HOUSTON — Insite Commercial Real Estate has purchased Intellicenter, a 160,407-square-foot Class A office building located in northwest Houston.
Intellicenter sits on a 12.8-acre site at 4650 Westway Park within the Westway Park office campus, developed by David Wolff’s Wolff Companies along the West Sam Houston Tollway (Beltway 8).
Completed in 2007, the three-story building earned LEED Silver certification and is currently fully leased to The Travelers Indemnity Company and Cameron Village LLC. Cameron Village holds a lease covering 25 percent of the property that expires in October 2017, creating a near-term leasing opportunity for the new owner.
The HFF investment sales team that represented the seller was led by Senior Managing Director Danny Miller and Senior Director Trent Agnew.
“Value-add office opportunities like Intellicenter are attracting strong interest from both established Houston investors and new capital sources, and the offering generated 12 competitive bids,” Agnew said. “Insite recognized the quality of the building and its location, having developed similar projects in the market, and they were excellent partners throughout the transaction.”