Norvin will upgrade the buildings at 1111-1211 State Highway 6. Among the list of "to-dos" are landscaping, wayfinding and outdoor signage. Eric Johnson, managing director, health care advisory services with Transwestern's Houston office, says a name change is also in the works.
Johnson, who represented Norvin in the buy and who has the leasing and management assignment, says the new owner is still working out a budget and renovation targets. "We're looking to partner with an architect, who'll go in there and make suggestions, then we'll have an idea of what needs to be done and a budget," Johnson explains. "Norvin feels like there's a big splash that can be made in that area."
He tells GlobeSt.com the tenant mix is diversified with plenty of long-term leases. Sugar Land Surgical Hospital is one of the main tenants and has a long-term lease. The roll is steady, Johnson explains, which is typical for medical office buildings.
Norvin already has a huge presence in the area with a local portfolio containing more than 900,000 square feet of health care real estate. The New York City company is one of the largest for-profit owners of real estate in the Texas Medical Center. Johnson says Norvin is actively looking for other potential investments in Houston, but doesn't have any more local closings scheduled for 2008.
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