New Owner Announces News at Major Skyscraper

HOUSTON -(Realty News Report) – Only weeks after being sold, a skyscraper near the River Oaks District has secured a huge tenant.

Weaver and Tidwell, L.L.P, a national accounting firm, has leased over 60,000 SF at the 28-story office building, which is named Five Post Oak Park.

The tower is located a few blocks east of Loop 610, of the edge of the Uptown/Galleria area.

The tower was recently purchased by CP Group, a Boca Raton, Fla.-based real estate investor and developervia a joint venture with funds managed by Miami-based Rialto Capital Management. (CP Group was formerly known as Crocker Partners.)

The 567,000-SF tower is on the north side of San Felipe, across the street from the St. Regis Hotel. At one time, the building’s anchor tenant was Amegy Bank, which occupied about 175,000 SF before Amegy moved a few blocks away to a new building on Loop 610, built where the Micro Center store once stood.

The Weaver firm is currently  had been previously located at Weslayan Tower in central Houston in approximately 43,000 SF of office space. The accounting company plans to move into the Five Post Oak Park building by May 2022.

Deal Comes With Exterior Signage on Top

 Under the terms of the agreement, Weaver will have exterior signage on top of Five Post Oak Park. The firm’s office will span three floors, connected by an interior staircase and a number of open, collaborative spaces for its team members.

The office building, 4400 Post Oak Parkway, is part of the 43-acre Post Oak Park business park, which is located just north of the upscale River Oaks District

Designed by Morris Aubrey Architects, the Five Post Oak Park, completed in 1982, was developed by The Winter Company.

In 2002 Crescent Real Estate, a Fort Worth firm led by John Goff, and an affiliate of GE Pension Trust bought Five Post Oak Park for $65 million. In 2008, Shorenstein Properties bought the building, which is about a quarter-mile from Loop 610.

In the fall of 2014, Shorenstein put the Five Post Oak Park building on the market. The whisper price for the tower was $185 million.

In the summer of 2014, West Texas Intermediate crude peaked at $107 a barrel, and the Houston economy was humming. Then came the infamous Thanksgiving Day OPEC meeting where Saudi Arabia failed to support a motion to dampen oil production. Oil prices nosedived, energy firms slashed their work forces. And Houston’s office market collapsed and it’s never fully recovered. And demand for Shorenstein’s Five Post Oak Park building declined as the Houston office  market declined..

The UBS Group wealth management firm is a key tenant with building signage at in the Five Post Oak Park building in Houston. The Houston building had been owned by Shorenstein. In downtown Nashville, UBS occupies 138,000 SF in a 29-story Shorenstein-owned building called the UBS Tower. 

The Five Post Oak Park, completed in 1982, was developed by The Winter Company, which acquired the site from Tenneco Realty, which was represented by in-house staffer Chuck Jacobus, who later served as Mayor of the City of Bellaire. Representing The Winter Company was Bill McDade and Sid Smith of the Horne Co.

Aug. 21, 2021 Realty News Report Copyright 2021

Image: Courtesy: CP Group. Photo credit Mabry Campbell.

For more about Texas real estate, check out the book Houston 2020: America’s Boom Town – An Extreme Close Up  by Ralph Bivins. Available on Amazon  

Houston 2020 Ebook version      

Leasing: David Baker, executive vice president at Transwestern, is leading the property’s office leasing team

File: New Owner Announces News at Five Post Oak.

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