IES Residential Buys Westchase Office Tower, Market briefs

In Houston, IES Residential purchased 2925 Briarpark, a 134,000-SF office building in the Westchase area, from Granite Properties, extending an office sales streak in Houston, which has become one of the hottest markets in the nation for office investors.

Marty Hogan, Jeff Hollinden, Kevin McConn, and Rick Goings and of JLL Capital Markets represented the seller.

Jordan Trout and Edward Edson of Colliers represented the buyer, IES TX RE, LLC, an affiliate of IES Residential which is classified as user, not a real estate investor.

The 12-story building sits on a 3-acre site one block south of Westheimer and east of Beltway 8. Built in 1983, the office building is located across the street from the Marriott Westchase Hotel.

Westheimer Office Tower Sold

Earlier this month another office building sale was reported. In Geirin LandPark Westheimer, Llc purchased 5858 Westheimer, an eight, story, 130,735-SF office building in the Tanglewood area of Houston.

JLL Capital Markets represented the seller, a special servicer, in the transaction.

The building sits on a two-acre tract at the northeast corner of Westheimer and Fountain View. With a bluish exterior curtain wall, the 5858 Westheimer tower was built in 1981 and is currently 47% occupied.

This purchase marks the second office building purchased by Geirin LandPark in this immediate area, following its recent purchase of 2603 Augusta, a 16-story Class A office tower.

Fuller Realty & ICP Funds

In September, Fuller Realty Partners and ICP Funds purchased the BlueCross BlueShield Building, a two-story, 132,599-SF office building along Beltway 8 at 8101 W Sam Houston Parkway South, in Houston’s Westchase submarket.

In another deal, it was reported US Property Management acquired a vacant, nine-story, 225,000-SF office building in West Houston in the Westway Park near Clay Road, JLL reported. The tower has been occupied by Cameron and Schlumberger.