Lingerfelt CommonWealth Debuts in Houston with $50M Buy
The Richmond, Virginia-based firm acquired a 14-story office tower located in the Galleria/Uptown submarket. The asset was 81 percent occupied at the time of the deal.
By Anca Gagiuc
1700 West Loop, Houston, Texas
Lingerfelt CommonWealth Partners LLC acquired 1700 West Loop–Burns & McDonnell Plaza, located in Houston, Texas. The company purchased the office property from Bridge Investment Group for $52 million. According to Yardi Matrix data, the sale was subject to a $37.4 million loan held by Citizens Bank.
Property characteristics
The 14-story, 272,941-square-foot Class A office tower is located in the Galleria/Uptown submarket and includes an adjacent 786-space parking garage. Originally completed in 1977, the asset underwent a cosmetic renovation in 2013. At the time of the deal, the asset was 81 percent occupied. Now, the engineering, architectural and consulting firm Burns and McDonnell anchors the building. Other tenants include Gregg & Valby, DayRise Residential and Galene Financial.
Lingerfelt CommonWealth will manage the asset through its vertically integrated operating platform. CommonWealth Commercial Partners, the company’s property management affiliate, will handle the property management duties and Avison Young will handle the leasing and marketing processes.
“Our company is excited to enter Houston at this time,” Jay Kraft, LCP senior vice president in Richmond, said in prepared remarks. “We have been tracking the market and believe the basic fundamentals are strengthening. We look forward to exploring other opportunities and expanding our presence.”
Earlier this month, a Canadian pension plan picked up Parkway, Inc., the largest owner of Houston office properties, for $1.2 billion.
Image courtesy of Lingerfelt CommonWealth Partners
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