Griffin Partners Acquires 2900 Weslayan Office Building in Houston
HOUSTON – Madison Marquette has sold the six-story office building at 2900 Weslayan, located in the Greenway Plaza area, to an investment fund managed by Griffin Partners. The boutique office property totals 136,700 square feet and sits on a 2.8-acre site at the corner of Weslayan and West Alabama, inside Houston’s Inner Loop and within close proximity to the Galleria, River Oaks and West University Place.
JLL Capital Markets marketed the property on behalf of Madison Marquette. The recently renovated building is currently 81.9 percent leased and includes ground-floor retail tenants such as Baggy’s Grill, Apteek Pharmacy and Results Physiotherapy, offering a mix of office and street-level services that contribute to its urban appeal.
Griffin Partners structured financing for the acquisition through a three-year floating-rate loan provided by Frost Bank. JLL’s Capital Markets team represented the borrower, led by Senior Managing Director Wally Reid, Managing Director Cameron Cureton and Director John Ream. On the seller side, the JLL team representing Madison Marquette was led by Senior Managing Director H. Dan Miller and Analyst Katherine Miller.
This purchase was completed through Griffin Partners’ most recent vehicle, Griffin Partners Office Fund III. It represents the fund’s fourteenth acquisition and brings the Fund III portfolio to nearly 2.5 million square feet, with an aggregate value approaching $370 million. The portfolio spans office, industrial and mixed-use assets across six high-growth U.S. markets.
“This acquisition will be among our final investments for Fund III, and we have been pleased with the portfolio’s performance,” said Andrew Montgomery, President of Griffin Partners Investment Management. “2900 Weslayan is a strategically located asset that offers the attributes we look for to create sustainable value in Houston’s urban core.”
Montgomery added that Griffin Partners is currently raising capital for its next vehicle, Griffin Partners Office Fund IV.
Following the acquisition, Griffin Partners appointed Executive Vice Presidents Janie Snider and Lee Moreland to oversee building operations as well as asset and property management services for 2900 Weslayan. Griffin Partners has also retained Madison Marquette to handle leasing efforts for the property, with leasing represented by Wade Bowlin and Angelina Stone. “The property is a high-quality asset in an amenity-rich environment, and we look forward to working with ownership to drive continued leasing success,” said Wade Bowlin, President of Property Services, Central at Madison Marquette.
Publication date: Feb. 5, 2020. Realty News Report.
New Book by Ralph Bivins
Read the new book from Ralph Bivins, Editor of Realty News Report:
Houston 2020: America’s Boom Town – An Extreme Close Up