HOUSTON – (Realty News Report) – Nitya Capital, a Houston-based real estate firm led by Swapnil Agarwal, has acquired the One Westchase Center office tower in West Houston.
The 466,000-square-foot building at 10777 Westheimer is located just west of the Sam Houston Tollway.
Nitya Capital previously built its reputation primarily as a multifamily investor focused on workforce housing. Its portfolio includes approximately 17,300 multifamily units across Texas and other states. In recent years, however, the firm has diversified its holdings and now owns about 1 million square feet of office space, 400,000 square feet of retail property, and hundreds of single-family homes.
Nitya Capital’s founder, Swapnil Agarwal, immigrated from India at age 15 and settled in Houston with his working-class family. At the time his family could not afford a car, so Agarwal relied on the bus for transportation.
When he was young, Agarwal worked across the street from One Westchase Center, delivering advertising flyers to neighborhood residents.
He has said he often admired the office building he and his firm now own.
“As he worked his first few jobs, Swapnil remembered vividly his weekly route for flyer distribution for his family’s small business, during which he would always take a moment to stare at the grand corporate office building across the street on Westheimer. Its modern glass architecture was always bustling with accomplished, busy professionals. This office complex represented everything Swapnil dreamed of becoming: a leader and a pillar in the business world,” the Nitya Capital press release states.
“Just as One Westchase Center served as an inspiration for Swapnil to grow and pursue his ambitions in real estate, this newly renovated office complex will help build the dreams of future industry leaders,” Nitya Capital says.
Agarwal has received national recognition for his entrepreneurial achievements, including the EY Entrepreneur of the Year award in 2017.
In addition to One Westchase Center, Nitya Capital owns the 200,000-square-foot Nitya Tower (formerly Norfolk Tower) near the Southwest Freeway and Greenbriar intersection.
Nitya Capital’s acquisition comes as Houston’s office market faces significant challenges. Citywide office vacancy recently reached a 20-year high, with more than 22 percent of inventory vacant, according to a Houston survey by NAI Partners.
The office sector in Houston has been affected by the coronavirus pandemic and by headwinds in the energy industry, including a severe drop in oil prices and reduced drilling activity.
One Westchase Center has changed hands several times over the years. Investcorp, a global investment firm headquartered in Bahrain, had owned the building after acquiring it in 2013.
This transaction is the second office investment announced in Houston this week; earlier, Realty.com’s firm announced the purchase of a 20-story tower in Greenspoint.
Aug. 28, 2020 Realty News Report Copyright 2020
File: Nitya Capital Buys Office
File: One Westchase. 466,000-SF, 10777 Westheimer, Nitya Capital Buys Office
Clarification: Griffin Partners is not a former owner of 10777 Westheimer.
