HOUSTON-- Galleria Place, two class A office buildings totaling 401,000 square feet plus a stand-alone retail site across from The Galleria, has sold.
HFF marketed the property on behalf of the seller, The Carlyle Group and Songy Highroads LLC. Lincoln Property Co. purchased the asset for an undisclosed amount. HFF is also engaged to arrange financing for the buyer.
HFF was unable to provide additional comments about the transaction.
Galleria Place consists of Galleria Place I (5251 Westheimer), an 11-story, 217,006-square-foot office building; Galleria Place II (5333 Westheimer), a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages with 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and HIS. The properties occupy six acres bounded by Sage and Westheimer roads and West Alabama Street directly across from The Galleria.
Senior managing director Dan Miller and director Martin Hogan led the HFF investment sales team.
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