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Two Foreclosed Office Buildings Sell, at Last

HOUSTON-Griffin Juban Interests gets to a closing table after waiting nine months because the equity partner had foreclosed on the Westchase buildings. A second marketing round still put Griffin Juban at the top of the buyers' list.

By Jennifer Brenner Andrade | Updated on November 04, 2002

HOUSTON-Two suburban office buildings, totaling 151,870 sf, are sold after the air is cleared on a foreclosure by equity partner, Credit Suisse First Boston. It was a nine-month wait, but Griffin Juban Interests finally got the seller to the closing table for the Westchase submarket properties.

Griffin Juban Interests of Houston intends to put nearly $1 million into renovating the 43,045-sf building at 2424 Wilcrest Dr. and its 108,825-sf neighbor at 2500 Wilcrest Dr. The buildings are situated on about eight acres.

Dallas-based Avex Group had the office buildings on the market for $10 million and was in talks with Griffin Juban when Credit Suisse First Boston foreclosed, Logan Brown of Grubb & Ellis Co.’s Houston office tells GlobeSt.com. He and partner Doug Nicholson were given the go-ahead to renew marketing efforts after the air cleared between Credit Suisse and Avex. Again, Griffin Juban was selected, but the sale took nine months to complete due to the complications, Brown says. Rita Healy, an independent broker assisted with sale.

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