HOUSTON-Principal Real Estate Investors sold the 145,114-square-foot Reserve at Park Ten office building to a subsidiary of CapLease Inc. The buyer paid approximately $35.5 million for the three-year-old building, which is 100% occupied.
Bernard Branca, Jared Chua and Russell Ingrum of CBRE represented Principal in the disposition of the property at 15721 Park Row, which is situated on the Interstate 10 corridor in far west Houston. This area is known as the "Energy Corridor," because many energy companies have taken space in the office buildings lining Interstate 10.
Branca is quoted in in a press release as saying the offering generated a great deal of investor interest, partly because of the Houston market's appeal. "Also driving investor interest was the property's location within the Energy Corridor, which is widely recognized as one of the world's most important energy centers and a perennial leader in Houston market fundamentals,” Branca adds.
Principal Real Estate Investor's Mark Hanrahan, who is managing director-acquisitions and dispositions, also weighed in on the press release, noting that Reserve at Park Ten fit into the clients' strategy of acquiring high-quality assets and leasing them up. GlobeSt.com reported in April, 2012 that WorleyParsons, the Australia-based engineering firm, leased 150,000 square feet at the office building, effectively bringing it to full occupancy.“We are pleased to work with great tenants and a buyer to bring our involvement in this project to a close,” Hanrahan adds.
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