August 08, 2018
Houston – Transwestern Development Co. (TDC®) today announces the sale of Westway Plaza, a 313,420-square-foot, Class AA office building at 11330 Clay Road in Houston. The Aztec Fund Inc., a Mexico-based private equity fund, acquired the fully occupied building anchored by General Electric Co.
“Given the recent softness in the broader market, this sale is a testament to the importance of location fundamentals and a well-conceived design,” said Sean Suffel, Managing Director at TDC. “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.”
Situated on 9.85 acres, Westway Plaza provides immediate access to the Sam Houston Tollway and convenience to Interstate 10 and Highway 290. The West Belt Corridor is one of the fastest-growing submarkets in Houston, having added more than 5.2 million square feet of space since 2000. The area’s highly qualified labor pool was a significant factor in attracting top tenants to the property, including GE, Superior Energy Services and TESCO Corp., and will continue to serve the property well as regional accessibility continues to improve with the expansion of the Grand Parkway.
The five-story building was completed in 2015 and provides efficient floorplates averaging over 65,800 square feet. The double-height lobby creates a sophisticated, modern environment that complements the floor-to-ceiling glass windows and 9-foot-6-inch ceiling height. Tenants benefit from the property’s on-site amenities, including a full-service deli and state-of-the-art fitness facility with locker rooms, as well as substantial energy savings through LEED® Gold certification.
TDC was represented by HFF’s senior managing director Jeff Hollinden and analyst Dane Petersen.
ABOUT TRANSWESTERN DEVELOPMENT CO.
Transwestern Development Co. is a diversified business with expertise and experience in all commercial property types. The firm executes projects through a variety of venture and contract structures and has been creating commercial landmarks for itself, its partners and valued customers throughout the U.S. since 1978. Based in Houston, Transwestern Development Co. operates as a principal, investing capital alongside its institutional equity partners in the development of speculative and build-to-suit projects, and as a fee developer for clients and user-owners. The company has amassed valuable experience in construction, design, sustainability, leasing, acquisitions, finance and asset management. As a member of the Transwestern family of companies, the firm capitalizes on the market insights and operational expertise of its affiliates, which include a diversified real estate services firm with 35 U.S. offices and a real estate investment management company. Please visit transwesterndevelopment.com for more information.