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1111 Bagby St Houston, TX 7...

Lime Rock Management Renews Lease For 57,000 SF Office Space At Heritage Plaza In Houston
LEASEDOffice

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

William Padon

CBRE

Broker

10 deals

Broker

Travis Overall

Landlord

3 deals

Landlord

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