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6260 Westpark Drive, Housto...

Westpark @ 59 Office Plaza LLC Acquires 115,000 SF Office Building In Houston From Presidium Group
SOLDOffice

Westpark @ 59 Office Plaza LLC Acquires 115,000 SF Office Building In Houston From Presidium Group

6260 Westpark Drive, Houston, TX 77057

Building Size

115,000 SF

Asset Type

Office

Closing

May 19, 2021

AI

The office property located at 6250 & 6260 Westpark Drive in Houston has been sold. Spanning 115,000 square feet, this asset was involved in a recent transaction. The sale took place on May 20, 2021.

Summary of transaction details

The seller in this transaction was the Presidium Group, represented by John Griggs. The buyer, Westpark @ 59 Office Plaza LLC, acquired the property. The brokers involved in this deal were Spencer Hough and Connor Darling from Newmark, along with Jim Autenreith and Stephen Ghedi from Moody Rambin.

Players

Jim Autenreith

Broker

5 deals

Broker
John Griggs

John Griggs

Presidium Group

Seller

$68.5M

vol

3 deals

Seller

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