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Behringer Harvard REIT I Trades Class A Office

HOUSTON-The REIT sells the fully leased 171,090-sf Enclave on the Lake in the Energy Corridor, lowering the curtain after four years on a TIC hold.

By Connie Gore | Updated on July 08, 2008

HOUSTON-Behringer Harvard REIT I Inc. has sold the 171,090-sf Enclave on the Lake in the Energy Corridor. Details were sketchy at press time, but more information will be available before the day ends.

The fully leased, six-story office building at 1255 Enclave Pkwy. has been held in a tenants-in-common arrangement since REIT I acquired it in April 2004 as the flagship purchase for its launch. The Dallas-based REIT owned 36.31% and the balance was held by investors in Behringer Harvard Holdings Inc., according to an SEC filing. In releasing the news, the REIT says the overall yield for the hold exceeded 80% and the annualized cash-on-cash return was 19%, representing a leveraged internal rate of return of more than 17%.

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