HFF closes sale of five-property Houston office portfolio

HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today it has closed the sale of a five-property, 157,672-square-foot office portfolio in Houston, Texas.

The HFF investment sales team was led by senior managing director Dan Miller (middle left photo) and real estate analyst Trent Agnew, who marketed the portfolio on behalf of the seller, Brookfield Asset Management.

SLS Houston Properties, LLC purchased all five properties for an undisclosed price.

The approximately 75% leased portfolio is 43% occupied by JPMorgan Chase (top right photo) with an average remaining lease term of 12.5 years. Additional tenants include local and regional companies or individuals. Two of the properties have excess land for future development.

“The length of term and credit on the JPMorgan Chase lease, coupled with the excess land and potential to increase occupancy, created interest from a number of private buyers,” said Agnew.

Individual property details are below by
Property, Address and Size:

Gulfgate, 2900 Woodridge, 54,747 Square Feet
West Oaks, 6200 Highway 6 South, 29,250 Square Feet
Westwood, 9525 Bissonnet, 23,002 Square Feet
Stafford, 11806 Wilcrest, 21,622 Square Feet
Cy Fair 13103 FM, 1960 West, 29,051 Square Feet

“Due to JPMorgan Chase’s desire to be located in highly visible locations, the portfolio has frontage on some of Houston’s busiest roadways including Interstate 45, Highway 290, Westpark Tollway/Highway 6 and US 59,” added Miller.

Brookfield Asset Management Inc. is a global asset manager focused on property, power and other infrastructure assets with approximately $80 billion of assets under management.

CONTACTS:

H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500, dmiller@hfflp.com

Kristen M. Murphy, HFF Associate Director, Marketing (713) 852-3500, kmurphy@hfflp.com

http://www.hfflp.com/.