Griffin Partners Buys Houston Office Tower for $114.5M

Griffin Partners Buys Houston Office Tower for $114.5M

A joint venture of Griffin Partners and Urdang Capital Management acquired the Class A office tower at 1301 Fannin St. in downtown Houston for $114.5 million, or $144 per square foot. The seller was a partnership between The Shidler Group and Angelo, Gordon & Co. Built in 1983 and renovated in 2004, the 25-story office building totals 795,115 square feet of office and data center space. It sits on 1.4 acres at the corner of Fannin and Polk in the city's Central Business District. The site is 87% occupied by tenants including AIM Management Group, JPMorgan Chase and ExxonMobil. "In late 2006 into 2007, we have been repositioning some of the assets in our portfolio and the opportunity presented itself to sell this exceptional Class A building," said Matt Root, a partner with Shidler. "We believe in the long-term attractiveness of the Houston market and will look for other opportunities to invest here in the future." Griffin Partners was self-represented and will handle leasing and management of the building. Adam Edwards and Dan Broderick of Eastdil Secured, and Matt Root of Shidler Group, represented the selling partnership. For more information see; www.houstonrealtyadvisors.net