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Granite Westchase Portfolio Trades for $154.8 Million

Franklin Street Pays $246 PSF for Houston Office Assets
November 7, 2012
Franklin Street Properties Corp. acquired Granite Westchase I and II at 10370 and 10350 Richmond Ave. in Houston, TX, from Granite Properties Inc. for $154.75 million, or approximately $246 per square foot.

The purchase includes two 14-story, Class A office buildings totaling 629,022 square feet and the adjacent parking garage. The Granite Westchase buildings are on 6.5 acres within the Westchase submarket. Westchase I at 10370 Richmond was built in 1982 and Westchase II at 10350 Richmond was built in 2008.

Russell Ingram of CBRE represented the seller.

Please refer to CoStar COMPS #2589583 for more information on this transaction.

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