HOUSTON – Liberty Property Trust sold the Legacy at Fallbrook office building, a 206,000-SF office property at 10720 West Sam Houston Parkway North. The five-story building has 43,300-SF floor plates.
The buyer, Exeter Property Group, paid $30.5 million for the building, which sits on a 13-acre tract in northwest Houston.
Liberty Property Trust completed the building in 2015, just as the Houston office market went into a downturn. The initial plan, announced when the Houston office market was surging, called for three office buildings with a total of 600,000 SF.
A recent report by Liberty Property Trust said the Legacy at Fallbrook building is 32.8 percent leased.
Based in Malvern, Pa., Liberty Property Trust has a 100 million SF portfolio, which is 93 percent industrial space and 7 percent office.