Printer-friendly version HOUSTON, TX - March 27, 2014 – HFF announced today that it has closed the sale of 2900 Weslayan, a 136,698-square-foot boutique office building and 20-lane motor bank in Houston’s Greenway Plaza/Galleria submarket.
HFF marketed the property on behalf of the seller. PM Realty Group (PMRG) purchased the asset for an undisclosed amount free and clear of debt.
2900 Weslayan is bounded by Alabama, Weslayan and Essex Streets in Houston’s Greenway Plaza/Galleria submarket. The 2.8-acre site is adjacent to the new 2929 Weslayan residential development, also being developed by PMRG and is within close proximity to Highland Village, Central Market, U.S. 59, The Westpark Tollway and Loop 610. 2900 Weslayan is 73 percent leased to tenants including JPMorgan Chase.
The HFF investment sales team representing the seller was led by senior managing director H. Dan Miller and director Trent Agnew.
“This was a very sought after offering due to its urban infill location, frontage on three streets and considerable upside potential through the lease up of vacant space and rolling in place rents to market,” said Miller.
Headquartered in Houston, PM Realty Group (PMRG) is a privately held real estate firm of more than 1,300 employees and 21 divisional and regional offices that conducts business in every major state. With more than 50 years of experience, PMRG provides services to a portfolio valued in excess of $30 billion. The firm’s diversified client base includes institutional and private investors, real estate investment trusts, government agencies, corporations and healthcare service providers. PMRG focuses on creating value for its clients and offers a full spectrum of real estate services, including property and facility management, leasing, marketing, investment sales, construction management and engineering. In addition, PMRG partners with clients in comprehensive development and joint venture investment programs.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff.