HOUSTON – Duke Realty, a REIT based in Indianapolis, has sold Sam Houston Crossing II, a 160,000-SF office building at 10344 Sam Houston Parkway to Buchanan Street Partners. Duke has been selling off its office properties to focus on industrial real estate.
The building, which is 100 percent leased, was purchased by Buchanan Street Partners, which is based in Newport Beach, Calif. Buchanan Street says it plans to seek opportunities in Houston and anticipates actively acquiring significant assets in Texas in 2017.
“Houston has experienced difficult times due to the energy sector’s instability. However, we are optimistic about the market long term as it has continued to maintain job growth due to Houston’s increasing industry diversity,” said Matt Haugen, vice president at Buchanan Street Partners. “We believe that a rebound of the energy sector will stimulate additional job creation over the next 12 to 18 months and drive absorption in the area.”
Jared Chua of CBRE represented the seller in the transaction. Buchanan Street represented itself.
Tenants in the building include: subsidiaries of Forum Energy Technologies, PEMEX, and First American Title Company.
Feb. 16, 2017 Realty News Report Copyright 2017