Hertz Changes Name of Houston Office Building – His First Purchase in Texas
HOUSTON – (Realty News Report) – Hertz Investment Group of California has retained Moody Rambin to handle leasing of its first Houston acquisition – a 10-story office building in Westchase.
Hertz recently purchased the 232,100-SF office building, Westchase Park Plaza at 11490 Westheimer in Houston. Hertz has renamed the building Royal Oaks Centre. Leasing will be handled by Kurt Kistler and Terri Torregrossa of Moody Rambin.
Hertz bought the building from an entity affiliated with Parmenter Realty Partners of Miami. The $24 million deal was the first in Texas for Hertz, a Woodland Hills, Calif.-based office investment firm founded in 1977 by Judah Hertz. The Royal Oaks Centre building, which recently underwent a $6 million renovation, has a 722-space parking garage. Hertz controls a portfolio of 20 million SF in over 20 cities.
Last year, Hertz contracted to buy the 41-story Marathon Oil Tower on San Felipe Road, near Uptown Houston, but the transaction did not close. Then, a partnership led by M-M Properties bought Marathon Oil Tower for $175 million last month. A $25 million redo is planned.