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TIC Partnership Antes Up $50M for 356,750-SF Office Tower

HOUSTON-Means-Knaus Partners and U.S. Advisor LLC partner on the acquisition of 2000 West Loop South, a 1970s-era high rise with a 90% occupancy. Sources say the class A building has brought $140 per sf.

By Jennifer D. Duell | Updated on May 24, 2005

HOUSTON-Seeded by tenants-in-common capital, Means-Knaus Partners LP and Santa Monica, CA-based U.S. Advisor LLC beat out nine other prospective buyers jockeying for 2000 West Loop South. Industry experts say the partnership has paid $140 per sf or $50 million for the 356,750-sf, class A office building in the Galleria.

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.

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