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
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