The requested news item does not exist. Please return to News
JLL closes sale of 1500 CityWest in desirable Westchase submarket
HOUSTON, Jan. 6, 2015 – On behalf of a Metro National Corporation, JLL Capital Markets experts today announced the firm has closed the sale of 1500 CityWest, a 192,313-square-foot, Class A ten-story office building located in Houston’s Westchase submarket. Unilev Capital Corporation purchased the property for an undisclosed sum. Unilev Management Corporation will manage the asset.
JLL’s Managing Director Rudy Hubbard, Vice President Kevin McConn and Associate Rick Goings led the sales team on the transaction.
This transaction marks the fifth office building sale the team has spearheaded in Westchase since 2013.
“1500 CityWest is one of the best-located Class A assets in Westchase. It offers tenants a premier address adjacent to some of the finest suburban office product in the state at a significant rate discount of about 25 percent,” said Hubbard. “The prominent location at the epicentre of one of Houston’s best office submarkets, combined with the attractive tenant base and value-add opportunity led to a very competitive marketing process.” “Westchase has really transformed into a ‘wish-list’ submarket for many investors in recent years and has seen some of Houston’s largest cap rate compression; this is largely due to several long-term corporate commitments," continued Hubbard.
“Unilev Capital Corporation has had a substantial presence in Houston since the early 1990s, owning several high-profile retail and office assets across the city,” added McConn. “They know this market intimately, and moved forward with the transaction despite the sharp decline in oil prices. They understand the longevity and resiliency of Houston and, in particular, the Westchase market.”
Built in 1981, 1500 CityWest has benefitted from substantial capital investments in common areas and infrastructure, as well as first-class institutional ownership and management. The property is located at the intersection of CityWest Boulevard and Briar Forest Drive, with direct access to West Sam Houston Parkway and the Westpark Tollway.
Westchase is home to over 1,500 businesses and nearly 81,000 jobs.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: http://bit.ly/18P2tkv.
About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.0 billion and gross revenue of $4.5 billion, JLL has more than 200 corporate offices, operates in 75 countries and has a global workforce of approximately 53,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.0 billion square feet, or 280.0 million square meters, and completed $99.0 billion in sales, acquisitions and finance transactions in 2013. Its investment management business, LaSalle Investment Management, has $53.0 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
+1 214 438 6437