HOUSTON--National Asset Services (NAS) has brokered the sale of 602 Sawyer Street, on behalf of 22 tenant-in-common co-owners, to Houston-based Griffin Partners. The property, an 85,923-square-foot, seven-story office building, is located in the Midtown submarket.
The tenant-in-common investors purchased the property in 2008. Originally built in 1982, the office property underwent renovations in 1999. At the time of the sale, the property was 92 percent leased.
"The long term upside for 602 Sawyer in the Houston market made the sale a win-win transaction for both the buyer and sellers of the property,” Karen E. Kennedy, president and founder of NAS, told GlobeSt.com.
The sale of 602 Sawyer marks the 22nd transaction in the last 24 months in which NAS has guided tenant-in-common investment groups through a sale or refinancing process.
NAS assumed asset management responsibility of the property in February 2013 and helped to build a 20 percent increase in leasing, as well as oversee several property-improvement projects including a remodeling project of the corridors, elevator cabs and restrooms. Prior to the sale, NAS renewed the lease of one of the property's major tenants, the Houston Police Officer's Pension System, for a 12,670-square-foot space.
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