The 22-story office property in Houston was recently sold to Masaveu Post Oak Houston Delaware LLC.
Holliday Fenoglio Fowler LP recently closed the sale of a Class AA office building in Houston. The LEED Gold Certified BBVA Compass Plaza was acquired by Masaveu Post Oak Houston Delaware LLC.
Located at 2200 Post Oak Blvd, BBVA Compass Plaza is a 22-story podium-style building totaling 326,200 square feet of rentable space in a premier location. BBVA Compass Plaza is situated in Houston’s Galleria submarket in close proximity to Houston’s most prestigious residential neighborhoods including River Oaks, Tanglewood and The Villages, as well as with immediate access to Loop 610, Interstate 10, Highway 59 and Westpark Tollway.
At the time of the sale, the property was 83 percent leased with the BBVA Compass Bank occupying 58 percent of the net rentable area. Nearly 55,000 square feet of space remained available on the 10th, 11th and 12th floors. The recently completed property features a 1,144-space parking garage, a full retail bank branch, a fitness center and two upscale restaurants.
HFF marketed the asset on behalf of the seller, a joint venture partnership between Stream Realty Partners LP, TRC Capital Partners and an institutional client of L&B Realty Advisors LLP.
The HFF investment sales team was led by executive managing director Scott Galloway, senior managing directors Dan Miller and Matt Kafka, managing director Colby Mueck and director Trent Agnew.
“With its groundbreaking, BBVA Compass Plaza ignited a development renaissance in Houston’s most coveted submarket that is on-going and encompasses more than 6,050 luxury multi-housing units, more than two million square feet of office space, in excess of 697,000 square feet of high-street retail and two new luxury hotels,” said Miller in a prepared statement. “The transformative impact that this property has had on the Galleria skyline cannot be overstated, placing it at the forefront of the ‘urbanization’ movement in the Houston marketplace.”
By: Adelina Osan
SOURCE: Commercial Property Executive