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Atlanta REIT Sells Three Houston Buildings for $272 Million

Houston skyline photo, with 5 Houston Center, is the center.

5 Houston Center, in the center, is one of several properties around Houston’s Discovery Green Park.

HOUSTON — Columbia Property Trust has sold three Houston office properties to Spear Street Capital for $272 million. The buildings, which total approximately 1.2 million SF, include 5 Houston Center, Energy Center I, and 515 Post Oak Boulevard.

While our Houston properties have been strong performers over the years, we have shifted our focus to select high-barrier markets as we continue to position Columbia as a top-performing office REIT,” said Nelson Mills, president and CEO of Atlanta-based Columbia Property Trust.

Developed by Crescent Real Estate,  5 Houston Center, 1401 McKinney, includes 581,000 SF of downtown office space near Discovery Green Park. Ernst & Young is one of the largest tenants at the 27-story office tower, which was built in 2002 and has been owned and managed by Columbia since 2005.

Comprising 332,000 SF, Energy Center I is located at 585 N. Dairy Ashford Road near Interstate 10 in Houston’s Energy Corridor. The building, which houses the Americas headquarters of Amec Foster Wheeler, a global engineering and construction contractor, was built in 2008 and purchased by Columbia in 2010.

515 Post Oak Boulevard is a 12-story, 274,000-SF office building located in Houston’s Galleria submarket. Columbia purchased the building in 2004 and extensively renovated the complex in 2013, helping to attract new tenants to the property including NetIQ Corporation and Rockwater Energy Solutions.

Jan 9, 2017 Realty News Report Copyright 2017

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