HOUSTON-Buchanan Street Partners has made its first office acquisition here since 2007, paying $26.25 million for Buildings 3 and 4 of Beltway 8 Corporate Centre. The Newport Beach, CA-based investor bought the 261,413-square-foot, class A office buildings from a joint venture comprised of Panattoni Development Co. and Metro National Companies.

“We believe we bought the property well below replacement cost,” says Tim Ballard, the firm’s president and chief investment officer. He estimates it would cost nearly $175 per square foot to construct a similar building. Using those metrics, the replacement value for Buildings 3 and 4 would be $45.7 million.

Ballard tells GlobeSt.com that Buildings 3 and 4 were initially marketed as a package with another building in Beltway 8 Corporate Centre, all of which are located along Beltway 8 in the Techway Corridor. A local CBRE team led by Tom Lynch marketed the portfolio.