Transwestern Sells Office Building, Market briefs

In Houston, Transwestern Investment Group has sold its Reserve at Westchase, a 194,919-SF office property in west Houston, reports JLL Capital Markets.

JLL represented Transwestern Investment Group, in the sale of the property to DML Capital, LLC. JLL also worked on behalf of DML, a private equity firm based in Sugar Land, Texas to secure insurance company financing for the purchase.

Houston has seen a significant number of office building investment deals in recent months, following a long dry spell in that sector.

Reserve at Westchase is located at 3250 Briarpark Dr. close to Beltway 8 and Westpark Tollway in Houston’s Westchase submarket.

West Houston has been a key area for the city’s population growth. West Houston has grown more than 155% over the past 30 years, compared to 86% growth in the Houston metro. As a result, numerous corporations have relocated their headquarters to West Houston.

Originally built in 1999, the four-story Reserve at Westchase building has undergone significant renovations over the past five years. The property offers a recently built first-floor tenant lounge and conference center and a parking garage with 804 spaces. Reserve at Westchase is 76% leased to anchor tenants Mattress Firm, Yang Ming and Taylor Morrison.

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Kevin McConn.

JLL’s Debt Advisory team included Managing Director Michael Johnson and Director Michael King.

“Reserve at Westchase embodies the ‘flight-to-quality’ trend that is popular among occupiers as well as investors,” said McConn. “West Houston has had the strongest leasing of all of the city’s submarkets and of those office leases signed, 43% of those were at re-imagined, recently renovated buildings like Reserve at Westchase.”