HOUSTON – (Realty News Report)– Griffin Partners acquired the Concourse at Westway, a Class B, 130,223-SF, value-add office building in West Belt submarket of Houston.
The seller, EverWest Real Estate Investors, was represented by JLL’s Trent Agnew, Kevin McConn and Marty Hogan.
Completed in 1999, Concourse at Westway consists of a two-story office on 11 acres at 4700 West Sam Houston Parkway North in Houston’s West Belt Corridor.
The building, which was developed by Andy Billipp, was the first building to be constructed in Westway Park, a business park developed by the David Wolff organization in the 1990s.
The building, which is 56 percent leased, is about a block north of Clay Road.
“Griffin Partners Fund III is excited to add this asset to our growing portfolio,” said Andrew Montgomery, Griffin Partners Executive Vice President, Acquisitions. “This investment represents another value-add acquisition, our thirteenth acquisition within Fund III, comprising office and industrial assets now totaling over 2.4 million SF across six markets throughout Texas, Colorado, Utah and North Carolina. The current occupancy, location along Beltway 8, and well-maintained, multi-tenant, high-parked asset is well positioned for our team to re-stablize in the near term and provide existing and new tenants to the project an excellent place to do business in what is, arguably, the new center of Houston’s growing workforce.”
Griffin Partners Executive Vice Presidents Janie Snider and Lee Moreland will direct asset and property management for the property’s tenants. JLL’s Jack Russo and Chrissy Wilson have been retained to lease the building.
EverWest Real Estate Investors LLC, a wholly owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company based in Denver.
Jan. 16, 2020 Realty News Report Copyright 2020
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