Investor Bets on Buffalo Speedway, Market briefs

In Houston, Serac Capital Partners, a data-driven real estate investment firm based in Houston, has purchased an ownership interest in 3737 Buffalo Speedway in partnership with National Real Estate Advisors.

The investment comprises a 390,919-SF Class AA office tower and a seven-story parking garage in the Greenway Plaza submarket. Completed in 2016, the 18-story office tower was developed by Houston-based PMRG and National Real Estate Advisors. PMRG merged with Washington, D.C.-based Madison Marquette in 2018.

The building is 87% leased to tenants including private equity firms, family offices, foundations, law firms, and Fortune 100 companies.

“We are excited to partner with NREA on this investment and contribute our local market expertise. Our team is very familiar with the property and the attributes that make it attractive to blue-chip tenants,” said Ridley Goodpasture, SVP of Investments. “We are excited to announce that we have already signed two new leases totaling approximately 62,000 sq ft across two-and-a-half floors. When you consider the property’s location between River Oaks and West University, together with its distinctive curb appeal created by an acre of sprawling oak trees surrounding the entrance, we believe 3737 will continue to be a sought after asset in Houston’s Inner Loop.”