(For more retail coverage, click GlobeSt.com/RETAIL.)
HOUSTON-In its first partnership with AmREIT, Atlanta-basedSongy Partners Ltd. has invested in the First Capital BankBuilding, an 11-story, 133,507-sf office building in the Galleriasubmarket. The JV, with a 50-50 structuring, will redevelop the40-year-old building into an office, retail and high-densityresidential project.
"We just closed on this partnership and right now we're inpreliminary design phase," David Songy, CEO of Songy Partners,tells GlobeSt.com. "The site is large enough where it could bedivided into separate uses, but it's too early right now to talkabout cost or what this specifically will become." The class Boffice building sits on 3.2 acres at 5433 Westheimer Rd. He saysthe partners hope to keep the majority of the office tenants afterthe renovation.
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