Lime Rock Management Renews Lease For 57,000 SF Office Space At Heritage Plaza In Houston
1111 Bagby St Houston, TX 77002, USA
Building Size
57,000 SF
Asset Type
Office
Closing
Aug 1, 2023
AI
Lime Rock Management, an energy-focused private equity firm, has renewed its lease for approximately 57,000 square feet of office space in the 52-story Heritage Plaza located at 1111 Bagby Street in downtown Houston. The iconic landmark skyscraper is owned by Brookfield Properties.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Not specified
- Address: 1111 Bagby Street
- Market: Houston
- Asset Type: Office
- Square Footage: 57,000
Lime Rock Management's lease renewal in Heritage Plaza marks their continued presence in downtown Houston. As an energy-focused private equity firm, the company has chosen this prominent location for its office space needs. The landlord, Brookfield Properties, has successfully retained Lime Rock Management as a tenant, showcasing the appeal and quality of the property. The lease renewal was facilitated by Kevin Kushner and William Padon of CBRE, who served as Lime Rock Management's representatives in the deal. Meanwhile, Tyler Merritt and William Holliday of Brookfield Properties were the landlord's representatives.
Players
Texas 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