TRC Capital Partners And Amstar America Buy Downtown Office Building
TRC Capital Partners and Amstar America purchased the 375K SF office building at 1001 McKinney in Houston's central business district for an undisclosed amount. This sale occurs after the property received extensive exterior and interior improvements.
With 76% leased at closing, the property can close on vacant space and raise rental rates to the market.
The 23-story building, which was built in 1974 and is a historic landmark on the National Register of Historic Places, is near the METRO light rail, Greenlink Bus System and Interstates 10, 45 and 69. It also offers end users access to the Downtown underground tunnel system, an attached parking garage, an on-site conference facility, a bike room with showers and direct access to the Morton's Steakhouse lobby.
“We strongly believe in the Houston CBD and have been looking for several years at historic buildings that offer compelling value for both tenants and our investors,” TRC CEO Steve Lerner said in a release.
HFF represented the seller, a partnership between Cameron Management and Silverpeak Real Estate Partners. The team was also seeking buyers for Esperson, but that has since been pulled from the market.
