Dallas Group Buys Houston Office Tower, Market briefs

In Houston, EY Ventures LLC, a Dallas real estate investment firm, has purchased an office tower near Loop 610 in the Galleria area, JLL Capital Markets reported..

The 274,583-SF tower, 515 Post Oak, is located inside the Loop at Briar Hollow Lane

JLL represented the seller, New York Life Real Estate Investors

JLL’s Capital Markets Investment Sales and Advisory team representing the seller was led by Senior Managing Director Jeff Hollinden and Managing Director Kevin McConn.

“The 515 Post Oak offering generated strong interest from local operators and private capital groups due to its tremendous location in the midst of one of Houston’s strongest submarkets,” said Hollinden.

Investors have been buying small and mid-sized Houston office buildings at a quickening pace in recent months. The Energy Corridor district in West Houston has been particularly hot

515 Post Oak is located on a 3.12-acre site in the Galleria/Uptown submarket, which is near numerous retail, dining and entertainment options, including Uptown Park, River Oaks District, Highland Village and the Galleria Mall. 515 Post Oak is also close to the 1,500-acre Memorial Park, a recreational areas providing biking, walking, golfing and more.

Originally built in the 1980s, 515 Post Oak has undergone more than $1 million in recent capital improvements and offers tenants including a fitness center, tenant lounge and game room, onsite café, a conference areas and on-site parking. The property is 74% leased and has experienced strong leasing velocity in the past 12 months

EY Ventures, co-founded Dan Stansbury Jr. and Steven Mancillas, focuses on commercial real estate in Texas.