The 508,683-sf showroom-office tower is located at 5120 Woodway. An investment sales division team from Trammell Crow Co. has represented the seller, Decorative Center of Houston Ltd. Principal Rusty Tamlyn and associates Ralph Tullier and Aaron Thielhorn make up the team. Tamlyn would not release a sales price, but the asking price had been about $113 per sf.
Tamlyn tells GlobeSt.com that Cohen Brothers Realty also owns decorative centers in New York and Los Angeles. A partnership of Dallas-based developer Lucy Billingsley and Crow Holdings have sold the center. The sale was made as the product was de-emphasized, says Tamlyn.
The decorative center consists of about 70% showroom space and 30% office. The stand-alone center is a concept property. There are 22 similar design centers in several major markets such as Boston, New York, Los Angeles, Chicago, Dallas, Washington, Atlanta and San Francisco. The properties serve extremely high-end home furnishings and accessories.
Tamlyn says the center's placement near the upscale neighborhoods of River Oaks, Tanglewilde and Memorial Drive are key to its success. The target audience for the tenants is households earning over $100,000 per year.
The building is currently 99% occupied. The property has 102 tenants and had been built in 1974. Developer Decorative Center of Houston Ltd. had added the10-story tower in 1985.
The structure's anchor tenants are Beacon Hill/Robert Allen Fabrics, Brunschwig & Fiulls, Baker Knapp & Tubbs, George Cameron Nash, Kravet Fabrics and F. Schumacher & Co. Tamlyn says the property is open to the public, but sales are made through decorators and architects and not directly to consumers.
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