Ellingstone Group Acquires Office Building From Marty Hogan(JLL) In Houston
17420 Katy Fwy, Houston, TX, 77084
Building Size
199,001 SF
Asset Type
Office
Closing
Nov 20, 2023
About this deal
AI
The Ten West Corporate Center in Houston's Energy Corridor has been sold by KBS to a joint venture between Ellingstone Group and an overseas institutional investor. This fully leased four-story class-A office building, spanning 199,001 square feet, is located at 17420 Katy Fwy, Houston, TX, 77084.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Undisclosed
- Market: Houston
- Seller's Rep: Martin (Marty) Hogan(JLL)
- Buyer: Ellingstone Group
- SF: 199,001
KBS was represented in the sale of the Ten West Corporate Center by Kevin McConn and Marty Hogan of JLL. The property was originally purchased by KBS in 2006 and is currently leased to a British multinational engineering and consulting firm. This investment in Houston, home to numerous Fortune 500 companies and recognized as the "energy capital of the world," is expected to provide sustained cash flow for the buyer due to the lengthy lease term commitment at the property.
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Office
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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