An affiliate of Lincoln Property Co. has purchased Galleria Place, a two-building Class A office complex across from the Galleria Mall in Houston, Texas, for an undisclosed amount. The property was sold by The Carlyle Group and Songy Highroads LLC in a deal arranged by Holliday Fenoglio Fowler; according to a press release, HFF is also engaged to arrange financing for the buyer. Galleria Place previously traded hands in March 2013 when California-based Chase Merritt and Pacific Coast Capital Partners LLC sold the property to The Carlyle Group and Songy Highroads; HFF arranged that sale as well.
The property includes Galleria Place I, an 11-story,, 217,006-square-foot office building at 5251 Westheimer at Sage; and Galleria Place II, a 10-story,178,468-square-foot office building at 5333 Westheimer; and a building occupied by Regions Bank. According to a Houston Chronicle report, Songy is developing two hotels, Hyatt Regency Galleria and Hyatt Place Galleria nearby. Galleria Place was 53% leased at the time of sale to tenants including Just Energy and HIS.
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