Chicago-based CMD Realty Investors LP sold the 90%-leased property, a 1970s-vintage asset with a 1,299-space parking structure. "This is a very good quality building with good credit tenants and a stable rent roll," says Jeff Hollinden, a managing director with Holliday Fenoglio Fowler LP's Houston office.

Partnering with HFF's Robert Williamson, Hollinden tells GlobeSt.com that 2000 West Loop South received 10 offers during its two months on the market. The most interest came from institutional buyers with a few TICs thrown in, he says, but no REITs put in a bid.

The 21-story tower's lead tenant is Clear Channel Communications Inc., which fills 146,000 sf with subsidiaries, Pace Entertainment Inc. and AMFM Inc. The roster also includes United HealthGroup Inc., Vopak Logistics LLC and Frank Crystal & Co. According to Hollinden, less than 20% of the leases roll in the next five years. "This was an opportunity to acquire a well-leased building in the Galleria that doesn't have any rollover until the submarket recovers," he explains. Available space is quoted at $22 per sf.