A Hines partnership developed the eight-story building at 1020 NE Loop 410 in 1986. "We've held it all these years," says Tom Owens, senior vice president for the Houston-based Hines. "We felt it was a good time to sell the building."
One Oak Park was 95% leased at sale time "with very little roll in '06 and '07," Owens tells GlobeSt.com. "The majority of the building has until 2011 or longer." One Oak Park's top space-takers are JPMorgan Chase, HDR Engineering Inc. and Embrey Partners Ltd.
"Any building built by Hines, you know is top of the line," Todd W. Savage, a Dallas director for Holliday Fenoglio Fowler LP, who teamed with senior managing director Andrew S. Levy and Owens to broker the sale. Savage says the sale, which cycled without a hitch, gathered interest from local investors and institutions with an existing presence in San Antonio. Ken Baber handled talks for the buy side.
Its occupancy, quality and location near the airport delivered "plenty of interest" from buyers' circles, Savage says. Designed by Ford Powell & Carson Architects in San Antonio, the St. Joe brick-clad One Oak Park carries an Energy Star label plus has setback terraces on floors six, seven and eight.
"If you could draw up a perfect deal, this would be it," Savage stresses. "You had a great buyer, a great seller and a great building."
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