Koger Equity Paying $102M for Lakes on Post Oak

HOUSTON-Boca Raton, FL-based Koger Equity Inc. has signed contracts to shell out $102 million for the three Houston office buildings that make up the 1.2-million-sf Lakes on Post Oak complex. The 23-acre complex was originally developed by Houston’s Hines Interests in the late 1970′s and early 1980′s.

However, the 20-story, 462,000-sf building at 3000 Post Oak Blvd. and the 17-story, 349,000-sf building at 3050 Post Oak Blvd. were sold to Dallas-based opportunity fund, Cottonwood Partners in 1997. The third building at 3040 Post Oak Blvd., which has 22 stories and 442,000 sf, was sold to Osaka, Japan-based West Oak/Nissei Associates, an entity of Nippon Insurance Life Co., in 1988. Hines still manages this building.

Koger plans to close on all three properties by the end of this year. Jeff Hollinden, senior director with the Houston office of Holliday Fenoglio Fowler listed the two buildings owned by Cottonwood Partners. He tells GlobeSt.com the buildings have been on the market for more than 18 months and had two previous buyers before Koger, but each time the deals fell through. Hollinden marketed the properties with fellow Holliday senior managing director, Jim Savage also in the Houston office and Drew Kiesling of the firm’s Dallas office.