Big Plans Afoot for Galleria Office Tower

New owner has a vision for the building’s historical boutique nature.

HOUSTON—Located in the heart of the Galleria area, 5433 Westheimer is a newly renovated 11-story, 133,000-square-foot office tower originally built in 1967. HFF marketed the asset on behalf of the seller, a joint venture partnership of funds managed by Songy Highroads LLC and EDENS. Quasar Galleria Ltd. , a local investment group, purchased 5433 Westheimer for an undisclosed amount free and clear of debt, and selected NAI Partners as the exclusive leasing agent and property manager for the acquisition. “We are very excited to be partnering with NAI Partners on our new investment at 5433 Westheimer. After having enjoyed such long-standing brokerage relationship with NAI Partners over the years, it was good to see that relationship expanded to Doug Pack, Sam Hansen and the management team within their property services division,” states Ronny Hecht , a principal within Quasar Galleria Ltd. Doug Pack, executive vice president with senior vice president, Sam Hansen, both of NAI Partners, will lead the marketing effort on behalf of the building’s ownership. The HFF investment sales team representing the seller was led by senior managing directors, Dan Miller and Robert Williamson , and director Martin Hogan . Pack tells GlobeSt.com: “5433 is such a strategic location with great visibility. The building’s former owner had put over $7 million of renovations into the building before exposing it to the investor market for a sale, but when Quasar Galleria Ltd. bought it, we came to understand the vision they had for taking those enhancements and the building’s historical ’boutique nature’ to another level.” 5433 Westheimer is situated at the intersection of Westheimer Road and West Alabama Street in the western portion of the Galleria area, less than a half mile west of the Galleria Mall. The property is immediately adjacent and directly connected to Houston’s first aloft hotel by Starwood, which was also developed by the joint venture partnership of Songy and EDENS.  Additionally, the office building is less than a 15-minute drive to Houston’s premier residential neighborhoods including Tanglewood, Memorial Villages, River Oaks and West University Place. The property is 81.2% leased to a diverse roster of tenants. On-site amenities include Ruth’s Chris Steak House , an 11,000-square-foot common area with meeting space and an attached two-level structured parking garage. The property also offers potential for additional development on the western edge of the site. Hansen tells GlobeSt.com: “The building’s new owners are planning even more amenities and operational enhancements such as working with Ruth Chris Steak House (which would like to open more for lunch), creating more amenity space within the 10,000 square foot finished lower level with a building conference center adjacent to the management office, and possibly even banquet space for the tenants and Ruth Chris Steak House–to name a few. The bottom line is the we look forward to achieving ownership’s occupancy goals as part of the investment’s overall objective to create more value at the building. There aren’t many locations in the Galleria like it.”