Bill McGrath Of LandPark Advisors Acquires 16-Story Office Tower In Houston
2603 Augusta Drive
Building Size
—
Asset Type
Office
Closing
Oct 9, 2024
AI
LandPark Advisors acquired a 16-story office tower located at 2603 Augusta Drive in Houston. This asset comprises a total area of 244,804 square feet and offers Class A office space with various amenities, including a fitness center and conference facilities. Upcoming features will include a pickleball court and a golf simulator.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: Not disclosed
- Buyer: Bill McGrath
- Buyer Agency: LandPark Advisors
- Notable New Tenants: Porter Law Firm
Bill McGrath represented LandPark Advisors in the transaction, facilitating the acquisition of the property. The strategic addition of new tenants highlights the company’s growth initiatives within the Houston market.
Players
Houston Office Market Snapshot
Boundary boundary · Office · Sale 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