HOUSTON – Unilev Capital Corporation purchased 1500 CityWest, a 192,313-square-foot, Class A ten-story office building located in Houston’s Westchase submarket.
The property is located at the intersection of CityWest Boulevard and Briar Forest Drive, near the West Sam Houston Parkway.
JLL Capital Markets represented the seller, Metro National with Rudy Hubbard, Vice President Kevin McConn and Associate Rick Goings led the sales team on the transaction. This transaction marks the fifth office building sale this JLL team has spearheaded in Westchase since 2013.
“1500 CityWest is one of the best-located Class A assets in Westchase. It offers tenants a premier address adjacent to some of the finest suburban office product in the state at a significant rate discount of about 25 percent,” said Hubbard. “The prominent location at the epicenter of one of Houston’s best office submarkets, combined with the attractive tenant base and value-add opportunity led to a very competitive marketing process.”
“Westchase has really transformed into a ‘wish-list’ submarket for many investors in recent years and has seen some of Houston’s largest cap rate compression; this is largely due to several long-term corporate commitments,” continued Hubbard.
“Unilev Capital Corporation has had a substantial presence in Houston since the early 1990s, owning several high-profile retail and office assets across the city,” added McConn. “They know this market intimately, and moved forward with the transaction despite the sharp decline in oil prices. They understand the longevity and resiliency of Houston and, in particular, the Westchase market.”
Westchase, located along the Sam Houston Parkway near Westheimer Road and Richmond Avenue, is home to over 1,500 businesses and nearly 81,000 jobs.