HOUSTON, TX – The Houston office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has closed the sale of and arranged acquisition financing for 3900 Essex,(top left photo) a 235,620-square-foot, Class A office building in the Greenway Plaza submarket of Houston.
Senior managing director Dan Miller (middle right photo) and associate director Martin Hogan (middle left photo) led the HFF investment sales team on behalf of the sellers, 3900 Essex, L.P. and Aquinas Essex, LLC.
3900 Essex, L.P. is an affiliate of Fuller Realty Partners, and Aquinas Essex, LLC is an affiliate of Aquinas Companies, LLC. Beacon Investment LLC purchased the property for an undisclosed amount.
This was HFF’s 6th sale to Beacon and Beacon’s 12th office building purchase in the last 24 months.
HFF senior managing director Susan Hil (lower right photo)l arranged the fixed-rate acquisition financing for Beacon through Goldman Sachs Commercial Mortgage Capital, L.P.
Formerly the headquarters of Baker Hughes Corporation, 3900 Essex underwent an extensive renovation in 2007 that included a Gensler-designed renovation to the lobby and common spaces, modernized ADA-compliant restrooms, a complete lighting retrofit, installation of sprinklers throughout the building and upgraded HVAC systems.
Tenants at the 92% leased property include Thomson Reuters, Bank of Houston, Open Solutions, Aquinas Companies, Mohle Adams and numerous other professional firms, the principals of which live in the surrounding River Oaks and West University neighborhoods.
The property is located adjacent to Central Market and Highland Village providing abundant retail and restaurant options for tenants.
“The co-owners purchased the building in 2006; planning for an extensive renovation to occur upon the departure of longtime tenant Baker Hughes.
" The quality renovation coupled with an urban infill location adjacent to River Oaks, West University and abundant retail amenities of Highland Village, resulted in the extremely successful re-tenanting program.
"The offering was highly contested with multiple offers coming from fund advisors and private capital buyers,” said Miller.
Fuller Realty Partners, LLC, established in 1979, is a privately owned, full-service commercial real estate firm headquartered in Houston, Texas. Affiliates of Fuller performed leasing and property management services for the co-owners and will continuing providing such services for Beacon. www.fuller-realty.com.
Aquinas Companies, LLC is a privately-owned management company based in Houston, Texas, with interests in construction management, real estate and early-stage investments. Aquinas’s largest affiliate is Linbeck Group, a construction company founded in 1938. Affiliates of Aquinas negotiated the 2006 acquisition of 3900 Essex, arranged the acquisition financing and planned the property renovation. www.aquinasco.com.
Beacon Investment LLC is a privately-owned real estate investment management firm based in Miami. www.beaconri.com.
Contact:
H. Dan Miller, CCIM, SIOR, HFF Senior Managing Director, (713) 852-3500
Susan L. Hill, HFF Senior Managing Director, (713) 852-3500
Kristen M. Murphy, HFF Associate Director, Marketing, (713) 852-3500
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