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3250 Briarpark Drive

Taylor Morrison Leases 29,000 SF Office In Houston's Westchase District With Transwestern And CBRE
LEASEDOffice

Taylor Morrison Leases 29,000 SF Office In Houston's Westchase District With Transwestern And CBRE

3250 Briarpark Drive

Building Size

29,000 SF

Asset Type

Office

Closing

Nov 6, 2023

AI

National homebuilder Taylor Morrison is relocating to a 29,000-square-foot office space in Houston's Westchase District. The lease for the office building, known as Reserve at Westchase, was facilitated by Transwestern and CBRE. The property is currently undergoing renovations as part of a capital improvement program.

Summary of transaction details

  • Property Type: Office
  • Transaction Amount: Not available
  • Address: 3250 Briarpark Drive, Houston
  • Market: Houston
  • Square Footage: 29,000

The landlord's representatives involved in the deal were Jack Scharnberg and John Heard from Transwestern. They played a crucial role in finalizing the lease agreement between Taylor Morrison and Reserve at Westchase. On the other hand, the tenant's representatives from CBRE, Claire Douthit and Jon Lee, provided their expertise and guidance to Taylor Morrison throughout the transaction.

Players

Jack Scharnberg

Transwestern

Broker

5 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