Principal Real Estate Investors bought 2000 St. James Place, a 335,000-square-foot office building that is 100 percent occupied under a long-term lease to Weatherford International. The seller was led by CORE Real Estate. Principal’s purchasing consortium included: South Korean investors: Korean Federation of Community Credit Cooperatives, Korea Scientists and Engineers Mutual-Aid Association and Simone Investment. The managing member of the South Korean consortium was represented by Simone Investment. The South Korean onshore asset manager was Woori Asset Management, with Principal Real Estate Investors acting as U.S. asset manager. CBRE assisted in brokering the transaction.
CBRE announced the closing of the sale/leaseback of the Tetra Technologies headquarters building, a 152,933-square-foot office in The Woodlands. Bernard Branca, Jared Chua and Russell Ingrum of CBRE, arranged the transaction. The seven-story building was acquired by U.S. Realty Advisors. He added that the property’s location – about a mile north of the new Exxon campus – also drove investor interest.
Colliers International has arranged the sale of Bay Terrace I & II in Webster. Dan Braun has purchased 17155 Feathercraft and 555 Forge River, two single-floor office/flex buildings containing 200,378-square-feet in the NASA/Clear Lake submarket. David Carter of Colliers International represented the Seller, CD UP, LP and Forge River, Texas, LP.
NAI Houston announced that Zohreh and Mano Shaarpour have purchased a newly constructed 15,000-square-foot building at 13347 Pike Road in the Stafford Business Park. This was the second spec building in the park built by Clay Development. The Seller, SBP Development II, Ltd. was represented by John Ferruzzo and Darren O’Conor of NAI Houston. Marc Emde of Michael Hill Properties represented the Purchaser.
Stream Realty Partners was recently awarded the leasing and management for seven new Houston properties, including:
* Towers at Westchase: A 630,000-square-foot property located at 13050 & 13070 Richmond in the Westchase submarket.
* Reserve at Park Ten: A 150,000-square-foot property located at 15721 Park Ten in the Energy Corridor submarket
* 17000 Katy Freeway: A 175,000-square-foot property in the Energy Corridor.
* 2001 Timberloch: A 145,000-square-foot property in The Woodlands.
* 4900 Woodway: An 110,000-square-foot property in the Galleria submarket.
* 11000 Equity: A 65,000-square-foot property in the Westway submarket.
* 3120 Southwest Freeway: A 93,000-square-foot property in the Greenway submarket that will undergo a major renovation later this year.