Belvoir Real Estate Group Buys Houston Office Building
The Belvoir firm acquired the 7660 Woodway office building in the Memorial area of Houston.
HOUSTON – Belvoir Real Estate Group LLC has acquired 7660 Woodway Drive, a 110,529-square-foot office building situated near Houston’s Memorial Villages neighborhoods.
“7660 Woodway is already a strong asset in a prominent location. We are enthusiastic about the opportunity to enhance the building for our tenants while continuing to selectively expand our investment portfolio in Houston,” said Matthew Goldsby, Managing Director of Belvoir. “We remain long-term bullish on the Houston market and on other major and secondary markets across Texas. In light of developments so far in 2020, Belvoir is more committed than ever to serving our community, tenants, clients and partners.”
Matthew Goldsby
The transaction closed amid the COVID-19 pandemic, which affected financial markets and public health worldwide.
Belvoir plans to upgrade the 1982 building — currently about 90 percent occupied — by renovating common areas, enhancing tenant amenities and improving building systems. The firm will both lease and manage the property.
This acquisition follows Belvoir’s 2019 purchase of Broadfield at Park Ten, an 85,050-square-foot office building at 15810 Park Ten Place in Houston’s Energy Corridor. At acquisition, Broadfield was 65 percent occupied and rose to approximately 90 percent occupancy within Belvoir’s first three months of ownership.
Located in the heart of Memorial Villages and adjacent to the Memorial City retail and entertainment district, 7660 Woodway benefits from a stable base of local professional tenants.
JLL Capital Markets’ investment team, led by Danny Miller and Marty Hogan, represented the seller. JLL’s debt placement team, led by James Brolan and Michael Johnson, arranged financing for the acquisition.
Day-to-day management and leasing for the Woodway building will be overseen by Rose Hernandez of Belvoir. The Houston-based firm focuses on real estate investment, brokerage, development and property management across office, industrial, multifamily, mixed-use and land sectors.
“As a full-service commercial real estate firm, we’re excited to expand all aspects of our platform to meet the evolving real estate needs across the Bayou City and throughout Texas,” Goldsby added.
