The selling price is equal to what was paid in 2000 for 1100 Louisiana St. in the CBD. Enclave on the Lake, situated on 6.8 acres at 1255 Enclave Parkway, garnered 10 offers and went under contract within 60 days of hitting the market in November 2003, Jim Savage with Houston-based Holliday Fenoglio Fowler LP tells GlobeSt.com. He and HFF's Barry Brown in Dallas held the listing for Dallas-based Invesco.
Savage says Invesco sold the six-story, five-year-old building because its investment had matured and demand for high-end office product is high. He says the creditworthiness of the tenants and the submarket demographics--historically 95% occupancy or more in an eight-million-sf, class A inventory--contributed to the high-dollar sale.
The fully occupied building is occupied by SBM-IMODCO Inc., which leases 53% of the class A space, and Atlantia Offshore Ltd. filling the balance. Both leases have eight years left on the terms.
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