Miami Investors Buy Houston Office Tower, Market briefs

In Houston, A Miami-based investment firm has purchased Lockton Place, a 186,747-SF, Class A office building in the Westchase submarket in west Houston, JLL Capital Markets reported

JLL represented the seller, Triten Real Estate Partners and Affinius Capital, in the sale to Galium Capital, a Miami-based firm led by Jacques Bessoudo and Iser Rabinovitz.

Completed in 2017, the eight-story Lockton Place is over 96% leased to a diverse tenant roster anchored by Lockton Companies, the world’s largest privately held insurance brokerage firm.

Lockton Place is located at 3657 Briarpark Dr., is near Beltway 8 (Sam Houston Tollway) and the Westpark Tollway.

The JLL Capital Markets team was led by Senior Director Rick Goings and Managing Directors Marty Hogan and Kevin McConn.

“Lockton Place generated significant interest from investors drawn to its best-in-class construction, long-term leases with credit tenants and prime location in one of Houston’s most active submarkets,” said Goings. “The robust buyer pool we saw for this asset demonstrates the continued strong demand for quality office properties in Houston, particularly those with stable cash flows and value-add potential.”

After a slow period, more investors are buying office buildings in Houston lately as valuations move toward a mark-to-market situation.

“We are fortunate to have purchased one of the best office buildings in Houston, and we are excited to continue executing on our distressed and opportunistic office purchase strategy,” said Jacques Bessoudo, Managing Partner of Gallium Capital. “The purchase of a property of this quality is incredible, especially at today’s pricing.”

Galium Capital is a private equity firm managing a portfolio exceeding $750 million in commercial properties including multifamily, office, and retail centers.

Triten Real Estate Partners is a Houston-based firm with offices covering the nation in Dallas, Los Angeles, Atlanta, and Baltimore.

Affinius Capital was previously known as USAA Real Estate and Square Mile Capital Management.