Songy/Edens Partnership Sells Houston Galleria Area Office Building

Quasar Galleria Ltd., a Texas-based investment group controlled by Avi Ron and Ronny Hecht, has purchased the newly renovated office building at 5433 Westheimer in the heart of Houston's Galleria area for an undisclosed price. HFF, which marketed the property and arranged the sale, said in a press release that the property traded hands free and clear of debt. Originally built in 1965, the 11-story office property was sold by a joint venture between Songy Partners LLC and Edens Investment Trust. The new owners have hired NAI Partners to handle leasing and property management.

Doug Pack, executive vice president of NAI Partners, told GlobeSt.com: "5433 is such a strategic location with great visibility. The building's former owner had put over $7 million of renovations into the building before exposing it to the investor market for a sale, but when Quasar Galleria Ltd. bought it, we came to understand the vision they had for taking those enhancements and the building's historical 'boutique nature' to another level."

The Songy partnership completed a renovation of the 133,000-square-foot property in 2013, according to a Houston Chronicle report. Enhancements performed since 2008 include a new parking system, upgrades to common areas, a lower-level buildout for Houston's only Ruth's Chris Steak House, and painting the exterior with elastomeric coating. The 81.2% leased building is located less than a half mile west of the Galleria mall, and is less than a 15 minute drive to Houston's premier residential neighborhoods including Tanglewood, Memorial Villages, River Oaks and West University Place.

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