The estimated $70 per-sf price for the Wilcrest Executive Building, better known as 800 Wilcrest, is "far below" replacement cost of more than $130 per sf on Houston's west side, broker Sky Pulford of Re/Max Memorial Commercial Division of Houston tells GlobeSt.com. The buyer plans to occupy 18,000 sf on the mostly vacant third floor of the 63%-occupied structure. "That's why the buyer bought it," he says. G&W will use the space to expand its oil field-related engineering services division.

The Energy Corridor property was on the market 10 months. "I had three backups," says the broker. "The first contract fell through in June due to financing issues."

Pulford tells GlobeSt.com "an interesting twist" to the 800 Wilcrest transaction was that he recommended Lehman Brothers Small Business Finance to the buyers, since they would also be users, and the buyers obtained 15% down financing. The average asking gross rent is $15 per sf. Pulford, who negotiated for Younan Properties, says 27 tenants occupy the building. The buyer represented itself.