HOUSTON – (Realty News Report) – World Houston Plaza, an eight-story office building near George Bush Intercontinental Airport (IAH), has been purchased by a local investor group, signaling renewed interest in Houston office investments.
David Z. Mafrige Interests acquired the 216,889-square-foot property at 15710 John F. Kennedy Boulevard through a Ten-X auction.
David L. Carter of Colliers represented the seller in the transaction.
“David Z. Mafrige Interests is extremely pleased to acquire World Houston Plaza. We believe World Houston Plaza offers premier office space for the IAH market,” said David Z. Mafrige of David Z. Mafrige Interests. “We plan to complete a series of interior and exterior upgrades to bring the building up to the DZMI standard for Class A office space. As a locally owned owner-operator, our team will work with the existing building staff to deliver the best possible office experience for our tenants.”
Built in 1985, the property sits north of the Sam Houston Tollway and just south of Greens Road.
Separately, another nearby office tower, CityNorth 1, is currently listed for sale at $100 per square foot, or $25,352,600. The 12-story CityNorth 1 at 233 Benmar Drive is part of CityNorth, a 2.1 million-square-foot office park formerly known as Greenspoint Place. “It’s an unbeatable value in today’s market,” said Keith E. Lloyd of Marcus & Millichap, who is marketing the CityNorth 1 tower.
Meanwhile, Braun Enterprises recently acquired a 90,000-square-foot office property at 7155 Old Katy Road. David L. Carter and Taylor Wright of Colliers International represented the seller, Houston Eye Associates, in that transaction.
Younan Properties, a Los Angeles-based investor actively targeting Houston real estate, closed on a 10-story office building on Westheimer Road — its second recent purchase in the city.
“This is our second large acquisition in the Houston market in less than two months. We are highly active here because of the current market cycle and the upside potential during the recovery,” said Younan Properties Chairman Zaya S. Younan.
Younan purchased the 232,000-square-foot Royal Oaks Centre in the Westchase District, located at 11490 Westheimer at Woodland Park Drive. The property had been owned by California-based Hertz Investment Group since 2017. Danny Miller, head of Houston-based HDM Realty Advisors, represented Hertz in the sale.
Earlier this year, Younan also acquired Two Westlake Park, a vacant 17-story, 455,000-square-foot office tower in the Energy Corridor; Bloomberg reported the sales price for Two Westlake at $19.25 million.
Office investment activity in Houston was subdued in 2020, but current transactions suggest renewed momentum.
In a recent column titled “The Return of The Bottom Fishers,” Realty News Report Editor Ralph Bivins noted that market conditions may be favorable for a resurgence in Houston office building trades.
April 28, 2021 Realty News Report Copyright 2021
For more on Texas real estate, see the book Houston 2020: America’s Boom Town – An Extreme Close Up by Ralph Bivins.
File: Another Office Building Sold in Houston
Photo: Courtesy Colliers