A Texas-based pension fund, TRST Corpus Inc., is the seller of Tower II at 555 N. Carancahua. Richard Rudd and Josh Hulen, both with the Houston office of Granite Partners LLC, represented the seller. Rudd tells GlobeSt.com that the 19-year-old building, situated on 2.6 acres, was on the market for about four months before the buyer was identified from a field of 10, primarily private investors. There was no official asking price nor would Rudd release the selling price, but he did say the property carries a value of about $10 million.

Rudd classifies Corpus Christi as a tough office market. But, he says, the buyer has an impressive business plan for the building and a successful track record for buying office properties in secondary markets.

In a press release, Griffin Partners says the renovation is an effort to maintain "Tower II's distinction as one of the top-tier buildings in the Corpus Christi Bay area." Located close to the Nueces County Courthouse, the structure is 70% leased, with a tenant roster that includes the General Services Administration, Halliburton Energy Services, Sitel Corp. as well as several legal and engineering firms. Griffin has taken over the leasing from Houston-based Transwestern Commercial Services.

Griffin Partners used in-house representation to negotiate the purchase. The firm is led by principals Fred Griffin, Drew Lewis and Brad Marnitz. Griffin Partners is part of the Griffin Cos., which has developed or acquired more than four million sf of office space in 17 office properties in Houston and secondary Texas markets of Victoria, El Paso, Clear Lake and Bryan.

Edward Griffin, executive vice president and CFO for Griffin Cos., says the business plan revolves around acquiring premier buildings in secondary markets. In the last three years, nine office buildings were acquired, with this year's buying projected to continue at a similar pace.