Griffin’s $135M grips Houston’s Westgate II, III

HOUSTON – GCEAR II is the new owner of Westgate II, a 186,375-sf, four-story office building located at 17320 Katy Fwy. with a $57 million buy.

GCEAR paid $77 million for Westgate III, a 225,885-sf, five-story office building located at 17325 Park Row Rd. The Westgate II and III cumulatively are 412,000 sf.

Westgate is a three-building development built on 21 acres on the north side of I-10, east of Barker Cypress Rd. at 17320 Katy Fwy. and 17325 Park Row Rd.

El Segundo, CA-based Griffin Capital Corp., the sponsor of Griffin Capital Essential Asset REIT, Inc. and Griffin Capital Essential Asset REIT II, Inc. (GCEAR and GCEAR II, respectively), acquired Wood Group Mustang’s corporate office buildings within the Park 10 Regional Business Center.

Building 1 of the Westgate development, located north of I-10 and East of Barker Cypress Rd. was not included in the deal.

Source: CoStar.com