HOUSTON – AEW Capital Management acquired Eldridge Oaks, an office development in Houston’s super-hot Energy Corridor.
Class A office space in the Energy Corridor, located along Interstate 10 in west Houston, is over 95 percent occupied. Some industry authorities say the Energy Corridor is more than even 99 percent occupied. But there is no doubt the district’s office space is very full and rents have rising.
The sale included Phase I of Eldridge Oaks, a 350,000-sf office tower, and Phase II, a 7-acre office development parcel. An additional 350,000-sf office tower is slated for the Phase II site.
The seller is a joint venture between Cornerstone Real Estate Advisers LLC on behalf of an institutional client and Transwestern. The joint venture purchased the 21-acre site in 2007. Phase I was delivered in 2009 and is currently leased and managed by Transwestern.
Transwestern’s Ken Page, managing director of investment services, and Transwestern’s Scott Myers, vice president of investment services, represented the seller in the transaction.