515 Post Oak Update: How the Building Marked the 2017 Turnaround
515 Post Oak
HOUSTON – Greater Houston Community Foundation has leased 18,400 square feet at 515 Post Oak, a prominent office building on the east side of Loop 610 in the Galleria area.
The foundation, which coordinates philanthropic partnerships across the region, was represented in the transaction by Dan Boyles and Liz Westcott-Brown of NAI Partners.
Stream Realty Partners’ Richard Barbles represented the landlord, Spear Street Capital. Spear Street’s purchase activity last year played a notable role in reviving investment momentum in Houston. The 12-story, 275,000-square-foot 515 Post Oak building is now approximately 88 percent leased.
515 Post Oak was part of a three-property portfolio that Spear Street acquired from Columbia Property Trust about a year ago for $272 million. The package also included 5 Houston Center in downtown Houston and Energy Center I at 585 N. Dairy Ashford in the Energy Corridor. Together, the three properties total roughly 1.2 million square feet of office space.
The acquisition of these three buildings, announced in January of last year, served as an early indicator that the market had moved past the slowdown experienced in 2016 and that 2017 would bring renewed investor confidence and strong activity, contributing to more than $4 billion in transaction volume that year.
