April 11, 2017
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Private buyer Jefferson Smith LLC acquired a 400,000-square-foot, single-tenant office building in the Houston CBD from W.P. Carey. The New York-based seller owned the building, once leased by KBR, since 2014.
The 22-story asset, at 500 Jefferson St. is at Smith and Jefferson, and part of the Cullen Center Office complex developed in the late 1950s and early 1960s. The KBR lease terminated upon purchase of the building. The global tenant has been downsizing its CBD space, and offering it for sublease.
The sales price of the asset was not disclosed. The Harris Central Appraisal District assessed the property at $53.6 million.
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