HOUSTON – (Realty News Report) – Griffin Partners has acquired Concourse at Westway, a Class B, 130,223-square-foot, value-add office building located in the West Belt submarket of Houston.
The seller, EverWest Real Estate Investors, was represented by JLL brokers Trent Agnew, Kevin McConn and Marty Hogan.
Completed in 1999, Concourse at Westway is a two-story office building on 11 acres at 4700 West Sam Houston Parkway North in Houston’s West Belt Corridor.
Developed by Andy Billipp, the property was the first building constructed in Westway Park, a business park developed by the David Wolff organization in the 1990s.
The building is currently 56 percent leased and sits roughly a block north of Clay Road.
“Griffin Partners Fund III is excited to add this asset to our growing portfolio,” said Andrew Montgomery, Griffin Partners Executive Vice President, Acquisitions. “This investment represents another value-add acquisition and is our thirteenth transaction within Fund III. Together these office and industrial assets now total more than 2.4 million square feet across six markets in Texas, Colorado, Utah and North Carolina. With current occupancy, a location along Beltway 8, and a well-maintained, multi-tenant building with ample parking, we believe this property is well positioned for our team to stabilize occupancy in the near term and provide existing and new tenants an excellent place to operate in what is increasingly the center of Houston’s growing workforce.”
Griffin Partners Executive Vice Presidents Janie Snider and Lee Moreland will oversee asset and property management for the building’s tenants. JLL’s Jack Russo and Chrissy Wilson have been retained to handle leasing.
EverWest Real Estate Investors LLC, a wholly owned subsidiary of GWL Realty Advisors, is a real estate investment and operations firm based in Denver.
Jan. 16, 2020 Realty News Report Copyright 2020
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