Nirav Shah's Tenant Managers Acquires 140K SF Office Building At 2929 Briarpark Dr. From Argentic
2929 Briarpark Drive
Building Size
140,000 SF
Asset Type
Office
Closing
Sep 25, 2023
About this deal
AI
The property involved in this transaction is a 140,000-square-foot office building located at 2929 Briarpark Drive in the Westchase submarket of Houston. The property was purchased by Nirav Shah's company, Tenant Managers, from Argentic, a New York-based commercial real estate lender. The purchase price of the property has not been disclosed.
Summary of transaction details
- Property Type: Office
- Transaction Amount: Undisclosed
- Buyer: Nirav Shah - Tenant Managers
- Seller: Argentic - Doug Tiesi
- Market: Houston
Tenant Managers' acquisition of this office building marks the company's third purchase in Houston's Westchase submarket. This acquisition brings them closer to their goal of owning 1 million square feet of office space in the city. The property was acquired from a company associated with Argentic, demonstrating Tenant Managers' strategic expansion in the Houston market. Note that the exact details regarding the transaction, such as the purchase price, have not been publicly disclosed.
Houston Office Market Snapshot
Boundary boundary · Office · Sale transactions
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Deal FAQ
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