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Buchanan Street Partners and CarVal Investors sold 2100 West Loop South, a 162K SF office building in the Galleria area, to Elite Street Capital.
The sale is the latest in a hot office investment market. Since the oil downturn in 2014, investors have had a wait-and-see attitude about Houston. That is changing.
“Office investors have returned to Houston in a huge way with year-to-date volume over five times what it was in 2016,” HFF Senior Managing Director Danny Miller said.
2100 West Loop South is on 1.3 acres with direct access to River Oaks, Memorial Villages and Tanglewood, three of Houston's most prominent residential areas. It is also close to the Galleria Mall, BLVD Place and Uptown Park.
Renovated in 2014, the 16-story office building is 88.7% leased.
Miller and Senior Director Marty Hogan represented the seller. HFF also arranged financing — the debt placement team led by Senior Managing Director Matt Kafka and Director Michael Johnson secured the buyer a five-year, 4.25%, fixed-rate acquisition loan through Greystone.
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