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Granite Properties Buys 310,000-SF Westchase Building

HOUSTON-Real estate sources say the Dallas buyer has put up in the low $80 per sf range for the class A office building at 10370 Richmond Ave. Alder Property Association is the seller of the 83%-occupied building.

By Jennifer Brenner Andrade | Updated on October 02, 2003

HOUSTON-In an all-cash transaction, Dallas-based Granite Properties has taken title to the 310,000-sf Highlands Insurance Building, a class A asset at 10370 Richmond Ave. in West Houston. Though Granite’s not talking about the selling price, real estate industry sources say it traded in the low $80 per sf range.

“Westchase is one of the hottest office markets in the region and the future of Houston’s office real estate. You could refer to it as the central business district of West Houston,” Scott Martin, Granite’s managing director in Houston, says in a press release. The office building, 83% occupied at sale time, sits in an area with ample restaurants, retail centers, hotels, banks and entertainment venues. And, Martin says, “all of this comes without the headaches of congestion and construction.”

The 22-year-old building on 6.5 acres is assessed at $25.2 million by the Harris County Appraisal District. The asset takes Granite’s Westchase portfolio to more than 700,000 sf … and it’s looking for more in the 16.7-million-sf submarket, Martin tells GlobeSt.com. Its other Westchase holdings, each more than 90% leased, are an office tower at 2925 Briar Park, Columbia Center and Beltway Business Center.

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