Houston-based Griffin Partners acquires Concourse at Westway
The value-add office building is in Houston’s West Belt Corridor, one of the nation’s fastest-developing corporate and technology corridors
HOUSTON, January 15, 2020 – JLL Capital Markets and Griffin Partners Inc. announce today that they have closed the sale of Concourse at Westway, a Class B, 130,223-square-foot, value-add office building in West Belt submarket of Houston, Texas.
JLL marketed the property on behalf of the seller, EverWest. Houston-based Griffin Partners purchased the asset and will self-manage the building.
Completed in 1999, Concourse at Westway consists of a two-story, 56%-leased office building with efficient floorplates and a five-per-1,000 parking ratio. The value-add property is positioned on 11 acres at 4700 West Sam Houston Parkway North in Houston’s West Belt Corridor and, more specifically, Westway Park, a top-performing Houston micro market. Concourse at Westway has direct frontage and visibility to the more than 205,000 vehicles per day that travel on Beltway 8. Additionally, the property’s location provides regional accessibility via connectivity to State Highway 249, U.S. Highway 290 and Interstate 10. The location links the building to northwest Houston’s newest and most highly regarded residential communities and employment centers.
“Griffin Partners Fund III is excited to add this asset to our growing portfolio,” said Andrew Montgomery, Griffin Partners Executive Vice President, Acquisitions. “This investment represents another value-add acquisition, our 13th acquisition within Fund III, comprising office and industrial assets now totaling over 2.4 million square feet across six markets throughout Texas, Colorado, Utah and North Carolina. The current occupancy, location along Beltway 8, and well-maintained, multi-tenant, high-parked asset is well positioned for our team to restablize in the near term and provide existing and new tenants to the project an excellent place to do business in what is, arguably, the new center of Houston’s growing workforce.”
The JLL Capital Markets team representing the seller was led by Managing Director Trent Agnew and Senior Directors Kevin McConn and Marty Hogan.
Griffin Partners Executive Vice Presidents Janie Snider and Lee Moreland will direct asset and property management for the property’s tenants. JLL Vice President Jack Russo and Executive Vice President Chrissy Wilson have been retained to lease the property.
Griffin Partners invests in value-add opportunities in 10 target markets throughout the country; they believe this offers the best risk-adjusted returns, and Concourse at Westway demonstrates a perfect opportunity to execute their best practices and competencies for investors. Griffin will quickly implement a hands-on strategic marketing effort to release existing vacancies and upgrade the buildings common areas to improve the tenant experience.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About EverWest Real Estate Investors LLC
EverWest Real Estate Investors LLC, a wholly owned subsidiary of GWL Realty Advisors, is a real estate investment and operating company based in Denver, Colorado. The company’s goal is to create significant value for investors through a combination of capital appreciation, strategic acquisition, development, capitalization, repositioning and management of commercial real estate assets. For more information on EverWest, visit everwest.com. For more information on GWL Realty Advisors, visit gwlra.com.
About Griffin Partners
Griffin Partners Inc. is an owner and operator of commercial real estate properties throughout Colorado, North Carolina, Texas and Utah with a current portfolio of 4.1 million square feet valued at over $625 million. Established in 1980, each of the company’s four senior principals’ level of diverse real estate experience averages 35 years. Based in Houston, Texas, Griffin Partners has acquired, developed or managed over 13 million square feet of office, retail and light industrial property since its founding, valued at over $1.9 billion. Fund III owns over 1.7 million square feet of office retail and industrial property in ten (10) assets totaling approximately $270 million in asset value in 6 different cities across 4 states. For further information, visit griffinpartners.com.