Insite Buys Class-A Office In Northwest Houston
Insite Commercial Real Estate purchased Intellicenter, a 160K SF Class-A office asset in Northwest Houston marketed by HFF, which received 12 offers for the value-add Class-A office in Houston's hottest industrial submarket.
Intellicenter is on 12.8 acres at 4650 Westway Park, within the 3M SF Westway Park office campus along Beltway 8. Completed in 2007, the LEED Silver, three-story property is fully leased to The Travelers Indemnity Co. and Cameron Village. HFF's Danny Miller and Trent Agnew led the investment team repping the seller.
The property is a value-add opportunity, as Cameron's lease for 25% of the building expires this October. Northwest Houston has been a strong market, particularly in the warehouse and industrial space. A Class-A office with proximity to a thriving industrial submarket was a hot ticket. The property was sold free and clear of financing.
“Value-add office opportunities like Intellicenter are generating a lot of interest from both longtime Houston investors as well as new sources of capital, and as a result the deal generated 12 offers,” Agnew said. “Insite recognized the quality of the building and location, having built similar product in the market."