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