American Ventures Realty, a privately held company based inCoral Gables, FL, has bought the 21-story Three Riverway officetower from J.P. Morgan Investment Management for a reported $51million. That adds up to $130 per sf. The 396,000-sf buildingrepresents one of this year's top-dollar sales in the city.
Falcon Real Estate bought the six-story Cabot Building in theEnclave Business Park in west Houston from Dienna Nelson AugustineCo. for a reported $23.7 million, or $160 per sf. - one of thehighest per-sf prices paid this year for a suburban officebuilding. The office facility had been built last year. Thetransactions may be signaling a flurry of year-end activity in theoffice tower market.
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