Unilev Buys Offices at Houston Galleria for $176M
Walton Street Finalizes Sale of 1.1 Million-SF, 3-Bldg. Portfolio
Unilev Capital Corp., a real estate investment firm based in Beverly Hills, CA, completed its purchase of 1.09 million square feet in Class A office space in the Uptown/Galleria area of Houston, X. After 11 years of ownership, an entity of Chicago-based Walton Street Capital, LLC sold the three-building portfolio for $176 million or $161.50 per square foot.
Unilev secured a $130 million, 10-year, fixed-rate acquisition loan through JP Morgan Chase Bank, N.A.
The buildings were built between 1969 and 1977 at the 2.3 million-square-foot mixed-use complex known was Houston Galleria. Air Liquide, Southern Union, Merrill Lynch, Citigroup Global Markets, UBS, Banco Santanderm and BBVA Bancomer lead the tenant roster of the 90 percent leased office portion.
The office assets include:
Galleria Tower I — a 494,065-square-foot, 25-story tower at 2700 Post Oak Blvd.;
Galleria Tower II — a 344,185-square-foot, 21-story structure at 5051 Westheimer Road; and,
Galleria Financial Center — a 251,204-square-foot, 12-story building at 5065-5075 Westheimer Road.
HFF’s investment sales team led by Robert Williamson represented Walton Street. HFF also procured the buyer and arranged the financing.
Source: CoStar
