Thank you for sharing!

Your article was successfully shared with the contacts you provided.

HOUSTON-Grubb & Ellis Realty Investors has beat out nine other bidders for the 158,200-square-foot Oak Park Office Center III. The Santa Ana, CA-based buyer has paid slightly less than the $34.5-million ask to Myers Crow & Saviers Ltd. for the single-tenant asset.

The local developer completed the building in the spring, leased it in July and then turned it over to Holliday Fenoglio Fowler LP managing directors Robert Williamson and Jeffrey Hollinden to market. Williamson says Grubb & Ellis ended up with the class A building at 6001 Rogerdale Rd. because of its familiarity with Oak Park Office Center Park. “They own the Oak Park I building we sold them in 2004,” he adds, telling GlobeSt.com that Grubb & Ellis Realty funded the transaction with a life company acquisition loan.

In July, Jacobs Engineering Group signed a 10-year lease to get the entire building, which sits on 11.3 acres, for its headquarters. According to HFF’s marketing brochure, the lease will generate $2.4 million in annual rent.

Meanwhile, Myers Crow & Saviers is seeking tenants for the 158,200-square-foot Oak Park Office Center IV at 6005 Rogerdale Dr. The building is under construction, with completion scheduled for early 2009. It too is being courted on a single- and multi-tenant basis.

“These buildings are designed to be flexible,” Williamson says. “Building four will likely be multi-tenant, but in this case multi-tenant means three or four tenants. These are still geared toward large users.” He says the developer could market the asset upon lease-up.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.