Thursday , 27 July 2017
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Virginia Investment Firm Buys West Loop Tower for $52 Million

HOUSTON – Lingerfelt CommonWealth Partners, LLC, a Richmond, Va.-based commercial real estate investment firm, has acquired the 1700 West Loop – Burns & McDonnell Plaza office tower in Houston for $52 million.

The 14-story, 273,000-SF office building is 81 percent leased with Burns & McDonnell, a Kansas City-based engineering, architectural and consulting firm, as the anchor tenant.

Avison Young will be handling leasing of the building. Commonwealth Commercial Partners will manage the property.

“We have been tracking the market and believe the basic fundamentals are strengthening. We look forward to exploring other opportunities and expanding our presence,” said Lingerfelt’s Jay Kraft, who formerly headed the Houston office of Liberty Property Trust.

The building, completed in 1976, is attached to the Marriott West Loop hotel. It is located just north of San Felipe Road on a 1.6-acre site near Hallmark Drive.

July 10, 2017 Realty News Report Copyright 2017

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