Tuesday , 19 June 2018
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Griffin Partners Buys Office Building Near Downtown Houston

Griffin Partners buys office building in Houston's Sixth Ward.

Griffin Partners buys office building in Houston’s Sixth Ward.

HOUSTON — Griffin Partners, a Houston real estate firm founded by Fred Griffin, has acquired a seven-story office building in the Sixth Ward area just west of downtown Houston.

The 85,923 square foot building, built in 1982, is located at 602 Sawyer Street.

Sixth Ward, one of Houston’s oldest neighborhoods, is located north of Memorial Drive and south of Washington Avenue. The building is just east of Glenwood Cemetery, where Howard Hughes was buried.

National Asset Services, a commercial real estate company, represented the sellers: 22 tenant-in-common co-owners.

Prior to the sale, NAS successfully renewed the lease of one of the property’s major tenants, the Houston Police Officer’s Pension System for a 12,670 square foot space.  This was critical in maximizing value for the sale, NAS said.  At the time of the sale, the property was 92% leased.

The sale of 602 Sawyer marks the 22nd transaction in the last 24 months in which NAS has guided tenant-in-common investment groups through a sale or refinancing process, resulting in a positive outcome for the investors.

“We were able to generate an increase in property value through additional leasing income, controlled operational costs and property improvements on behalf of our investor clients at 602 Sawyer,” commented Karen E. Kennedy, President and Founder of NAS.

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