H. Dan Miller, senior managing director with Holliday FenoglioFowler LP's Houston office, tells GlobeSt.com that Cole had his eyeon the 64,000-sf Armand Plaza Office Center and 161,859-sf Camino Iand II for some time. "John's invested in Clear Lake officeproperties for awhile and had actually attempted to buy thesebefore," says Miller, who partnered with Martin Hogan, HFFassociate director, on behalf of the Newport Beach, CA-basedseller. "When they became available, he jumped on them and tiedthem up."

The sales price wasn't available, but area sources explain thatsimilar office assets have been trading for $70 per sf to $80 persf. Sitting on nearly 10 acres, the 76,424-sf Camino I at 17629 ElCamino Real Blvd. is 96% occupied while its neighbor, the 76,113-sfCamino II at 17625 El Camino Real Blvd. is 86% leased. Armand PlazaOffice Center, about a mile away on a six-acre tract at 16441 SpaceCenter Blvd., is 100% occupied. HFF managing director Susan Hillarranged for financing.

"These properties are in really good condition," Miller says."KBS is an institutional owner and they do an outstanding job ofmaintaining and keeping their properties up to date." PM RealtyGroup of Houston did not return telephone calls about the lostleasing assignment prior to deadline.