Friday, October 22, 2021

KBS Announces Sale of Fully Leased 199,001 Square-Foot Class A Office Asset in Houston's Energy Corridor

 

Ten West Corporate Center,
a fully leased, four-story, 199,001 SF
 Class A office building in Houston's
 Energy Corridor

HOUSTON, TX – KBS, one of the nation’s largest investors in Class A commercial real estate, has sold Ten West Corporate Center, a fully leased, four-story, 199,001 square-foot Class A office building in Houston, Texas’ Energy Corridor.


Susan Hill
 

The property was purchased by a JV between Ellingstone Group and an overseas institutional investor. Ellingstone a boutique investment and advisory firm that focuses on private, direct commercial real estate investments in the U.S.

 

Amanda Kennedy

Attorneys Bruce Fischer and Howard Chu, and paralegal Amanda Kennedy, of global law firm Greenberg Traurig, LLP’s Orange County office, together with attorney Tina Ross in Greenberg Traurig’s Dallas office, represented KBS as legal counsel in the disposition.


Tina Ross 

“It was rewarding to work with KBS to complete this transaction, which aligns with the firm’s ongoing investment strategy,” said Fischer, Greenberg Traurig’s Chair of the West Coast Real Estate Practice and Co-Managing Shareholder of the Orange County Office, who led the Greenberg Traurig team representing KBS.


Gio Cordoves

Houston is home to the headquarters of 24 Fortune 500 companies, is one of the largest MSAs in the country, and less formally deemed the “energy capital of the world,” making it an attractive place to invest when KBS originally bought the property in 2006, according to Gio Cordoves, Western regional president for KBS.

 

“The Energy Corridor, known as the Central Business District of West Houston, is the third largest employment center in Houston,” says Cordoves. 


Brett Merz
“Given the lengthy lease term commitment at Ten West Corporate Center we know the buyer will enjoy this cash flow positive property for years to come.”


 Built to the highest institutional standards, the building is leased to a British multinational engineering and consulting firm and a global leader in consulting and engineering across energy and the built environment.

 

“Ten West Corporate Center has been fully occupied by an excellent tenant with great credit during our lengthy hold,” says Brett Merz, asset manager for Ten West Corporate Center and senior vice president for KBS.

Kevin McConn

“Fully occupied assets like Ten West Corporate Center can provide investors with strong cash flow and performance.”

 Ten West Corporate Center is conveniently situated within the Park Ten office park, a 500-acre master-planned business park that is the epicenter of the Energy Corridor submarket.

 

Park Ten is home to the headquarters of a number of multi-national companies, including Blade Energy Partners, Kraton Polymers and Aramco.

Martin (Marty) Hogan 
Kevin McConn and Marty Hogan of JLL represented KBS in the sale of Ten West Corporate Center. 

“Opportunities to own such a high-quality, well-managed property with a solid long-term tenant in place are few and far between in this market,” says McConn.

 

Susan Hill with JLL represented the buyer, Ellingstone Group on acquisition financing.

 “Ten West Corporate Center’s stable and predictable income backed by a long-term lease to a multinational tenant with strong creditworthiness made the property extremely attractive to us,” says Rishy Mehrotra, Managing Partner of Ellingstone Group.

 Bruce Fischer
Ten West Corporate Center is located at 17420 Katy Freeway in Houston, Texas.

 

 

About KBS

KBS is one of the largest investors of premier commercial real estate in the nation.

 As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $43 billion on behalf of private and institutional investors globally.

Howard Chu
Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country.

The firm is committed in its business ethics, its business relationships, and its constant focus on exceeding the expectations of its investors, partners, and tenants.

SEC registration as an investment advisor does not imply any particular level of skill or training.

 

CONTACT:

 Lara Sassounian 

lsassounian@brower-group.com

www.kbs.com.

 

Kevin Davis named to Cornell’s CREF advisory board

 

Kevin Davis

NEW YORK, NY – JLL’s Hotels & Hospitality Group announced Senior Managing Director Kevin Davis has been named to Cornell’s Center for Real Estate and Finance (CREF) advisory board.

 

CREF’s advisory board is composed of senior-level leaders in the industry and among other initiatives, provides mentoring, internship and employment opportunities to enhance the educational experience of graduate and undergraduate students within The Hotel School at Cornell’s SC Johnson College of Business.

 

“I appreciate the opportunity to join industry peers and colleagues on CREF’s advisory board, and fostering a greater connection between Cornell students and faculty, and JLL,” Davis said.


The Hotel School at Cornell’s SC Johnson College of Business.

 

Davis is a Senior Managing Director in JLL’s Hotels & Hospitality Group and Head of Debt Capital Markets for Hotels.

 

Davis holds a B.A. with Honors in Economics from the University of North Carolina at Chapel Hill, a J.D. from the UCLA School of Law and an M.B.A. from the Wharton School of Business at the University of Pennsylvania.

 

 For more news, videos and research resources on JLL, please visit our newsroom.

 CONTACT:

 

 Kristen Murphy

 JLL Senior Manager

 Public Relations

Phone: +1 617 848 1572

Email:  Kristen.Murphy@am.jll.com

 jll.com.