Regency Houston Galleria and the 156-room Hyatt Place Houston Galleria are slated to open in the fourth quarter of this year.
“The Galleria is one of the best office markets in the city, and we positioned Galleria Place to take full advantage of this demand,” said Todd Nocerini, COO of Songy Highroads. “With new hotel and retail under development within walking distance, the strength of this property will continue to increase.”
Songy Highroads purchased the property in 2013 and has since made extensive capital improvements to raise the building to Class A status. Renovations included a full lobby renovation, elevator modernization, HVAC and restroom upgrades, new landscaping and parking deck upgrades.
Galleria Place is located directly across the street (Sage Road) from the Galleria mall, specifically its new expansion, which will include a 198,000-square-foot Saks Fifth Avenue flagship store.