HOUSTON – Davis Holdings, L.P., an oil and gas, real estate investment firm, purchased a 100-percent leased, 33,000-SF office building at 1500 McGowen Street in Houston’s Midtown district.
JLL’s Louis Rosenthal negotiated terms of the deal on behalf of Davis Holdings. David Husid and Brandi McDonald of Newmark Grubb Knight Frank represented the seller, Skyland Lodge Tract, L.P.
“Davis Holdings was attracted to the property’s accessible location, proximity to downtown and adequate parking,” said Rosenthal. “Fully renovated and located in Midtown’s growth path, the building should prove to be a great investment for the firm.”
1500 McGowen is a two-story, Class B office building located at the corner of La Branch and McGowen Streets in Houston’s Midtown submarket. Built in 1972 and renovated in 2002, the property features loft-style office space with modern building systems.
Located south of downtown and north of the Texas Medical Center, Midtown is one of Houston’s smallest office submarkets, wth just 4.1 million SF of Class A and B office space, Its niche location, however, helped the submarket perform well throughout 2016, closing the year with 2.1 percent positive net absorption, JLL said.
Jan. 17, 2017 Realty News Report Copyright 2017