The Dallas-based buyer, Granite Properties, and seller, Prentiss Properties aren't saying what was exchanged this week at the closing table. But, Granite managing director Scott Martin is saying "it was much lower than $70 million." For previous story, click here.
The 12-story office building at 10777 Westheimer Rd. is assessed at $41 million by Harris County. The class A office asset, bought at 82% occupancy, sits in a submarket with a wide range of prices for comparable product. In April, a 224,456-sf office building along Westheimer Road brought $107 per sf while another Q2 sale fetched $167 per sf for the nearby 1255 Enclave Parkway.
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