American Ventures Realty, a privately held company based in Coral Gables, FL, has bought the 21-story Three Riverway office tower from J.P. Morgan Investment Management for a reported $51 million. That adds up to $130 per sf. The 396,000-sf building represents one of this year's top-dollar sales in the city.
Falcon Real Estate bought the six-story Cabot Building in the Enclave Business Park in west Houston from Dienna Nelson Augustine Co. for a reported $23.7 million, or $160 per sf. - one of the highest per-sf prices paid this year for a suburban office building. The office facility had been built last year. The transactions may be signaling a flurry of year-end activity in the office tower market.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
