David Carter with Yancey-Hausman tells GlobeSt.com that the partnership was up against "extensive competition" for 675 Bering Dr., a 3.3-acre asset assessed at $8.7 million by Harris County. H. Dan Miller in CB Richard Ellis Inc.'s local office brokered the transaction.
Insurance giant AIG, though not a tenant itself, has subsidiaries occupying about 60% of the 96%-leased building. The AIG leases in the 21-year-old building will roll in 2005, delivering the upside for the new owners, Carter says, noting the new rate will be about $18 per sf.
Carter says the partnership's acquisition strategy favors suburban, class A or class B, office buildings with upside potential. That strategy has another metro office building under contract, he confides. The transaction is expected to close before the year ends.
In keeping with the partnership's agreement, Yancey-Hausman has taken over management and leasing of 675 Bering Dr. The building has some minor deferred maintenance that will be addressed in the near future, according to Carter.
The Yancey-Hausman-Goddard partnership's other office buildings are located in the Greenspoint submarket on the city's north side. The package consists of a 115,222-sf building at 411 N. Sam Houston Parkway; a 82,000-sf structure at 350 Glenborough Dr.; and a 81,000-sf asset at 12600 Northborough Dr.
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