BBVA Compass Plaza Is Sold

HOUSTON--BBVA Compass Plaza, a class AA office building totaling 326,200 square feet in the Galleria submarket has been sold.

HFF marketed the asset on behalf of the seller, a joint venture partnership between Stream Realty Partners LP, TRC Capital Partners (formerly The Redstone Cos.) and an institutional client of L&B Realty Advisors LLP. Masaveu Post Oak Houston Delaware LLC purchased BBVA Compass Plaza for an undisclosed amount.

Completed in 2013, BBVA Compass Plaza is a LEED Gold Certified, 22-story, podium-style building that is 83 percent leased. BBVA Compass Bank occupies 58 percent of the net rentable area, and the remaining tenants are a mix of national and international firms that are drawn to the property's walkability in the Galleria area of Houston and its 24/7 environment. 

The property features a 1,144-space parking garage, a full retail bank branch, fitness center and two upscale restaurants, Caracol and Oka Sushi.

"The sale of BBVA Compass Plaza reflects the continued interest of foreign capital in class A product in superb locations in Houston such as the Uptown/Galleria submarket," says Steve Lerner, CEO of TRC Capital Partners.  

Executive managing director Scott Galloway, senior managing directors Dan Miller and Matt Kafka, managing director Colby Mueck and director Trent Agnew led the HFF investment sales team.

"With its groundbreaking, BBVA Compass Plaza ignited a development renaissance in Houston's most coveted submarket that is on-going and encompasses more than 6,050 luxury multi-housing units, more than two million square feet of office space, in excess of 697,000 square feet of high-street retail and two new luxury hotels," says Miller. "The transformative impact that this property has had on the Galleria skyline cannot be overstated, placing it at the forefront of the 'urbanization' movement in the Houston marketplace."