JLL Capital Markets announced today that it has closed the sale and financing of 5718 Westheimer, a 491,092-square-foot, Class A office property in Houston, Texas.
JLL marketed the property on behalf of the seller, and procured the buyer, Group RMC. Additionally, JLL secured the three-year, floating-rate acquisition loan with Sound Point Capital Management.
5718 Westheimer was recently updated in 2017 and features a state-of-the-art lobby, fitness center, full-service cafe and updated building systems. The 22-story office tower is currently 67.6% leased and boasts strong in-place cash flow from a diverse tenant base.
The property is positioned in the heart of Houston’s Galleria submarket within walking distance to numerous restaurants, upscale hotels and high-end retail as well as the Galleria Mall. In addition, 5718 Westheimer is also close to some of Houston’s most prestigious neighborhoods, including The Villages, River Oaks and Bellaire, and is just west of Houston’s Inner Loop (Route 610) and north of the Katy Freeway and Southwest Freeway providing access to the Greater Houston MSA and downtown Houston.
The JLL Capital Markets team representing the seller was led by Managing Director Kevin McConn and Director Rick Goings.
Financing efforts were led by JLL Capital Market’s Senior Director John Ream.
“Despite the headwinds associated with the Houston office market, there is still a significant amount of liquidity for the right product,” McConn said. “5718 Westheimer is a great example of what many of these investors are seeking in today’s environment – well-located, high-quality asset with durable in-place cash flow and a diverse tenant mix.”