HOUSTON — Mesa West Capital has provided two principals of the alliantgroup with $84.9 million in non-recourse first mortgage debt for its off-market purchase of the 3009 Post Oak Boulevard tower in the Galleria submarket of Houston. The seller was Skanska Commercial Development. The price was $112 million. The buyers, a partnership led by Dhaval R. Jadav, CEO of alliantgroup and Shane T. Frank COO of alliantgroup, exercised their option to purchase the recently completed 302,000-sf, 20-story glass curtain wall building. Alliantgroup leased 200,000 sf in the building, which is 92 percent leased. Other tenants are include Datacert, Skanska and Becker Financial.
Located at the corner of Post Oak Boulevard and Hidalgo, with frontage on Loop 610, the pre-certified LEED Platinum building is one of two spec Class A office developments in the Galleria submarket in 30 years. The building features 12 stories of office space above an eight-story parking garage.
In addition to capitalizing on an improving market, the buyers wanted to be in a better position to control their expansion rights and facilities costs by acquiring the building, according to Mesa West Capital Principal Steve Fried who originated the financing.
“Mesa West is excited about the opportunity to finance a best-of-class office building in a strong submarket with increasing rents and a single-digit Class-A vacancy rate,” said Fried. “As the one of the first new buildings to be completed, 3009 Post Oak is well positioned in the Galleria submarket as a first-to-lease asset.”
The financing, which was provided through Mesa West Capital’s Core Debt Fund, was arranged by David Aaronson and John Fenoglio with CBRE Capital Markets Debt and Equity Finance Group.