January 9, 2017
Columbia Property Trust Inc. said “goodbye” to Houston with a 1.2-million-square-foot, three-office-property disposition to Spear Street Capital. The Atlanta-based seller sold 5 Houston Center, Energy Center I and 515 Post Oak Boulevard for $272 million.
“While our Houston properties have been strong performers over the years, we have shifted our focus to select high-barrier markets as we continue to position Columbia as a top-performing office REIT,” said Nelson Mills with Columbia Property Trust. “We had solid demand from potential buyers for this portfolio, and this was a good opportunity to accelerate our core market strategy.”
The 332,000-square-foot Energy Center I at 585 N. Dairy Ashford Rd. is in the Energy Corridor submarket. Columbia acquired the asset in 2010. Meanwhile, the 581,000-square-foot 5 Houston Center at 1401 McKinney St. in the CBD delivered in 2002, and was bought by Columbia in 2005. Finally, Columbia acquired the 274,000-square-foot 515 Post Oak Boulevard, in the Galleria submarket, in 2004.
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