Situated on 5.4 acres at 100 Glenborough Dr., the 25-year-old tower is fully leased to Noble Energy Inc. for its headquarters office. The lease expires in 2018.
Transwestern Houston managing director Rudy Hubbard and associate Leah Gallagher brokered the transaction. The seller bought the tower roughly two years ago. Its value-add plan included finalizing an 11-year lease extension with the single tenant, which was filling 75% of the building when Commercial Developments International moved in as owner.
"The addition of Northborough Tower increases our presence in the heavily populated Greenspoint submarket and complements our growing portfolio of office properties located in Houston," Robert M. Behringer, founder and CEO of Behringer Harvard, says in a press release. Through several investment vehicles, Behringer Harvard now owns 11 office assets with more than two million sf in Greater Houston.
Behringer Harvard has had the property under contract since November 2007. The deal includes a 2.3-acre surface parking lot across the street from the tower, which is supported by a four-story parking garage. The extra land is a prime candidate for future development.
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