HOUSTON – (Realty News Report) – A partnership affiliated with Spire Real Estate LP has acquired the Westgate 1, a 248,707-SF office building in the Park Ten business park in the Energy Corridor in West Houston.
The building, completed in 2014, is 96 percent leased. The property is anchored by Subsea 7 and Atkins PLC, two global corporations with investment-grade credit that together occupy 68 percent of the building’s net rentable area. Additional tenants comprise a cross-section of industries, including energy, engineering, human resources, automotive and waste management.
Westgate 1 is located at 17220 Katy Freeway, near Houston Chronicle Blvd.
The seller is a fund affiliated with Miller Global Properties of Denver.
HFF’s Cortney Cole arranged acquisition financing for Nicola Crosby Real Estate, a Canadian group that works with Spire. It was a seven-year, 4.63 percent fixed-rate acquisition loan through Principal Real Estate Investors.
The building, developed by Transwestern, is part of a three-building master-planned project totaling more than 660,000 SF.