HOUSTON-Wells Real Estate Investment Trust II Inc. has acquired Energy Center I, a 332,000-square-foot class A office building, for $94 million.
The Norcross, GA-based investor bought the 13-story tower from a partnership comprised of Trammell Crow Co. and Principal Real Estate Investors. The acquisition was funded with proceeds raised from Wells’ ongoing public offering.
Developed by Trammell Crow and completed in 2008, Energy Center I is entirely leased to Foster Wheeler USA Corp., a global construction contractor offering full engineering, procurement and construction services.
Last year, the building posted operating revenues of nearly $5.1 million. Amenities include a two-story glass/metal entry, wood paneling, deed restricted development, and 24-hour security.
"This is an excellent new property in a well-performing market," says Don Henry, chief real estate officer with Wells Real Estate Funds. "We're happy to welcome Foster Wheeler to our stable of great tenants."
Located on 5.1 acres at 585 North Dairy Ashford Rd. along Interstate 10 in west Houston, Energy Center I was the largest speculative office development in Houston to be awarded Leadership in Energy and Environmental Design (LEED
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