HOUSTON-In recent weeks, much has been said (and written about) Houston’s increased leasing velocity on the office and industrial fronts. The same could be said when it comes to office building sales.
According to Colliers International’s Research and Forecast Report and CBRE’s Market Research, 33 office properties changed hands during Q4 2012. The Colliers report also notes that sales volume transaction hovered around $908 million.
Jones Lang LaSalle’s Office Highlights for Q4 explains that investors are starting to eschew inflated prices in the so-called “gateway” coastal markets and are coming to Houston because of better pricing and yield. Experts interviewed by GlobeSt.com anticipate this trend continuing into 2013.
Recent transactions included
- Invesco Real Estate’s acquisition of Williams Tower at 2800 Post Oak Blvd. from Hines REIT for a rumored $420 million; $284 per square foot.
- Allianz Real Estate of America’s 50% stake of Four Oaks Place for $465 million, or $260 per square foot.
- Phoenix Tower’s sale to Parkway Properties for approximately $125 million, or $198 per square foot
- Brookfield Office Properties and KBR sold KBR Tower to Corporate Property Associates 17 Global Inc. for $175 million, or $167 per square foot
- Pearlmark Real Estate Partners sold 1800 West Loop South to KBS Strategic Opportunity Fund REIT for $69 million, or $168 per square foot.