Mexico-Based Equity Firm Buys Trophy Office Plaza In Houston
A Mexico-based private equity firm is looking to expand its portfolio in the Houston market.
The Aztec Fund Inc. acquired Westway Plaza, a 313K SF trophy office building in the West Belt Corridor. The property, which was delivered in 2015, is at 11330 Clay Road near the Sam Houston Tollway.
While this is its first Houston property, the firm has inked other deals in Dallas, Denver and Pittsburgh.
"This will definitely not be our only purchase in this amazing city," Aztec President and CEO Charles Haddad said in a release.
Transwestern Development Co. sold the five-story property, despite Houston's soft office market, which recorded negative 789K SF of direct net absorption in Q2.
"This sale is a testament to the importance of location fundamentals and a well-conceived design,” TDC Managing Director Sean Suffel said in a release. “The other critical piece is always the leasing, and our internal team did an excellent job of securing institutional tenancy long before Westway was even completed, ensuring the long-term viability of the project.”
The property is fully leased and tenants include anchor General Electric Co., Superior Energy Services and TESCO Corp. The asset features a range of amenities such as a fitness center with locker rooms, an on-site café, an attached parking garage and 24-hour security.
HFF's Jeff Hollinden and Dane Petersen represented the seller.
