Beacon shines on Houston’s One City Centre

HOUSTON – Beacon Investment Properties has acquired One City Centre, a 609,000-sf Class A office building located at 1021 Main St., in a joint venture with Menorah Mivtachim and Psagot. Behringer Harvard was the seller.

The 31-floor extensively renovated office building, recently achieved LEED Gold Certification. Currently 84 percent occupied, the building is anchored by Waste Management and Energy XXI.

The average vacancy in the area is 12 percent and is complemented by six quarters of positive absorption. An average gross rental rate is a new high of $31.55 per sf.

Beacon Investment Properties recently purchased Ashford 5, 6, and 7, a 560,000-sf office portfolio located in Houston’s Energy Corridor, as reported in September 2012.