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150,000-SF CityCentre II Goes to New Partnership

HOUSTON-A JV formed between LaSalle Investment Management and Midway Cos. beats out other REITs and pension funds to take possession of the class A, mixed-use building.

By Amy Wolff Sorter | Updated on September 16, 2011

HOUSTON-The competition to acquire the 149,827 square-foot City Centre II came down to one thing: Pricing. A partnership formed between LaSalle Investment Management Inc. and Midway Cos. through a single investment vehicle arranged by Jones Lang LaSalle beat out other institutional investors with the best price and structure to acquire the mixed-use office and retail building.

The partnership is also developing CityCentre III, which broke ground about a month ago. CityCentre III, which will be completed in 2012, will have 103,000 square feet of office space and 17,000 square feet of ground floor retail space. In a nod to the success of the CityCentre development, the six-story building is already 44% pre-leased. Both buildings are located in the $500 million, mixed-use CityCentre development.

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