HFF closes sale of BBVA Compass Plaza in Houston’s Galleria area

BBVA Compass Plaza, Galleria area, Houston, TX

Scott Galloway

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of BBVA Compass Plaza, a Class AA, best-in-class office building totaling 326,200 square feet in Houston, Texas.  BBVA Compass Plaza is the first office building to be delivered to the Galleria area in nearly three decades.

HFF marketed the asset on behalf of the seller, a joint venture partnership between Stream Realty Partners, L.P., TRC Capital Partners (formerly The Redstone Companies) and an institutional client of L&B Realty Advisors, LLP.  Masaveu Post Oak Houston Delaware LLC purchased BBVA Compass Plaza for an undisclosed amount.

Completed in 2013, BBVA Compass Plaza is a LEED Gold Certified, 22-story, podium-style building that is 83 percent leased.

BBVA Compass Bank occupies 58 percent of the net rentable area, and the remaining tenants are a mix of national and international firms that are drawn to the property’s walkability in the Galleria area of Houston and its 24/7 environment.

Dan Miller

The recently completed property features a 1,144-space parking garage, a full retail bank branch, fitness center and two upscale restaurants; Caracol, which has been named the “#1 Place to Eat Now” by Texas Monthly, and Oka Sushi, which is the fusion brainchild of restaurateur Tony Sha.

WalkScore.com rates the area as an 82 for walkability with access to more than 55 restaurants and numerous mixed-use developments including Uptown Park and the Galleria Mall.

BBVA Compass Plaza is situated in Houston’s Galleria submarket with immediate access to Loop 610, Interstate 10, Highway 59 and Westpark Tollway, linking all of greater Houston.

 It is also within a 15 minute drive of Houston’s most prestigious residential neighborhoods including River Oaks, Tanglewood and The Villages.

“The sale of BBVA Compass Plaza reflects the continued interest of foreign capital in Class A product in superb locations in Houston such as the Uptown/Galleria submarket,” said Steve Lerner, CEO of TRC Capital Partners.  

Preston Young, regional managing partner at Stream added, “This transaction is yet another shining example of the desirability amongst our industry’s most prominent investors to have a presence in Houston.”

The HFF investment sales team was led by executive managing director Scott Galloway, senior managing directors Dan Miller and Matt Kafka, managing director Colby Mueck and director Trent Agnew.

“With its groundbreaking, BBVA Compass Plaza ignited a development renaissance in Houston’s most coveted submarket that is on-going and encompasses more than 6,050 luxury multi-housing units, more than two million square feet of office space, in excess of 697,000 square feet of high-street retail and two new luxury hotels,” added Miller.

“The transformative impact that this property has had on the Galleria skyline cannot be overstated, placing it at the forefront of the ‘urbanization’ movement in the Houston marketplace.”

For a complete copy of the company’s news release, please contact:

KRISTEN M. MURPHY
HFF Associate Director, Marketing
(617) 338-0990
krmurphy@hfflp.com

www.streamrealty.com
http://www.lbrealty.com.
www.trccapitalpartners.com.