HOUSTON — Austin Management Group, a Houston-based firm led by Steve Moore, has purchased Northborough Tower, a 14-story office building at 100 Glenborough Drive in the Greenspoint submarket.
The property totals 206,533 square feet and is currently vacant, although Noble Energy holds a lease covering 99 percent of the building through 2018.
Transwestern brokers Leah Gallagher, Michelle Wogan and Hale Umstattd represented the seller. The building was previously owned by an entity affiliated with Behringer Harvard.
Northborough Tower presented an opportunity to acquire a Class A office asset at pricing well below replacement cost. The building is well suited for large single occupants or multiple smaller tenants seeking an economical, strategically located office in north Houston.
The asset has been maintained to institutional standards and has benefited from significant capital improvements, including elevator modernization, an upgraded energy management system, and ADA-compliant restroom renovations. The property also offers a strong parking ratio of 4.22 spaces per 1,000 rentable square feet.
March 7, 2017 Realty News Report Copyright 2017