Transwestern Investment Co. LLC of Chicago is the seller of 1900W. Loop South, assessed at $42 million by Harris County. The finalprice of the 90%-leased high rise is not readily available due toTexas' non-disclosure law.

Stephen Nesterak, Lowe's president of the central region for theLos Angeles-based Lowe's, tells GlobeSt.com that asset quality,location and availability for less than the $300-plus replacementcost were the dealmakers. "In other markets, building from theground-up has been difficult because of construction costs and theentitlement process. That was a big motivating factor on this one,"he says, adding that there is little, if any land left in theGalleria submarket to build. He says the joint venture plans toinvest an additional $1.5 million into upgrades, including a lobbyfacelift.

"We bought the Hotel Icon six months ago and were in the processof considering other deals," Nesterak says. "Buchanan has madeinvestments separately in the market. When we went to them withthis product, they echoed our sentiments about the view of theHouston office market."