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HOUSTON-A shipping company, eyeing space to lease in Houston’s northwest submarket, has instead bought the 45,367-sf building for about $2.1 million.

Mediterranean Shipping Co. USA Inc. was sizing up the top floor of the three-story 10050 Northwest Freeway when its corporate leaders made an offer that the two-year owner felt obviously was too good to pass up. The firm is still taking the third floor for 85 employees, but its standing certainly has changed.

The 31-year-old building underwent a top to bottom rehab, inside and out, after it was bought by Barr Commercial LP of Chicago, Eric Anderson, senior vice president of Houston-headquartered Transwestern Commercial Services, tells GlobeSt.com. The building, positioned on 1.7 acres near Loop 610, is assessed at close to $1.2 million by the Harris County Appraisal District.

Anderson says the building was 66% leased at sale time to multiple tenants on the first two floors. He was working the lease-up when Mediterranean Shipping first toured the building. Aside from a recently renovated building, the new owner also latched onto a property with a “stabilized rent roll,” he says.

The buyer’s rep, CA Rousser of the Rousser Co. in Houston says about 85 employees will be relocating in October from a nearby leased site. Finish-out will get underway in the coming weeks.

Mediterranean Shipping is one of the largest container shipping companies in the world. Its world headquarters are in Geneva and US operations are based in New York City.

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