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Lingerfelt CommonWealth Debuts in Houston with $50M Buy

By Tony Seruga

The Richmond, Virginia-based firm acquired a 14-story office tower located in the Galleria/Uptown submarket. The asset was 81 percent occupied at the time of the deal.

Lingerfelt CommonWealth Partners LLC acquired 1700 West Loop–Burns & McDonnell Plaza, located in Houston, Texas. The company purchased the office property from Bridge Investment Group for $52 million. According to Yardi Matrix data, the sale was subject to a $37.4 million loan held by Citizens Bank.

PROPERTY CHARACTERISTICS

The 14-story, 272,941-square-foot Class A office tower is located in the Galleria/Uptown submarket and includes an adjacent 786-space parking garage. Originally completed in 1977, the asset underwent a cosmetic renovation in 2013. At the time of the deal, the asset was 81 percent occupied. Now, the engineering, architectural and consulting firm Burns and McDonnell anchors the building. Other tenants include Gregg & Valby, DayRise Residential and Galene Financial…

Lingerfelt CommonWealth Debuts in Houston with $50M Buy

Categories : Commercial Real Estate

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