After being fully leased for more than a decade, 717 Texas is down to 50% leased due to a recent tenant departure. That did not deter lender's interest. Goldman Sachs provided a $163.5M loan to refinance the 33-story, 696K SF LEED Platinum office tower Downtown.
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JLL's Tom Melody and John Ream led the team behind the refinancing. The loan includes a facility allowing ownership to draw additional funds to lease the vacant space.
“The drop in occupancy did not deter lenders from aggressively pursuing this refinancing opportunity,” Ream said. “This is a testament to the quality of this asset and the lenders’ desire to place capital in Houston.”
SALES
Marcus & Millichap’s Evan Altemus and Gus Lagos completed the sale of Rosehill Plaza, a 15K SF office property at 17510 Huffmeister in Cypress. The buyer was secured by Marcus & Millichap’s Nate Newman and Logan Kelly.
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Stream Realty purchased Lake Jackson Centre, a 96K SF fully leased retail center in Lake Jackson. HFF repped the seller. No broker information was provided.
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NAI Partners’ Jake Wilkinson repped Churchill Drilling Tools in the purchase of a 21K SF crane-served manufacturing property at 1366 Richey Road in Houston. Turnkey Building and Design was repped by Northwinds Commercial’s Clint Hankla.
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GPM International purchased a 13K SF office/warehouse facility at 5615 Campbell Road. First Houston Properties' Jonathan McDaniel repped the seller, and First Houston Properties' Patrick McKiernan repped the buyer.
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Marcus & Millichap’s Skyler Cooper, Lisa Hankamer, Chris Gomes and Alan Miller completed the $6M sale of La Quinta Inn in Beaumont. The buyer was an LLC.
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Colliers’ Kris Paul repped the landlord, Marinus Properties, in leasing 5,100 SF of office/warehouse space at 3511 Watters Road in Pasadena to Alltech Solutions. Texas General Realty’s Kris Paul repped Alltech.
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Finial Group’s Jack Parsons and Samma Abuhamra repped Jewell Concrete Product in a 97K SF lease at 11931 North Garden in Missouri City. LBG Properties is the landlord.
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NAI’s Chris Caudill repped PK Industrial in a 91K SF renewal at 4800 Fidelity in Jacinto City. Centermark Commercial Real Estate’s Eric Hughes repped McCorvery Real Estate Holdings.
FINANCING
HFF arranged financing for BLVD Place on behalf of Whitestone REIT. HFF also repped the seller, a partnership between Bailard INC and Wulfe & Co. HFF secured a $80M 10-year fixed-rate loan. HFF’s debt placement team led by Matt Kafka and Kelly Layne handled the financing.
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