The Grubb & Ellis Co. team in Houston brokering the deal for the seller consisted of Martin O'Malley and Kristin Porter. According to the Harris County Appraisal District, the 18-year-old, five-story building's capped value rate was at a high of $9 million in 2000. Phoenix Life acquired the class B office building in 1997 from Laredo-based Center Southwest Ltd. Phoenix Life and Phoenix Investment Part Ltd. are the primary subsidiaries of Hartford, CT-based the Phoenix Cos.
Zenith Real Estate's Houston portfolio includes a 90,218-sf building at 10500 Richmond Ave.; a 92,539-sf structure at 11111 Richmond Ave.; a 96,122-sf building at 10805 Richmond Ave.; and a 31,884-sf office building at 5900 Memorial Dr. The Richmond Avenue buildings are all located in Westchase while the Memorial Drive building is located in the tony River Oaks area.
The Phoenix Life building is located in the near southwest submarket, which has an office inventory of about four million sf and a 16.4% vacancy rate as of the first quarter close. The submarket absorbed 134,864 sf in the first quarter.
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