Office demand ramps up with sale of 5718 Westheimer in Houston
JLL Capital Markets arranged the sale and financing of the Class A office property near the Galleria
HOUSTON, Oct. 19, 2021 – JLL Capital Markets announced today that it has closed the sale and financing of 5718 Westheimer, a 491,092-square-foot, Class A office property in Houston, Texas.
5718 Westheimer was recently updated in 2017 and features a state-of-the-art lobby, fitness center, full-service cafe and updated building systems. The 22-story office tower is currently 67.6% leased and boasts strong in-place cash flow from a diverse tenant base.
The property is positioned in the heart of Houston’s Galleria submarket within walking distance to numerous restaurants, upscale hotels and high-end retail as well as the Galleria Mall. In addition, 5718 Westheimer is also close to some of Houston’s most prestigious neighborhoods, including The Villages, River Oaks and Bellaire, and is just west of Houston’s Inner Loop (Route 610) and north of the Katy Freeway and Southwest Freeway providing access to the Greater Houston MSA and downtown Houston.
The JLL Capital Markets team representing the seller was led by Managing Director Kevin McConn and Director Rick Goings.
Financing efforts were led by JLL Capital Market’s Senior Director John Ream.
“Despite the headwinds associated with the Houston office market, there is still a significant amount of liquidity for the right product,” McConn said. “5718 Westheimer is a great example of what many of these investors are seeking in today’s environment – well-located, high-quality asset with durable in-place cash flow and a diverse tenant mix.”
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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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 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Group RMC
Group RMC is a real estate Co-Investment group that invests in underappreciated office properties. Group RMC and its partners currently own 20 million square feet principally in the Midwestern and Southern United States.