Westchase Office Tower Refinanced as COVID-19 Hangs Over Houston Market
HOUSTON – (Realty News Report) – Two CityWest Place, a 20-story Class AA office property in Westchase has been refinanced.
The 443,549-SF building located on the west side of Beltway 8 is owned by Parkway Property Investments.
JLL worked on behalf of the Parkway to secure the five-year, floating-rate loan. Regions Bank led the loan and syndicated half with Citizens Bank.
In recent days, fallout from the COVID-19 outbreak has delayed or destroyed a number of commercial real estate transactions. The Houston real estate market toils under the burden of a collapse of oil prices, which dipped below $20 a barrel on Monday.
Parkway owns several significant office developments in Houston including Greenway Plaza, Post Oak Central and San Felipe Plaza.
Two CityWestPlace is located at 2107 CityWest Boulevard within the larger four-building CityWestPlace office complex. The 29-acre park is positioned 12 miles west of Downtown Houston and is in close proximity to the Energy Corridor.
Two CityWest Place is 99 percent leased. The four CityWest building contain a total of 1.5 million SF.
The JLL Capital Markets team representing the Parkway was led by Senior Managing Director Susan Hill and Analysts Jett Lucia and Sherri Rollins.