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Rising Rent Helps Drive 22-Year-Old Building Buy

HOUSTON-Central United Life Insurance Co. of Houston weighs the pros and cons, deciding to buy instead of lease in an upscale area. Rising rent and a company owner fond of the idea are the drivers for the northwest submarket acquisition.

By Jennifer Brenner Andrade | Updated on September 24, 2001

HOUSTON-Central United Life Insurance Co. of Houston is pulling out of an upscale property west of the CBD and heading into a 22-year-old office building in the city’s northwest submarket.

John Silberman, part of the Houston-based NAI Partners Commercial team representing the buyer, tells GlobeSt.com that the 83,107-sf structure at 10700 NW Freeway presented a perfect scenario for Central United. The insurance company will be moving from Wortham Tower, located at 2727 Allen Parkway just west of the CBD.

Cathleen Morgan and Drew Lewis, both of NAI Partners, assisted Silberman in the negotiations for the buyer, whose holding is assessed at $3.7 million. Jim Roberts of Dallas-based First Texas Realty Group acted for the seller, Houston/Office LP, a Dallas investment group.

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