The Executive Plaza office property at 4605-4645 Southwest Freeway straddles the Galleria and Greenway Plaza submarkets in South Houston. Seller Cypress Office Holdings Ltd. owned the property for four years.

A contact for the buyers tells GlobeSt.com that the transfer of the 32-year-old complex involved a buyout of some partners. The Cypressbrook Co. is a commercial management, leasing and development company based in the Woodlands. Bridgewood Property Co. is a Houston-based acquisition and development company of income-producing properties.

The 76%-leased Executive Plaza is situated on about 8.3 acres. The asset consists of two 10-story buildings and three single-story buildings. Leasing will be handled by an in-house team, the contact says. The current tenant roster, mostly small office users, does include Union Oil Co. of California and Berwanger, an oil, gas and petrochemical consulting firm.

According to the contact, there are no capital improvements planned for now. The Harris County Appraisal District reports a lease rate of $14.52 per sf, with the 2002 appraisal value pegged at slightly below $11.8 million.

The buyers obtained $14.1-million acquisition financing from GE Capital's Dallas office in a package arranged by John Burke, senior director/senior vice president with the Houston office of Minneapolis-based NorthMarq Capital Inc. Burke termed the financing as a bridge loan with "moderate leverage.