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
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