Rosemont Buys Kirkwood Tower

Rosemont Realty expanded its Houston holdings, purchasing Kirkwood Tower in JV with Central Properties. The 286k SF Class-A tower is adjacent to Kirkwood Atrium, which Rosemont already owned. The firm’s been bulking up in its existing markets, and regional principal Helen Rivero tells us it was drawn to this asset for its Energy Corridor location and institutional quality. Here's the Rosemont team that'll manage the building--Joe Tovar, Jose Gomez, Michele Ellis-Felder, Joneen Morris, Mark Clarke, Rene Luckey, Herman Bell and Keith Shankle. Not pictured is Michelle Johnson.

Kirkwood Tower was built in 1984 and renovations were completed in 2010 and 2013. It won the TOBY award in ’08 for its sustainability and performance. It’s 92% occupied. The seller was a JV between Amstar and Frontier Equity. With the acquisition, Rosemont now owns more than 16M SF, including 16 office properties totaling 2.5M SF in Houston. Helen gave us a portfolio update--Rosemont's focusing on leasing up its two Northwest Crossing assets, offering crown signage and brokerage incentives at both. It just completed a lobby renovation at Woodstead Court in The Woodlands, and has been making modest renovations in other Houston buildings. And Rosemont's in the hunt for more acquisitions of stabilized, high-quality Houston assets--in fact, SVP of acquisitions and asset management Jason Kuester is based in Texas and is specifically focusing on Houston.