Sale of Houston Galleria area office building closed by HFF
HOUSTON, TX – March 8, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 5433 Westheimer, an 11-story, 123,477-square-foot office building in Houston, Texas’ Galleria area.
HFF marketed the asset on behalf of the seller, a joint venture partnership of funds managed by Songy Highroads, LLC and EDENS. Quasar Galleria, Ltd., a local investment group, purchased 5433 Westheimer for an undisclosed amount free and clear of debt.
5433 Westheimer is situated at the intersection of Westheimer Road and West Alabama Street in the western portion of Houston’s Galleria area less than a half mile west of the Galleria Mall. The property is immediately adjacent and directly connected to Houston’s first aloft hotel by Starwood, which was also developed by the JV partnership of Songy and EDENS. Additionally, the office building is less than a 15 minute drive to Houston’s premier residential neighborhoods including Tanglewood, Memorial Villages, River Oaks and West University Place. Originally built in 1967, the property has been recently updated and is 81.2 percent leased to a diverse roster of tenants. On-site amenities include Ruth’s Chris Steak House, an 11,000-square-foot common area with meeting space, and an attached two-level, structured parking garage. The property also offers potential for additional development on the western edge of the site.
The HFF investment sales team representing the seller was led by senior managing directors Dan Miller and Robert Williamson and director Martin Hogan.
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.
EDENS develops, owns and operates community shopping centers in primary markets across the country. Focusing on innovative development and redevelopment together with key acquisitions in urban areas, the company has built an institutional-quality portfolio of 136 retail centers. EDENS has regional headquarters in Boston, Washington, D.C., Atlanta, Miami, Dallas, Houston and Columbia, SC. For additional information about the company and its retail real estate portfolio, please visit www.edens.com.
About Quasar Galleria, Ltd.
Quasar Galleria, Ltd. is a Texas limited partnership controlled by Avi Ron and Ronny Hecht. Over the past few years, Quasar GP, LLC and its affiliated-companies have acquired a wide-range of Houston-area commercial properties for its investment partners
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.