Investor picks up Class A office building in Houston’s Westchase District
JLL Capital Markets arranged the sale of 1500 Citywest in an off-market transaction
HOUSTON, Jan. 11, 2022 – JLL Capital Markets announced today that it has closed the sale of 1500 Citywest, a 192,313-square-foot, Class A office building in Houston, Texas.
JLL represented the seller, an entity controlled by Bridge Investment Group’s Debt Strategies team, in the off-market transaction. BioUrja Group purchased the asset and plans to occupy approximately 10,000 square feet of the building.
1500 CityWest is located on 3.93 acres at the intersection of Citywest Blvd. and Briar Forest Dr. in Houston’s Westchase District. This location has direct access to the West Sam Houston Parkway and the Westpark Tollway and is easily accessible to both airports, downtown Houston and the Katy and Sugarland areas.
Originally completed in 1981, 1500 CityWest is a 10-story building offering an on-site 641-space parking garage, covered walkways and an on-site deli. The property is 65% leased to a diversified group of tenants with a strong energy and engineering concentration. Since 2015, the property has been the beneficiary of meaningful cosmetic and mechanical upgrades, including a complete lobby renovation, elevator modernization, and exterior lighting and signage upgrades. BioUrja Group plans to further update and amenitize the asset in the coming years.
“Houston’s energy, creativity and diverse talent pool continues to offer an attractive market for our U.S. headquarters,” said Amit Bhandari, the Chairman & CEO of the BioUrja Group. “The acquisition of 1500 CityWest is an opportunity for us to continue to grow our business and attract top talent in the renewable energy and agricultural sectors.”
The JLL Capital Markets team representing the seller was led by Senior Director Rick Goings and Analyst Jack Moody.
BioUrja Group was represented by Josh Morrow and Collin Roach with Avison Young.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bridge Investment Group
Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $31.8 billion of assets under management as of September 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies, and agency mortgage-backed securities.
About the BioUrja Group
The BioUrja Group is an energy and agricultural commodity trading and supply group that includes BioUrja Trading, BioUrja Renewables, RiverCrest Power, West Plains, Energy Alloys Global Solutions, BioUrja Terminals & Land, and BioUrja Capital, among others. The Group supplies biofuels, grains, animal feed ingredients, specialty metal alloy pipes, and refined products to customers, as well as trades electric power, and owns and operates energy logistics terminals and grain storage facilities. The Group is headquartered in Houston, Texas and has offices in Mexico, the United Kingdom, United Arab Emirates, India, Singapore, and across the midwestern USA.