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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.