HOUSTON – (Realty News Report) – Madison Marquette has sold a six-story Greenway Plaza area office building to a Griffin Partners fund.
JLL Capital Markets marketed the 136,700-SF boutique office building, 2900 Weslayan, on behalf of Madison Marquette.
The building is located on a 2.8-acre site at the corner of Weslayan and West Alabama, in the Inner Loop of Houston, near the Galleria, River Oaks and West University Place.
Recently renovated, the 81.9 percent-leased building also features retail tenants, Baggy’s Grill, Apteek Pharmacy and Results Physiotherapy.
JLL worked on behalf of Houston-based Griffin to secure a three-year, floating-rate acquisition loan through Frost Bank. JLL’s Capital Markets team representing the borrower was led by JLL Senior Managing Director Wally Reid, Managing Director Cameron Cureton and Director John Ream.
Griffin Partners purchased the building via their latest investment vehicle, Griffin Partners Office Fund III, This purchase was their fourteenth investment in Fund III; a portfolio now totaling almost 2.5 million SF valued at almost $370 million with office, industrial and mixed-use assets within six high growth markets across the U.S.
“This purchase will be one of our last investments in Fund III and we have been pleased with our on-going performance of this portfolio of assets,” said Griffin Partners Investment Management President, Andrew Montgomery. “2900 Weslayan is an excellent location in our view and represents key attributes in finding sustainable value creation in the urban core of Houston.”
Montgomery said Griffin is now in the process of raising funds for a new investment vehicle, Griffin Partners Office Fund IV.
The JLL Capital Markets team representing Madison Marquette was led by Senior Managing Director H. Dan Miller and Analyst Katherine Miller.
Griffin Partners Executive Vice Presidents Janie Snider and Lee Moreland will direct building operations, asset and property management services for the property.
Griffin Partners has retained Madison Marquette to lease the property, represented by Wade Bowlin and Angelina Stone. “The property is a high-quality asset located in an amenity-rich environment, and we look forward to working with ownership for continued leasing success,” said Madison Marquette’s Wade Bowlin, President, Property Services, Central.
Feb. 5, 2020 Realty News Report Copyright 2020
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