January 09, 2019
HOUSTON – Transwestern today announces UniversalPegasus International, part of Huntington Ingalls Industries, has renewed its lease for 113,114 square feet for its corporate headquarters at 4848 Loop Central Drive in Houston. Transwestern Executive Vice President David Baker, Senior Managing Director Doug Little, and Vice President Kelli Gault are providing leasing services on behalf of the landlord, a joint venture of Griffin Partners and Wheelock Street Capital.
“We are very excited that UPI has chosen to keep their headquarters in the Loop Central campus. UPI has been a valued tenant at Loop Central for 15 years and we believe that their long-term presence in the project combined with Griffin Partners’ plans to enhance the tenant experience at the campus with new amenities including a tenant lounge, fitness center, state of the art conference center, and improved food service offerings positively impacted their plans to renew. Additionally, ownership will enhance the park like exterior spaces by adding outdoor seating and walking trails which will further differentiate and position Loop Central as a high quality, value office option for other respected tenants in the market to consider,” said Gault.
Kevin Kelly, UPI’s Chief Financial Officer, said “Loop Central has proven to be a convenient central location and cost effective office solution for our people over the years and we are pleased that it will continue to be the home of our headquarters in Houston. We are looking forward to the new amenities that Griffin Partners will be implementing and believe they will enhance the productivity of our workforce.”
The Loop Central project is a three-building office campus strategically located in proximity to the Uptown/Galleria and Greenway Plaza submarkets and in proximity to some of Houston’s most affluent residential neighborhoods, including River Oaks, West University, Bellaire, Tanglewood and The Villages. The campus has frontage along the Westpark Tollway, providing both visibility and express vehicular access to Houston’s western suburbs.
CBRE’s Lucian Bukowski represented the tenant, UniversalPegasus International.
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Asset Services, Occupier Solutions, Capital Markets and Research, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 35 U.S. offices and assists clients from more than 221 offices in 37 countries through strategic alliances with France-based BNP Paribas Real Estate and Canada-based Devencore. Experience Extraordinary at transwestern.com and @Transwestern.
ABOUT GRIFFIN PARTNERS
Griffin Partners, Inc. is an owner and operator of commercial real estate properties throughout Arizona, Colorado, North Carolina, and Texas with a current portfolio of 4.2 million square feet valued at over $650 million. Established in 1980, Griffin Partners has acquired, developed, or managed over 13 million square feet of office, retail, and light industrial property since its founding, valued at over $1.9 billion. Loop Central was purchased by Griffin Partners Fund III (“Fund III”), its 5th investment since inception in June 2016. Fund III owns 1.7 million square feet of office and industrial properties totaling approximately $260 million in asset value.
ABOUT WHEELOCK STREET CAPITAL
Wheelock Street Capital was formed in 2008 by Rick Kleeman and Jonathan Paul, two veteran real estate private equity investors, each with over 25 years of broad real estate transaction experience across all major asset classes. Wheelock has since raised over $2 billion in capital commitments and is currently investing its fifth fund comprising $725 million of commitments from leading pension funds, endowments and foundations. Wheelock will invest in a broad range of real estate assets throughout the United States. The fund may invest directly or with high quality joint venture partners through a variety of capital structures and transaction types, including acquisitions, restructurings, and recapitalizations.