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$5M-Plus Buys Half-Filled 85,000-SF Office Tower

HOUSTON-St. Germain Street Investments of Austin buys Richmond Tower from a local investment group, which turned over the deed with an empty 43,000 sf of contiguous space after an eight-year hold and $5 million in renovations.

By Jennifer Brenner Andrade | Updated on April 11, 2004

HOUSTON-St. Germain Street Investments, an Austin-based real estate investment firm, has acquired the 85,000-sf Richmond Tower near the Greenway Plaza submarket. Suburban office properties of its size and caliber are trading for $60 per to $80 per sf in the Houston marketplace, according to industry sources.

The seller is a locally based investment group that released a 36-year-old building at 3411 Richmond Ave. with an empty 43,000 sf of contiguous space. Scot Ison with Houston’s Axis Property Advisors LLC represented buyer and seller of record, Richmond Tower Associates LP.

Ison tells GlobeSt.com that the sellers purchased the asset in 1996 and put more than $5 million into renovating it. “The property remained 100% leased for five years,” he says, “then two major tenants evaporated.”

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