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Wells Acquires Another Class A Houston Office Property

HOUSTON-A 157,792-sf office building in the Energy Corridor changes hands. The property, sold by a Houston investment group, is valued at $14.2 million and comes with lease rollovers of 2009 and 2011.

By Tim Green | Updated on March 31, 2002

HOUSTON-Atlanta-based Wells Real Estate Co. has closed on its fourth Houston office property, a 100% leased, class A building in the city’s Energy Corridor west of the CBD.

The seller was Houston-based Broadfield Associates Ltd., which had owned the building since 1998. Wells’ purchase price was not disclosed, but the Harris County Appraisal District placed a $14.2 million valuation on the building. Wells paid $20.75 million for its most recent Houston property, a 157,792-sf, two-building office property in the Greenspoint district.

The building’s two tenants have long-term leases. Transocean Deepwater Offshore Drilling Inc.’s lease runs through March 2011 and Newpark Drilling Fluids Inc.’s leases go through August 2009. David Steinwedell, Wells’ managing director of acquisitions, said the tenants should provide a consistent income stream to Wells’ investors. The two tenants, hailing from the oil and drilling sector, “contribute to the tenant diversification strategy that we demand for our portfolio,” he said.

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