Friday, February 26, 2010

HFF closes sale of and arranges financing for office building in Houston’s Energy Corridor

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced that it has closed the sale of and arranged financing for Timberway II, a 130,822-square-foot office building in Houston’s Energy Corridor.

HFF senior managing director Dan Miller, (top right photo) associate director Martin Hogan  (middle  left photo) and real estate analyst Trent Agnew led the investment sales team on behalf of the seller, PS Business Parks, Inc. Beacon Investment LLC purchased the property for an undisclosed amount.

The HFF debt team was led by senior managing director Susan Hill, (bottom right photo)  who worked exclusively on behalf of the borrower, BRI 1826 Timberway, Ltd., a Texas limited partnership, to secure the fixed-rate acquisition financing through First Community Credit Union.

Timberway II is situated on a 4.5-acre site at 15995 North Barkers Landing, adjacent to BP’s North American Headquarters in Houston’s Energy Corridor submarket.

The fully-leased property has three stories of office space plus a two-level, 357-space parking garage. Tenants include Severn Trent Environmental, Christian Brothers Automotive and eProduction Services.

“The Energy Corridor submarket is historically one of Houston’s most dynamic and best-performing submarkets,” said Miller. “Tenants are attracted to the area due to its proximity to executive and middle-management residential neighborhoods and master planned communities, desirable school districts and an extensive amenity base.”

PS Business Parks, Inc. (NYSE:PSB) is a publicly-traded corporation specializing in leasing commercial multi-tenant flex, office and industrial space throughout the United States.

Beacon Investment Properties is a real estate investment and property development group based in Hallandale Beach, Florida with additional offices in Houston, Texas. This is Beacon’s third acquisition in Houston having previously acquired 8866/8876 Gulf Freeway and 1717 St. James.


H. Dan Milelr, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500,
Susan L. Hill, HFF Senior Managing Director, (713) 852-3500,
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500,

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