Thursday, August 16, 2018

HFF announces acquisition financing for Class A office building in West Houston, TX

Rendering of Westgate1 Office Complex,
West Houston, TX
HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces acquisition financing for Westgate I, a state-of-the-art, Class A office building totaling 248,707 square feet in West Houston.

The HFF team worked exclusively on behalf of Canada-based Nicola Crosby Real Estate to arrange a seven-year, 4.63 percent fixed-rate acquisition loan through Principal Real Estate Investors.

Westgate I is situated on 5.99 acres at 17220 Katy Freeway at the Barker Cypress exit in the heart of the Park 10 Business Center, a well-established, 550-acre business park, which accounts for more than one-third of the square footage in Houston’s Energy Corridor. 

The building is part of a three-building master-planned development totaling more than 660,000 square feet.  The other two adjacent buildings, which are not part of this transaction, are 100 percent leased to Wood Group Mustang, Inc.

Cortney Cole

 Delivered in 2014, Westgate I has been designed to LEED Gold standards and features high-quality finishes, an upscale café, full fitness center and a five-level parking garage. 

The 95.7-percent-leased 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.

HFF’s debt placement team representing the borrower consisted of managing director Cortney Cole.

For more information, please contact:

HFF Managing Director
(713) 852-3500


HFF Public Relations Specialist
(713) 852-3500

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