Spire Partnership Acquires Energy Corridor Office Building
The Westgate 1 building in the Energy Corridor has been sold.
HOUSTON — A partnership affiliated with Spire Real Estate LP has purchased Westgate 1, a 248,707-square-foot office building within the Park Ten business park in the Energy Corridor of west Houston.
Completed in 2014, the property is currently 96 percent leased. It is anchored by Subsea 7 and Atkins PLC, two international firms with investment-grade credit, which together occupy 68 percent of the building’s net rentable area. Other tenants represent a range of sectors including energy, engineering, human resources, automotive, and waste management.
Westgate 1 is located at 17220 Katy Freeway, near Houston Chronicle Boulevard.
The seller was a fund affiliated with Miller Global Properties of Denver.
HFF’s Cortney Cole arranged acquisition financing on behalf of Nicola Crosby Real Estate, a Canadian group partnering with Spire. The financing consists of a seven-year, fixed-rate acquisition loan at 4.63 percent through Principal Real Estate Investors.
Developed by Transwestern, Westgate 1 is part of a three-building, master-planned complex that together totals more than 660,000 square feet.
