Pearlmark Real Estate Partners sold the 1800 West Loop Building in Houston for approximately $68.5 million or $168 per square foot.
KBS Strategic Opportunity REIT purchased the Class A asset with funds from an initial public offering, but said it may later place mortgage debt on the property.
Built in 1982 and renovated in 2005, the 21-story, 406,634-square-foot office building
is in the Galleria/Uptown submarket. It was 88 percent occupied by 40 tenants at the time of sale.
Jared Chua, Bernard Branca, Russell Ingrum, Gary Carr and John Alvarado of CBRE represented Pearlmark.
KBS REIT is a real estate investment trust headquartered in Newport Beach, CA. The company, through KBS Strategic Opportunity LP, invests in and manages a portfolio of property-related investments.
Pearlmark is a private equity commercial real estate
investment firm based in Chicago.
See CoStar COMPS #2612263 for more information.