Beacon lights on 566,301-SF Houston offices

HOUSTON – Beacon Investment Properties has added to its office portfolio with the purchase of Ashford Office Park 5, 6 and 7 — a three-building, 566,301-sf property at the intersection of I-10 and Dairy Ashford Rd.

The Class B portfolio, in Houston’s Energy Corridor, was sold for $141 per sf, or about $80 million by Falcon Southwest and CarVal Investors.

The portfolio is located across from the world headquarters of ConocoPhillips and Shell Oil’s North American Exploration & Production Group. According to industry data, the three properties were built between 1979 and 1981.

Largest of the three is Ashford 5 at 194,647 sf, while Ashford 6 measures 183,268 sf and Ashford 7 comes in at 183,268 sf.

The portfolio has an average occupancy of 93.6 percent, compared to the citywide average vacancy rate of 14.5 percent for second quarter 2012.

Asking rents are in the mid-$20s per sf, at the high end of the spectrum for Class B properties in the area. Beacon Investment Properties is Florida based.

Read more at GlobeSt.com.