Stream Closes New Houston Office Lease

By Jeff Hamann

515 Post Oak in Houston

Spear Street Capital has signed an 18,463-square-foot office lease with the Greater Houston Community Foundation (GHCF), which will occupy space at 515 Post Oak Road, a building owned by Spear Street. Stream Realty’s Richard Barbles represented the landlord in the transaction, with Dan Boyles of NAI Partners working on behalf of the tenant.

Located in Houston’s Galleria submarket, 515 Post Oak Road is a 12-story, 274,583-square-foot Class A office high-rise, built in 1980. Spear Street picked up the LEED Silver-certified asset in early 2017 for $50.8 million from Columbia Property Trust, according to Yardi Matrix. That acquisition was part of a three-property, $272 million deal which ended Columbia’s activity in the Houston office market.

Following the latest transaction with GHCF, 515 Post Oak Road is now 87.8 percent leased. Major tenants in the building include NetIQ, RockWater Energy Solutions, TopSpot and Stream Realty. The previous owner renovated the property in 2013, and Spear Street is currently updating the structure to offer a new range of amenities, including an upgraded deli and tenant lounge. The owner expects to complete renovation work this year.

“515 Post Oak provides Greater Houston Community Foundation not only an ideal location, but the opportunity for growth as they continue making a significant impact on the Houston community,” said Barbles, vice president of Stream Realty’s Houston office division, in a prepared statement. “The proximity to the Galleria area and major thoroughfares is key for this tenant.”

Image courtesy of Yardi Matrix