HOUSTON – Columbia Centre, an office building located in Houston’s Westchase submarket, has been sold to Dornin Investment Group.
Columbia Centre is a 166,720-square-foot, Class B+ nine-story office building. It has access to the West Sam Houston Parkway, Westpark Tollway, Westheimer Road, and three major thoroughfares in West Houston. The building has frontage along Richmond Avenue and along Wilcrest Drive.
“Columbia Centre is one of the best Class B assets in the market. Many investors are starting to believe in the accelerated rate of rent growth in Class B assets due to today’s unprecedented rental rate discount when compared to Class A assets,” said Hubbard. “This sale is yet another example of the investment community’s strong and growing appetite for office product in Westchase.”
Originally built in 1983, the office building has benefitted from substantial capital investments in common areas and infrastructure, as well as first-class institutional ownership and management.