Insite Pays $28M for Houston Office Asset
The 160,407-square-foot office property was completed by KDC in 2006 as the third in a series of speculative office buildings located in Tampa, Atlanta and Houston.
By Veronica Grecu
Intellicenter
Lincoln Financial Group recently sold Intellicenter, a Class A office asset located in Northwest Houston, in a transaction valued at $28.6 million.
HFF negotiated the sale on behalf of the seller. The brokerage services firm also procured the buyer, Michigan-based Insite Commercial Real Estate. The property was sold free and clear of financing.
“Value-add office opportunities like Intellicenter are generating a lot of interest from both long-time Houston investors as well as new sources of capital, and as a result the deal generated 12 offers,” said Trent Agnew, senior director at HFF, in prepared remarks.
According to Yardi Matrix data, The Travelers Indemnity Company occupies nearly 120,000 square feet in the building. The lease will expire in July, 2025. About 25 percent of the building will become available in October, when Cameron Village’s current lease will expire.
The sales team was led by Agnew and Senior Managing Director Danny Miller.
Sister Spec Buildings in Tampa and Atlanta
Located on 12.8 acres at 4650 Westway Park, within the 3 million square foot Westway Park office campus, Intellicenter was completed by KDC in 2006. The LEED Silver, three-story office building is the third in a series of speculative office properties developed by KDC in Tampa, Atlanta and Houston. The property also includes 994 covered parking spaces.
Image courtesy of Yardi Matrix
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