Rosemont Realty has acquired Kirkwood Tower III at 11757 Katy Freeway, in Houston, Texas. The 15-story building conatins 285,682 rentable square feet of Class A office space. It brings the company’s total square footage in the greater Houston area to nearly 2.5 million square feet in 16 properties, including Kirkwood Atrium II next door.
Rosemont Realty purchased the high-rise in a joint venture with Central Properties. The seller was a joint venture between Denver-based Amstar and Dallas-based Frontier Equity. The sales price was not disclosed.
“The addition of Kirkwood continues our overall strategy of expanding in key markets where we have a substantial presence,” said Michael Mahony, chief executive officer of Rosemont Realty. “Adding Kirkwood to our portfolio bolsters our existing footprint in Houston, where we have the support and infrastructure in place to provide first class, full-service asset and property management, and leasing services.”
Designed by Spencer Herolz Architects and built in 1983, Kirkwood Tower is an institutional quality Class A office building in the heart of Houston’s highly-desirable Energy Corridor submarket, providing tenants with convenient access to global energy giants such as BP, ConocoPhilips, Dow Chemical and Shell. The building was built in 1984, with major capital projects completed between 2008 and 2010, and in 2012 through 2013.
“Kirkwood represents the kind of opportunity that was right for Rosemont and our joint venture partner,” said Don Henry, chief investment officer for Rosemont Realty. “Kirkwood meets our investment criteria; it is a high-quality, Class A, institutionally-maintained building strategically located in a well-performing submarket.”
Kirkwood Tower is currently 92 percent occupied. Tenants include Texon LP, Skyline Executive Suites, Ltd., KCA Deutag, LLC, First Solar, Inc., Greene’s Energy Group, LLC, and Mac Haik Holding Company, Inc., among others.
HFF’s H. Dan Miller, senior managing director, Robert Williamson, senior managing director and Martin T. Hogan, director, brokered the transaction, with assistance from Wesley Hightower, real estate analyst. Susan Hill, senior managing director with HFF, assisted in financing the project.
Under the direction of Rosemont Realty’s regional principal Helen Rivero, the company will provide asset management and property management services for Kirkwood Tower. Leasing will also be handled by Rosemont Realty.
Image courtesy of Rosemont Realty