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Younan Sheds Last Class B Office Asset

HOUSTON-The California investment firm sells the 65,000-sf, 63%-occupied 800 Wilcrest for close to the $4.5-million ask.

By Alex Finkelstein | Updated on December 08, 2006

HOUSTON-Younan Properties Inc. of Woodland Hills, CA has sold its last class B office building in Texas to Houston-based G&W Investments LLC for close to the $4.5 million asking price.

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.”

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