HOUSTON, TX, August 26, 2014 - HFF announced today that it has closed the sale of 3040 Post Oak Boulevard, a 427,486-square-foot, Class A core office building in Houston adjacent to the Galleria.
HFF marketed the property on behalf of the sellers, a joint venture between an affiliate of Five Mile Capital Partners LLC and Crocker Partners. MetLife Real Estate Investors purchased the property for an undisclosed amount.
3040 Post Oak Boulevard is located at the intersection of Post Oak Boulevard and Hidalgo in Houston`s Galleria/Uptown District. The 22-story building is part of the 1.2 million-square-foot Lakes at Post Oak office complex that includes 3050 Post Oak Boulevard, and also 3000 Post Oak Boulevard plus a 3.86-acre unrestricted development site, which HFF is also marketing for sale. The building features exterior walls of bronze glass and aluminum and has views of the four-acre lake that weaves through the heavily-landscaped complex. 3040 Post Oak Boulevard is a past recipient of The International Office Building of the Year by the Building Owners and Managers Association. The property is approximately 80 percent leased to 25 tenants, including Bechtel Corporation, Carriage Services and Wealth Design Group.
The HFF investment sales team representing the seller was led by senior managing directors Jeff Hollinden and Dan Miller and director Trent Agnew.
"Lakes on Post Oak has been a very successful project for Five Mile Capital and Crocker Partners due to its location, access and park-like setting within the Galleria submarket," Hollinden said. "The 3040 Post Oak Boulevard building has a great mix of long-term leases and near-term upside potential that will make this an ideal core investment."
Five Mile Capital Partners LLC (Five Mile) is an alternative investment and asset management company established in 2003. The firm specializes in investment opportunities in real estate, debt products, structured finance, asset-based lending and financial services private equity. Five Mile`s principals have significant experience, knowledge and skills relevant to the financial services industry and believe the cyclical and dynamic nature of the sector continually provides a broad opportunity for investments across the capital structure. The firm`s headquarters are based in Stamford, Connecticut, with an office in New York City. Five Mile has approximately $2 billion in assets under management.
Crocker Partners is a full service commercial real estate firm with wide ranging expertise in investment management including acquisitions, leasing, property management, capital markets, new construction and redevelopment. Targeting the southeast and southwest U.S. for compelling investment opportunities in high quality office and mixed-use properties, the company brings a disciplined approach, exceptional depth and market insight. Since 1993, the Crocker team has acquired and managed more than 120 properties, representing $4 billion invested and has completed dispositions valued at $2.5 billion. Representing numerous institutional real estate investors, they have directed investments encompassing approximately 33 million square feet.
MetLife Real Estate Investors oversees a well-diversified real estate portfolio of more than $60 billion, which is one of the largest in the U.S. and consists of real estate equities, commercial mortgages and agricultural mortgages. MetLife is a global leader in real estate investment and real estate asset management, with a vast network of regional offices that keep in close contact with major real estate markets. For more information, visit metlife.com/realestate.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter at twitter.com/hff.
DAN MILLER, CCIM, SIOR
HFF Senior Managing Director
HFF Senior Managing Director
HFF Associate Director, Marketing
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Source: HFF, Inc. via GlobeNewswire