Buchanan Buys 165,000-SF Office Building

HOUSTON-Buchanan Street Partners has partnered with CarVal Investors to acquire a 165,399-square-foot office building at 2100 West Loop South in the Galleria submarket. The Southern California partners bought the property from a Moody National Cos. affiliate in an off-market transaction.

The sales price was kept under wraps, though the Harris Central Appraisal District assesses the 1970s, class B building at $14.2 million. According to Timothy J. Ballard, co-founder and president of Buchanan Street Partners, the goal is to invest in improvements ranging from cosmetic upgrades to deferred maintenance repair. Ballard tells GlobeSt.com that approximately $3 million is being directed toward lease-up activities; the building is currently 82% occupied. An additional $2.5 million will be dedicated to the upgrades, which Ballard anticipates should be completed by the end of the year. Improvements will include lobby and restroom upgrades, exterior painting and a new entryway. Transwestern is handling leasing and marketing for the building.