HOUSTON – Investcorp, a Bahrain-based investment firm, is seeking to sell One Westchase Center, a 466,000 square-foot office building in West Houston, according to Real Estate Alert newsletter.
The building could sell for as much as $110 million, which would represent a handsome profit over the $80 million it paid for the building only a year and a half ago, the newsletter said. The sales price would be about $236 per sf.
One Westchase, 10777 Westheimer, is 98 percent leased. JLL has been retained to handle the marketing of the property, which has average rent on $21.50 per sf, according to Real Estate Alert.
JLL also handled the transaction when Investcorp bought the building in April 2013 from LNR Partners.
The 12-story building, constructed in 1982, has EDG Engineering as its largest tenant. The building is on the south side of Westheimer at Walnut Bend Lane.
In the Westchase District, which is near the West Sam Houston Parkway, Class A office is 94 percent occupied and several new office projects are under development.
The Westchase District has 13.9-million-square-feet (excluding Class C properties) of net rentable area and over 55,000 jobs, Westchase includes 1.8-million-square-feet of retail space in over 35 shopping centers and over 50 multifamily properties totaling over 15,000 units and 18 hotels with over 2,600 rooms.