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River Oaks Bank Building Acquired

River Oaks Bank Building

HOUSTON – (Realty News Report) – The River Oaks Bank Building, a 170,233-SF boutique office building in the heart of the affluent River Oaks neighborhood has been sold.

The 14-story tower was acquired by a joint venture of Houston-based Fuller Realty Partners and Independencia Asset Management.

JLL represented the seller, a client advised by L&B Realty Advisors, LLP, and procured the buyer Additionally, JLL placed the acquisition loan on behalf of the buyer.

The JLL Capital Markets team representing theseller was led by Senior Director Kevin McConn, Managing Director Rudy Hubbard and Director Rick Goings.

JLL’s debt placement team handling the financing was led by Senior Director John Ream, Senior Managing Director Wally Reid and Managing Director Cameron Cureton.

The River Oaks Bank Building is located at 2001 Kirby Drive at the intersection of San Felipe and Kirby in a neighborhood of upscale homes and mansions on large oak-studded lots.

The bank building is across the street from River Oaks Elementary School, which opened in 1929. Amazon founder Jeff Bezos was a pupil at the school years ago.

River Oaks is one of the top seven most affluent neighborhoods in the U.S., according to JLL.

Renovated in 2017, the office tower offers average floor plates of 12,400 SF and is leased to a variety of tenants in the insurance, finance, business services and non-profit corporations. The River Oaks Bank Building also features 185 surface parking spaces and a two-story, 323-space parking garage.

The tower, designed by Wilson, Morris, Crain & Anderson, was completed in the late 1960s.

L&B bought the building in December 2010 for a reported estimated sales price of $35 million. The price of the 2020 transaction was not disclosed.

Jan. 13, 2020 Realty News Report Copyright 2020

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