HOUSTON – (Realty News Report) – 35 South Capital has partnered with Lee & Associates – Houston to acquire an office tower near the Katy Freeway and Midway’s CityCentre mixed-use development.
With the acquisition closed, Lee & Associates and 35 South Capital will both move their headquarters offices into the 150,000-SF building,10497 Town and Country Way.
“Our company has been fortunate to have our Houston headquarters located in such a great area for some time, and we have been seeking an asset to purchase in order to continue our growth in what is now the center of Houston,” said Chris Lewis, managing partner of Lee & Associates – Houston.
Lee, which has grown over a few years to a roster of 50 brokers, will occupy a full floor in the building. Lee is currently located in the Murphy Oil building near the Katy Freeway.
Both 35 South Capital and Lee & Associates – Houston have been actively pursuing strategic real estate opportunities throughout Texas and the Greater Houston area. 10497 Town and Country Way was specifically identified as a high value target given its attractive location, historical occupancy and the $4.5 million interior and exterior renovations that were recently completed.
“The ability to acquire this asset with a proven partner that will owner-occupy, lease and manage made the procurement of the building that much more attractive to pursue,” said 35 South Capital CEO John Morton.
The seller, an affiliate of Equus Capital Partners Ltd., was represented by the JLL Capital Markets team led by Kevin McConn and Rick Goings. JLL’s Debt Advisory team representing the buyer/borrower was led by Kelly Layne and John Ream.
The Memorial-area office building was 90 percent occupied at the time of closing.
35 South Capital, a Houston-based firm led by CEO John Morton, was founded in 2021. Last year, 35 South Capital acquired a 13,142-SF building adjacent to West University Elementary School.
Previously Morton worked on redeveloping the old Palace Lanes bowling alley into the Southside Commons mixed-use project on Bellaire Boulevard near West University Place.
Aug. 1, 2022 Realty News Report Copyright 2022
Image: Courtesy Robert LaCoure of Lee & Associates – Houston.
File: West Houston Office Tower Acquired. 35 South Capital, Lee & Associates – Houston
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File: 10497 Town and Country Way.. West Houston Office Tower Acquired. 35 South Capital, Lee & Associates – Houston