Wednesday, April 4, 2018

HFF announces sale and financing of Loop Central office complex in Houston, TX

Loop Central Office Complex, Houston, TX

Jeff Hollinden
HOUSTON, TX, April 4, 2018 – HFF announces the sale and acquisition financing of Loop Central, a three-building, Class A office complex totaling 574,944 square feet in Houston, Texas.

The HFF team represented the seller, TIER REIT, and procured the buyer, Griffin Partners.  Additionally, the HFF team worked on behalf of Griffin to secure the five-year, floating-rate acquisition loan through Global Atlantic Financial Group and source their equity partner, Wheelock Street Capital.

Loop Central is located at 4848 Loop Central Drive at the intersection of two of Houston’s major thoroughfares, Loop 610 and U.S Highway 59. 

 Its location within the Bellaire/Medical Center submarket places it within close proximity to the Galleria, Greenway Plaza and some of Houston’s most affluent residential neighborhoods, including River Oaks, West University, Tanglewood and The Villages. 

Wally Reid
 It also has frontage along the Westpark Tollway, providing both visibility and express vehicular access to Houston’s western suburbs.  The property comprises Loop Central 1, 2 and 3, which are 86.9 percent leased to 24 tenants, and three parking garages that offer 2,327 parking spaces.

  Griffin Partners and Wheelock will execute a proactive capital improvement plan to update the assets visibility, as well as add various new amenities, which will maximize the tenant experience.  A few additions include a new conference and fitness facility, new food options and capitalizing on the existing park-like setting with new outdoor area seating and amenities for tenants to enjoy.

Andrew Montgomery
HFF’s investment advisory and debt and equity placement teams included senior managing directors Jeff Hollinden and Wally Reid and senior director Cameron Cureton.

“This is the latest example of an informed investor recognizing the inherent value represented by Houston office market,” said Hollinden.  “Sales activity in the office sector has picked up dramatically over the past twelve months, signaling a return to healthy liquidity in the Houston market.”

“We think Loop Central is a unique and timely investment considering Houston’s office and capital market environment,” said Andrew Montgomery of Griffin Partners. “Houston’s overall resiliency and recent bounce highlighted by the latest job performance numbers is a lead indicator and an early preview for continued momentum in the Houston office market.” 

Holliday GP Corp. (“HFF”) is a Texas licensed real estate broker.

For more information, please contact:

HFF Director, Public Relations
(617) 848-1572

 follow HFF on Twitter @HFF or call 972.483.2400.

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