THE WOODLANDS - The Lionstone Group announced the sale of Waterway Plaza I and II in The Woodlands to Clarion Partners.
Located at 10003 and 10001 Woodloch Forest Dr., the two Class A office buildings total 366,074 sf and are 98 percent leased.
Lionstone Chief Investment Officer Glenn Lowenstein said the group acquired the Waterway assets last June. Their relationship with the major tenant led to a long-term extension of their lease.
Transwestern Property Company's work allowed the group to raise rents and increase occupancy to 98 percent in less than a year.
The buildings, which were completed in 2000 and 2001, are located in The Woodlands submarket of Houston — one of the strongest submarkets in the country in terms of occupancy.
Waterway Plaza I and II is situated on a 4.5-acre site along The Woodlands Waterway in Town Center. It is less than two miles from the new 4 million-sf Exxon U.S. Headquarters Campus currently under construction.
Read more at The Wall Street Journal.
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