The 22-year-old Columbia Centre, assessed at $11.17 million by Harris County, was 90% leased at sale time. The lead tenants in the 11011 Richmond Ave. building are Royal Bank of Canada and the Atlanta-based Equifax Consumer Services Inc.
"This was listed in Westchase, an area where the properties are at high occupancy and the rents are going up so there was a lot of interest," Rusty Tamlyn, principal for Trammell Crow Co.'s capital markets group in Houston, tells GlobeSt.com. "We had over 20 offers on this." He and TCC colleague Ralph Tullier along with Dallas-based Granite's Paul Bennett and Deanna Stringer represented the seller, Houston GPI Ltd. The buyer was self-represented.
Granite has been leasing and managing Columbia Centre. But, Tamlyn says, TCC's Houston office will do the honors for the new owner.
"Granite had owned this for almost 10 years and had gotten it to 90% leased," Tamlyn says. "They own other office buildings in the Westchase area and capital conditions were good for this one so they sold." He adds Granite has no immediate plans to sell its other properties.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more inforrmation visit Asset & Logo Licensing.
