Update From 515 Post Oak, A Building that Signaled the 2017 Turnaround
515 Post Oak
HOUSTON – (Realty News Report) – Greater Houston Community Foundation leased 18,400 SF in the 515 Post Oak building, located on the east side of Loop 610 in the Galleria area.
The foundation, which assists in philanthropic partnerships, was represented by Dan Boyles and Liz Westcott-Brown of NAI Partners.
Richard Barbles of Stream Realty Partners represented the landlord, Spear Street Capital, which was key in re-igniting investment activity in Houston last year. The 12-story, 275,000-SF building is now 88 percent leased.
The building is part of a trio of Houston properties purchased by Spear Street about a year ago from Columbia Property Trust for $272 million. Along with the 515 Post Oak building, Spear Street also acquired the 5 Houston Center tower in downtown and the Energy Center I at 585 N. Dairy Ashford in the Energy Corridor. The three buildings contain a total of 1.2 million SF.
The announcement of the three-building purchase in January of last year was an early sign that the doldrums of 2016 was over and that 2017 would be a strong year with over $4 billion in investment activity.