Houston sale: 184,000-SF Westchase Corporate brings $53MHouston sale: 184,000-SF Westchase Corporate brings $53Mhttps://www.recenter.tamu.edu/news/newstalk-texas/?Item=30232014-09-22T08:43:00Z2014-09-18T06:40:00Z

HOUSTON - The Westchase Corporate Center, a 184,259-sf, Class A office building in west Houston, has been purchased by Clarion Partners for approximately $53 million.

The six-story office building is located on Richmond Ave., just west of the Sam Houston Tollway. It was built in 1999.

With the building acquisition, Clarion is also gaining the opportunity to build another office building on land now used as a parking lot for the center.

“It was designed to allow for a 93,000-sf, four-level Phase II office building on an existing surface parking lot,” said JLL’s Managing Director Rudy Hubbard.

The building is 98 percent occupied, but leases on 82 percent of the space are slated to expire within five years. This gives Clarion the opportunity to raise rental rates, which now run about $23.50 per sf in the Westchase area, Real Estate Alert reported.

JLL said the Westchase area has 13.9 million sf (excluding Class C properties) of office space and over 55,000 jobs. Westchase includes 1.8 million sf of retail space, more than 50 multifamily properties totaling in excess of 15,000 units and 18 hotels with more than 2,600 rooms.

Realty News Report
Houston-The Woodlands-Sugar Land
http://realtynewsreport.com/2014/09/17/westchase-building-sells-for-53-million-new-owner-may-build-another-tower-on-site/Read more at {Source}

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