Sale of Galleria Place in Houston closed by HFF
HOUSTON, TX – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of Galleria Place, two Class A office buildings totaling 401,000 square feet plus a stand-alone retail site across from the Galleria Mall in Houston, Texas.
HFF marketed the property on behalf of the seller, The Carlyle Group and Songy Highroads LLC. Lincoln Property Company purchased the asset for an undisclosed amount. HFF is also engaged to arrange financing for the buyer.
Galleria Place consists of Galleria Place I (5251 Westheimer), an 11-story, 217,006-square-foot office building; Galleria Place II (5333 Westheimer), a 10-story, 178,468-square-foot office building; Sage Plaza, a 5,797-square-foot retail building fully leased to a local high-end salon and tailor; Regions Bank, a single-story bank branch and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages with 1,361 spaces. Galleria Place is 53 percent leased to tenants including Just Energy and HIS. The properties occupy six acres bounded by Sage and Westheimer Roads and West Alabama Street directly across from the Houston Galleria, Houston’s premier destination for shopping and dining.
The HFF investment sales team was led by senior managing director Dan Miller and director Martin Hogan.
About The Carlyle Group
The Carlyle Group is a global alternative asset manager with more than $203 billion in assets under management across 126 funds and 139 fund of funds vehicles. Founded in 1987 in Washington, D.C., Carlyle has grown into one of the world’s largest and most successful investment firms, with more than 1,600 professionals operating in 40 offices in North America, South America, Europe, the Middle East, North Africa, Sub-Saharan Africa, Japan, Asia and Australia.
About Songy Highroads LLC
Songy Highroads LLC (SHR) is a commercial real estate firm that acquires, renovates, develops, and manages institutional quality real estate projects primarily throughout the Southeastern United States. SHR targets particular emphasis in the office, hotel and mixed-use sectors. The SHR business model is to strategically acquire or manage income properties in select viable markets that require enhanced operating performance or physical upgrades. Projects currently underway include sites in Houston, New Orleans, Baton Rouge, Atlanta, Boca Raton and Washington, DC. www.songyhighroads.com
About Lincoln Property Company
Lincoln Property Company was founded in 1965 as a developer and manager of high-quality residential communities. Over the next few years, the firm expanded its line of products and services to include commercial real estate. Its national reputation for successful management of its own properties quickly attracted a large client base of owners and investors who recognized the value that the firm could provide in development, property management and real estate consulting services. Today, Lincoln Property Company is one of the most respected and diversified service firms in the United States, employing thousands of experienced, dedicated people who serve a growing client base that reaches coast-to-coast, as well as into Mexico and Europe.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.