HOUSTON - Tenaris has purchased 2200 West Loop South from real estate investment firm APF Properties for approximately $47 million, or about $233 per sf. The 200,000-sf, ten-story office building is located along I-610 within the Galleria/Uptown submarket.
Fully integrated real estate investment firm APF Properties realized a 60 percent return on its 2200 West Loop South investment.
The property is in line to potentially see a bump in future value with 75 percent of the building's below-market leases slated to expire by year-end 2017. APF acquired the property in 2013 for $37 million.
Hines developed 2200 West Loop South in 1974. Renovated in 2000, the building is currently 94 percent leased to a tenant roster that includes Morgan Stanley, Parsons Engineering and White and Mackillop & Baham, according to CoStar information.
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