Strong Houston Office Market Attracts Investor Interest
Houston has already seen some big office towers trade hands this year such as the sale of the 1.8 million square foot One and Two Shell Plaza complex for 550 million. A healthy Houston office market driven by an expanding Energy industry is drawing the interest of investors and a flurry of new trophy office sales have been recently announced.
Just today, commercial real estate industry publication, Real Estate alert broke the story that Dallas-based Invesco Real Estate is under contract to purchase perhaps Houston’s most iconic office building, the 1.2 million square foot Williams Tower for $420 million.
Earlier this week , Parkway Properties announced a deal to acquire the 626,000 square foot Phoenix Tower for $124.5 million coming off the heels of the announcement of the sale of the 1.04 million square foot KBR Tower by Brookfield Office Properties Inc. along with joint venture partner KBR Inc., to Corporate Property Associates a non-traded REIT affiliate of W.P. Carey Inc. for $174.6 million.