HOUSTON-Gateway I & II Office Buildings here have been sold to Laurus Corp., a private, Los Angeles-based real estate investment and development firm, for an undisclosed price from a seller whose identity was also not disclosed to GlobeSt.com. The approximately 270,000-square-foot, class-A property is strategically located on JFK Blvd. here and leads directly to the IAH Airport, also known as George Bush Intercontinental.

The property is composed of one six-story and one eight-story building, along with a five-story parking structure. The mid-rise buildings feature an extensively landscaped courtyard, lobbies with vaulted ceilings and marbled floors and walls, as well as a covered driveway leading to the entrances of both buildings for easy passenger drop-off and pick-up. The acquisition also includes an additional 4 acres suitable for expansion or a new development project. Tenants have quick access to the entire Houston metro area through immediate highway access in all directions including I-45 and Highway 59.

According to Philip Cyburt, CEO of Laurus Corp., “Gateway I & II presented us with a unique opportunity to maximize the properties' potential by infusing the necessary capital to lease up vacancies. We were very successful with the implementation f our value-add techniques at our nearby property also located on JFK Blvd., where we were able to achieve 99.5% lease-up.”

Additional tenant amenities at the property include controlled access, fiber optics, T-1 high-speed Internet, covered garage parking, a full-service café- and on-site management. Laurus will be investing significant capital to further improve its tenant and visitor experience through capital expenditure upgrades and renovations of the lobby, corridors and bathroom facilities.

“By utilizing our established relationships and unmatched expertise in the market, we will work with our local leasing and management to create greater economies of scale and realize even greater risk-adjusted returns,” said Austin Khan, CIO of Laurus Corp., in a prepared statement.

As GlobeSt.com reported in November 2012, Laurus Corp. has leased approximately 75% of the building located at 1155 Market St. in San Francisco to the City and County of San Francisco. The San Francisco Board of Supervisors had approved the nearly 104,000-square-foot, 10-year lease in a vote earlier in the month.