Katy office building sold into joint venture

The Det Norske Veritas office building in Katy has been sold by landlord Duke Realty Corp. into a joint venture the company formed last year with CB Richard Ellis Realty Trust.
The 90,000-square-foot building, developed by Indianapolis-based Duke, is 100 percent leased to Norway-based Det Norske Veritas.

Located at 22535 Colonial Parkway, near the intersection of Interstate 10 and the Grand Parkway, the building is the first installment in the Westside Office Park. The business park is controlled by Giorgio Borlenghi, president of Houston-based Interfin Cos.; John McCormack, chief executive officer of Houston-based Visible Changes Inc.; and hair product guru John Paul DeJoria, co-founder and CEO of John Paul Mitchell Systems.
The recent transaction is part of the joint venture’s purchase of three buildings with a total of 327,000 square feet in Texas and Florida valued at nearly $41.1 million. All three fully-leased properties — including an office building in Orlando and a warehouse in Tampa — were previously owned by Duke before being transferred into the joint venture.
The joint venture between CB Richard Ellis Realty Trust and Duke plans to acquire up to $800 million of newly developed, build-to-suit projects over the next three years.
CB Richard Ellis Realty Trust is sponsored by Los Angeles-based CB Richard Ellis Investors LLC.For more information on Houston office space, Houston retail space or Houston warehouse space and Houston industrial space, please call 713 782-0260 or see my web site at : www.houstonrealtyadvisors.com Houston Business Journal - by Jeniffer Dawson Reporter