Done Deals: Feb 10, 2020

2900 Weslayan, boutique office building, Houston, TX

HOUSTON, TX – JLL Capital Markets and Griffin Partners Inc. announce today that they have closed the sale of 2900 Weslayan, a six-story, Class A boutique office building totaling 136,698 square feet in Houston, Texas.

Katherine Miller

JLL marketed the property on behalf of the seller, Madison Marquette. Houston-based Griffin Partners purchased the asset and will self-manage the building. Additionally, JLL worked on behalf of Griffin to secure the three-year, floating-rate acquisition loan through Frost Bank.

Janie Snider

2900 Weslayan is located on a 2.8-acre site at the highly desirable corner of Weslayan and West Alabama in Houston’s Greenway Plaza submarket.

Andrew Montgomery

The property offers a true live-work-play location, surrounded by some of Houston’s wealthiest neighborhoods, including River Oaks and West University, as well as destination retail amenities, including H-E-B Central Market, Highland Village, Greenway Commons and River Oak District.

Recently renovated, the 81.9%-leased boutique office building also features retail tenants, Baggy’s Grill, Apteek Pharmacy and Results Physiotherapy.

Griffin Partners purchased the building via their latest investment vehicle, Griffin Partners Office Fund III (Fund III).

H. Dan Miller

This purchase was their fourteenth (14^th) investment in Fund III; a portfolio now totaling almost 2.5 million square feet valued at almost $370 million with office, industrial and mixed-use assets within six high growth markets across the U.S.

Per Griffin Partners Investment Management President, Andrew Montgomery, “This purchase will be one of our last investments in Fund III and we have been pleased with our on-going performance of this portfolio of assets.

"We are excited to be in the process of raising our newest vehicle, Griffin Partners Office Fund IV.

Wally Reid

"2900 Weslayan is an excellent location in our view and represents key attributes in finding sustainable value creation in the urban core of Houston.”

The JLL Capital Markets team representing the seller was led by Senior Managing Director H. Dan Miller and Analyst Katherine Miller.

JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Wally Reid, Managing Director Cameron Cureton and Director John Ream.

Cameron Cureton

Griffin Partners Executive Vice Presidents Janie Snider and Lee Moreland will direct building operations, asset and property management services for the property.

Griffin Partners has retained Madison Marquette to lease the property, represented by Wade Bowlin and Angelina Stone.

“We are proud to represent Griffin Partners as the new owner of 2900 Weslayan," said Bowlin, President, Property Services, Central.

The property is a high-quality asset located in an amenity-rich environment, and we look forward to working with ownership for continued leasing success.”

John Ream

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.