HOUSTON — Davis Holdings, L.P., a company active in oil and gas as well as real estate investment, has acquired a fully leased, 33,000-square-foot office building located at 1500 McGowen Street in Houston’s Midtown neighborhood.
The purchase was negotiated by Louis Rosenthal of JLL on behalf of Davis Holdings. The seller, Skyland Lodge Tract, L.P., was represented by David Husid and Brandi McDonald of Newmark Grubb Knight Frank.
“Davis Holdings was drawn to the property because of its convenient location, close proximity to downtown and available parking,” Rosenthal said. “The building has been fully renovated and sits along Midtown’s growth corridor, making it an attractive long-term investment for the firm.”
1500 McGowen is a two-story Class B office building situated at the corner of La Branch and McGowen Streets within the Midtown submarket. Originally constructed in 1972 and updated in 2002, the property offers loft-style office layouts combined with modern building systems and amenities.
Midtown lies just south of downtown Houston and north of the Texas Medical Center. Although it is one of the city’s smallest office submarkets, with approximately 4.1 million square feet of Class A and B office space, its strategic location helped Midtown perform solidly in 2016. According to JLL data, the submarket closed the year with positive net absorption of 2.1 percent, underscoring steady demand for office space in the area.
This transaction reinforces investor interest in well-located, renovated office assets in Houston’s core submarkets, where accessibility and proximity to major employment centers remain key drivers of value.
Jan. 17, 2017 Realty News Report Copyright 2017