HOUSTON – (Realty News Report) – The River Oaks Bank Building, a 170,233-square-foot boutique office building located in the heart of the affluent River Oaks neighborhood, has been sold.
The 14-story tower was purchased by a joint venture between Houston-based Fuller Realty Partners and Independencia Asset Management.
JLL represented the seller, a client advised by L&B Realty Advisors, LLP, and procured the buyer. In addition, JLL arranged the acquisition loan on behalf of the buyer.
The JLL Capital Markets team representing the seller was led by Senior Director Kevin McConn, Managing Director Rudy Hubbard and Director Rick Goings.
JLL’s debt placement team that handled the financing was led by Senior Director John Ream, Senior Managing Director Wally Reid and Managing Director Cameron Cureton.
The River Oaks Bank Building is at 2001 Kirby Drive, at the intersection of San Felipe and Kirby, situated amid a neighborhood known for upscale homes and large oak-studded lots.
The building sits across from River Oaks Elementary School, which opened in 1929. Notably, Amazon founder Jeff Bezos attended the school years ago.
According to JLL, River Oaks ranks among the seven most affluent neighborhoods in the United States.
Renovated in 2017, the office tower features average floor plates of roughly 12,400 square feet and is leased to a diverse mix of tenants, including firms in insurance, finance, business services and non-profit sectors. The property also includes 185 surface parking spaces and a two-story parking garage with 323 spaces.
Designed by the architectural firm Wilson, Morris, Crain & Anderson, the tower was completed in the late 1960s and retains much of its period character while offering modernized office spaces following the most recent renovations.
L&B Realty Advisors purchased the building in December 2010 for an estimated $35 million. The sale price for the 2020 transaction was not disclosed.
Jan. 13, 2020 Realty News Report Copyright 2020
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