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Net Lease Office Properties sold a 1M SF building leased by KBR Inc. for $66M, or about $63 per SF, the company disclosed in Securities and Exchange Commission filings.
Although the building’s address was not disclosed, the details match those of KBR Tower, a 40-story building at 601 Jefferson St. in Downtown Houston.
NLOP, which is externally managed and advised by affiliates of W.P. Carey, did not name the buyer, other than to describe it as an “unaffiliated third party.” However, Traded: Texas reported the buyers as Namdar Realty Group and Mason Asset Management, both of Great Neck, New York.
A representative for W.P. Carey declined to comment.
An affiliate of W.P. Carey bought KBR Tower in November 2012 for $174.6M, Chron reported at the time. W.P. Carey spun the building into its new NLOP REIT in 2023.
KBR, an engineering and construction company, occupies about 900K SF in the building with a lease running through 2030.
The building was one of the properties in a pool of collateral for a $335M senior secured mortgage, which was fully repaid in December 2024, and a $120M mezzanine loan fully repaid in April 2025, NLOP said in an SEC filing.
The KBR Tower sale was completed on Jan. 15, according to NLOP. The contractual sales price of $66M resulted in net proceeds of about $65.4M, the filing states.
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