HOUSTON—With just 4.1 million square feet of class-A and B office space, Midtown is one of Houston's smallest office submarkets. Its niche location, however, helped the submarket perform well throughout 2016, closing the year with 2.1% of positive net absorption, according to JLL.
In that submarket, activity remains steady, as evidenced by the recent acquisition of an office property there. Davis Holdings LP, an oil and gas, real estate investment company, recently purchased a fully leased 33,000-square-foot two-story class-B office building at 1500 McGowen St.
The price was undisclosed but the property has been refinanced three times in the past 12 years, GlobeSt.com learns. Originally built in 1972 and renovated in 2002, the property features loft-style office space with updated building systems.
JLL's Louis Rosenthal negotiated the terms on behalf of Davis Holdings. David Husid and Brandi McDonald of Newmark Grubb Knight Frank represented the seller, Skyland Lodge Tract LP.
“Davis Holdings was attracted to the property's accessible location, proximity to downtown and adequate parking,” said Rosenthal. “Fully renovated and located in Midtown's growth path, the building should prove to be a great investment for the firm.”
The major renovation was undertaken to offer loft-style creative office space with high ceilings, GlobeSt.com learns. The property is fully paved with secure parking in front and back, according to LoopNet.
The building is located at the corner of La Branch and McGowen Streets. It is near St. Joseph Medical Center with convenient access to downtown, the Highway 59 entrance ramp, the Texas Medical Center, Midtown retail restaurants and the city's METRORail train system.
“1500 McGowen is occupied by a mix of professional service companies,” Rosenthal tells GlobeSt.com. “The Midtown area has seen significant residential, retail, restaurant and small office building development during the last five years and we anticipate that to continue.”
HOUSTON—With just 4.1 million square feet of class-A and B office space, Midtown is one of Houston's smallest office submarkets. Its niche location, however, helped the submarket perform well throughout 2016, closing the year with 2.1% of positive net absorption, according to JLL.
In that submarket, activity remains steady, as evidenced by the recent acquisition of an office property there. Davis Holdings LP, an oil and gas, real estate investment company, recently purchased a fully leased 33,000-square-foot two-story class-B office building at 1500 McGowen St.
The price was undisclosed but the property has been refinanced three times in the past 12 years, GlobeSt.com learns. Originally built in 1972 and renovated in 2002, the property features loft-style office space with updated building systems.
JLL's Louis Rosenthal negotiated the terms on behalf of Davis Holdings. David Husid and Brandi McDonald of Newmark Grubb Knight Frank represented the seller, Skyland Lodge Tract LP.
“Davis Holdings was attracted to the property's accessible location, proximity to downtown and adequate parking,” said Rosenthal. “Fully renovated and located in Midtown's growth path, the building should prove to be a great investment for the firm.”
The major renovation was undertaken to offer loft-style creative office space with high ceilings, GlobeSt.com learns. The property is fully paved with secure parking in front and back, according to LoopNet.
The building is located at the corner of La Branch and McGowen Streets. It is near St. Joseph Medical Center with convenient access to downtown, the Highway 59 entrance ramp, the Texas Medical Center, Midtown retail restaurants and the city's METRORail train system.
“1500 McGowen is occupied by a mix of professional service companies,” Rosenthal tells GlobeSt.com. “The Midtown area has seen significant residential, retail, restaurant and small office building development during the last five years and we anticipate that to continue.”
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