Franklin Street Properties Leases Office Space To Drilling Tools International And Others In Houston
10350 Richmond Avenue
Building Size
50,020 SF
Asset Type
Office
Closing
Sep 3, 2024
AI
The property located at 10350-10370 Richmond Avenue in Houston features an office space totaling 50,020 square feet. This asset is part of The Towers at Westchase and offers various amenities. The landlord of the property is Franklin Street Properties, which has secured multiple leases for 2024, including notable tenants in the area.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 10350-10370 Richmond Avenue
- Market: Houston
- Landlord: Franklin Street Properties
- Tenants: Drilling Tools International; PhiloWilke Partnership; BCS Systems; Altamira; Burns and Wilcox
- Landlord's Representative: Brad Fricks & Matthew Seliger - Stream Realty Partners
- Tenant's Representatives: Chad Baker, Cody Little, Jordan Raney, Matt Sanderson, Kennedy Gamble - JLL; Eugene Terry - CBRE; Peyton Poynter - Park Realty
Stream Realty Partners has played a significant role in securing over 50,000 square feet in new leases at the property for the year 2024. The specific tenant allocations include Drilling Tools International, PhiloWilke Partnership, and BCS Systems, among others, each represented by various agents from JLL, CBRE, and Park Realty.
Players
Houston Office Market Snapshot
Boundary boundary · Office · Lease transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93