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$49M Sale Ends Two-Year Hold

HOUSTON-Piedmont Office turns the keys of the 150,000-square-foot 1200 Enclave to Griffin Capital a little more than two years after buying the class A asset out of foreclosure for $18 million.

By Amy Wolff Sorter | Updated on May 02, 2013

HOUSTON-An $18.5 million investment and subsequent two-year hold of 1200 Enclave paid off handsomely for Piedmont Office Realty Trust as the Atlanta REIT sold the 149,683-square-food, class A office building to Griffin Capital Essential Asset REIT Inc. for $48.75 million. The transaction broke out to approximately  $326 per square foot – well above the $124 per square foot the seller paid to C-III Asset Management during the spring of 2011.

Jeffrey A. Hollinden, senior managing director with HFF tells GlobeSt.com that while it owned 1200 Enclave, Piedmont worked hard to get the then-empty building in lease-ready condition, spending money on tenant improvements and leasing commissions, and expanding the garage. Less than a year later, a subsidiary of oil company Schlumberger took down the bulk of the west Houston building.

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