The 162K SF office building at 5757 Woodway, adjacent to Houston's Tanglewood neighborhood, has new owners. HFF's Dan Miller and Marty Hogan represented Woodway Office Partners, a JV sponsored by locally based Fuller Realty Partners and Harbert Management Corp., and procured the buyer, a partnership led by Braun Enterprises. This is the second time Fuller has bought and sold 5757 Woodway. The asset is 70% leased. The building has over 4:1,000 SF parking, which is hard to find in many Houston office buildings.
With room to improve its interior and leasing in tandem with its proximity to some of Houston's most prestigious submarkets, the asset is a value-add opportunity for the new owner. Braun Enterprises, which has a history of rejuvenating old buildings, plans to upgrade the building inside and out and build out work suites ranging from 150 SF to 5K SF in the West Building's vacant third floor.
"We feel there is significant opportunity to upgrade this Class-B asset which is situated in a Class-A location," Braun Enterprises' Zach Wolf said.
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