HOUSTON-Having fulfilled its business objectives for a 135,680-sf class A office building in the Galleria submarket, Goddard Investment Group has sold the asset to a local buyer. At the same time, the Atlanta-based investor has put a 218,511-sf CBD office tower up for sale.

Goddard Investment sold a 25-year-old building at 675 Bering Dr. to Griffin Partners after having upgraded the lobby, bathrooms, elevators and landscaping. Area sources suggest the eight-story building and adjacent parking garage could have traded for $195 per sf to $215 per sf based on comparable area sales figures.

Bill Deyo, principal with Goddard Investment Group, says the building was acquired in late 2003 as the lead tenant, AIG American General Life Cos., announced its intention to leave the building for consolidation reasons. “The basic objective when we bought it was to make improvements to the building and backfill the space AIG left and then to exit when the opportunity came up,” Goddard tells GlobeSt.com. The building is 70% leased to First Investors, Foster & Associates and Cafe Express.

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