May 19, 2021 10:45 AM
Newmark and Moody Rambin announce the sale of the 115,001-square-foot, two-building office property at 6250 and 6260 Westpark in the heart of the Houston Galleria. Newmark Director Spencer Hough and Associate Connor Darling and Moody Rambin Executive Vice President Jim Autenreith and Associate Stephen Ghedi represented the seller, Texas-based real estate developer, owner and operator Presidium Group, in the sale to the buyer, Westpark @ 59 Office Plaza, LLC.
The property, which was constructed in 1973, underwent a substantial renovation in 2016 and is nearly 100% occupied. With a smaller average tenant size, the property features a highly diversified roster of tenant industries including technology, transportation and logistics, finance, insurance and consumer goods.
“Many Class B and C office trades in Houston prior to and during COVID-19 have been primarily auction/distressed sales; however, 6250 and 6260 Westpark was sold on-market and achieved one of the highest prices per square foot for Class B and C product type during the pandemic in Houston,” said Spencer. “The site’s infill location along Highway 59/69 and proximity to the Galleria, which continues to expand, will continue to bolster demand and asset value.”
6250 and 6260 Westpark’s on-site management, 24-hour security, on-site deli, covered parking, skyline views, floor-to-ceiling windows and multiple conference rooms provide a premier environment for tenant needs. Located in the heart of Houston less than one mile from The Galleria, property tenants have easy access to all major parts of Houston via major thoroughfares such as Westpark Toll Road, Interstate Highway 10, Loop 610, U.S. Highway 290 and U.S. Highway 59/69.
The property is located within the Katy Freeway office submarket, the fourth largest non-suburban submarket in Houston, with a total square footage inventory of 16.8 million, according to Newmark’s Q1 2021 Houston Office Report.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
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