HOUSTON – PM Realty Group has purchased the 136,698-square-foot office building and 20-lane motor bank in the Greenway Plaza/Galleria submarket. The six-story property, located at 2900 Weslayan, sold for an undisclosed price.
The boutique office was on the market about 30 days and created a significant amount of buzz during that time, Dan Miller, senior managing director of HFF, tells GlobeSt.com.
“This was a value add/opportunistic deal in an urban infill market that garnered a lot of attention,” Miller says. Miller and colleague Trent Agnew represented the seller.
“This was a very sought after offering due to its urban infill location, frontage on three streets and considerable upside potential through the lease up of vacant space and rolling in place rents to market,” says Miller.
The office building is 73% leased to a variety of tenants including anchor tenant, JP Morgan Chase.
The property, which sits on 2.8 acres, is adjacent to a new 40-story residential development, which is also being developed by PMRG. Miller says the area is an ideal live, work and play environment.
PMRG will be investing significant capital to reposition the building to class A.