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2500 Citywest Boulevard

Vaalco Energy Leases 23,500 Square Feet At 2500 Citywest Boulevard In Houston For Five Years
LEASEDOffice

Vaalco Energy Leases 23,500 Square Feet At 2500 Citywest Boulevard In Houston For Five Years

2500 Citywest Boulevard

Building Size

23,500 SF

Asset Type

Office

Closing

Oct 1, 2024

AI

The property involved in this transaction is located at 2500 Citywest Boulevard in Houston and is classified as an office space. It encompasses 23,500 square feet and is being leased by Vaalco Energy, which has expanded from a prior office space of 21,000 square feet.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: Not mentioned
  • Address: 2500 Citywest Boulevard
  • Market: Houston
  • Lease Term: five-year
  • Landlord: Len O’Donnell - Affinius Capital
  • Tenant: George Maxwell & Lisa Ruiz - Vaalco Energy
  • Landlord's Representative: Win Haggard - Cushman & Wakefield
  • Tenant's Representatives: Audrey Selber & Joshua Brown - Newmark
  • Occupancy Rate: 82%

This lease agreement marks Vaalco Energy's relocation of its Houston headquarters, which was influenced by the company's increasing workforce and the amenities offered by the new building. The transaction was managed by representatives from Newmark and Cushman & Wakefield.

Players

Win Haggard Jr

Partners Real Estate

Broker

4 deals

Broker

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