HOUSTON–Rosemont Realty LLC has acquired the 15-story Kirkwood Tower, located in Houston's Energy Corridor.
The asset adds 285,682 rentable square feet of class A office space to Rosemont Realty's portfolio. It brings the company's total square footage in the greater Houston area to nearly 2.5 million square feet in 16 properties, including Kirkwood Atrium II next door.
“Houston has not only recovered more quickly than other cities from the economic recession, it has experienced growth in the commercial real estate market sector with the spotlight on the city's Energy Corridor," Helen Rivero, Rosemont Realty's regional principal, told GlobeSt.com. "This submarket has witnessed a higher occupancy rate and, subsequently, higher lease rates quarter over quarter. Kirkwood Tower has all the quality, full-service amenities you'd expect from a class A building, bolstered by its location in the heart of the Energy Corridor. It is Rosemont's flagship asset in Houston."
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Rosemont Realty purchased the office building in a joint venture with new Rosemont investor Central Properties. The seller was a joint venture between Denver-based Amstar and Dallas-based Frontier Equity. The sales price was not disclosed.
“The addition of Kirkwood continues our overall strategy of expanding in key markets where we have a substantial presence,” says Michael Mahony, chief executive officer of Rosemont Realty. “Adding Kirkwood to our portfolio bolsters our existing footprint in Houston, where we have the support and infrastructure in place to provide first class, full-service asset and property management, and leasing services.”
Kirkwood Tower was built in 1984, with major capital projects completed between 2008 and 2010, and in 2012 through 2013.
“Kirkwood represents the kind of opportunity that was right for Rosemont and our joint venture partner,” says Don Henry, chief investment officer for Rosemont Realty. “Kirkwood meets our investment criteria; it is a high-quality, class A, institutionally-maintained building strategically located in a well-performing submarket.”
The Kirkwood Tower is currently 92 percent occupied. Tenants include Texon LP, Skyline Executive Suites Ltd., KCA Deutag LLC, First Solar Inc., Greene's Energy Group LLC and Mac Haik Holding Company Inc., among others.
HFF's H. Dan Miller, senior managing director; Robert Williamson, senior managing director; and Martin T. Hogan, director, brokered the transaction, with assistance from Wesley Hightower, real estate analyst. Susan Hill, senior managing director with HFF, assisted in financing the project.
Under the direction of Rosemont Realty's Rivero, the company will provide asset management and property management services for Kirkwood Tower; leasing will also be handled by Rosemont Realty.
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