Franklin Street Properties Corp., a Wakefield, MA-based investment firm specializing in real estate, announced this week that it had acquired Westchase I and II in the Westchase submarket of Houston, TX for $154.75 million. Franklin purchased the properties from Granite Properties Inc., which was represented by Russell Ingram of CBRE in the transaction according to a CoStar report.
Located at 10370 and 10350 Richmond Avenue, the two 14-story office buildings total approximately 629,022 square feet of rentable space on roughly 6.5 acres of land. Set equally between the residential growth corridors of I-10 and US 59 along the Beltway, the buildings were completed in 1983 and 2008, with Granite Westchase II designed by Kirksey. According to the Franklin press release the properties were approximately 95% leased at the time of sale.
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