HOUSTON-Franklin Street Properties Corp. of Wakefield, MA put an end to its medium-term hold of the 626,000-square-foot Phoenix Tower, selling the class A office building to Parkway Properties Inc., which is located in Orlando, FL. The close to 30-year-old building changed hands for approximately $125 million.
Located at 3200 Southwest Fwy. in Houston’s Greenway submarket, the office building was 84.5% leased at the time of sale. “The property is ideally situated within an ever tightening Greenway Plaza submarket, with a buyer that’s well positioned to take advantage of an area that continues to see substantial growth,” comments CBRE’s Jared Chua in a press release. Chua collaborated with CBRE colleagues Bernard Branca and Russell Ingrum to represent the seller in the transaction.
Other than its location in a submarket known for tightening office vacancies, Phoenix Tower’s claim to fame is its nine-hole, Jack Nicklaus-designed putting green on the roof of the garage. The building serves as the corporate headquarters of Champion Technologies Inc., which is in the process of being acquired by St. Paul, MN-based Ecolab Inc. Other tenants include Allen Boone Humphries Robinson LLP; Phillips & Akers PC and the Lincoln National Life Insurance Co. The building was significantly renovated in 2011, and recently received LEED® EB Gold Certification.