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Midway, County Ink 20-Year Lease/Purchase

HOUSTON-Harris County Appraisal District will pay about $2 million per year for a 196,000-sf office building and parking garage along Northwest Freeway. Under the plan, Midway Cos. will turn over the deed for $100 when the lease expires.

By Jennifer Brenner Andrade | Updated on June 01, 2004

HOUSTON-Harris County Appraisal District (HCAD) has finalized a 20-year lease/purchase agreement with a value in excess of $2 million per year for a 196,000-sf headquarters building and parking garage on 6.7 acres along Northwest Freeway.

Pat Pollan of Yancey-Hausman in Houston, the county’s broker, negotiated a deal that would allow the county to buy the 13013 Northwest Freeway property for $100 at the end of the lease. The seven-story building and three-level parking garage were selected earlier this year from a roster of 13 properties generated by HCAD’s request last summer for proposals for a new location.

Longtime owner Fairfield Financial Group, a local subsidiary of Chicago-based First Bank of Oak Park, won the county’s nod with the 20-year lease/purchase plan, but then decided to sell rather than handle development. Fairfield struck a pass-through deal with locally based Midway Cos. because it had the asset under contract two years ago, says Jonathan Brinsden, Midway’s executive vice president. The property and the county agreement changed hands April 30. Brinsden tells GlobeSt.com that the all-in cost–acquisition, renovation and buying out HCAD’s three-year lease balance–totals about $28.5 million.

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