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A DRA Advisors partnership is looking for about $50 million for adjacent office buildings in downtown Houston.
The partnership,
Office 2010 Pro, which includes Swig Co., has retained Granite Partners to market place the Esperson Buildings, which encompass 599,000 square feet. On the anticipated $83/sf cost, the buyer's initial annual yield will be about 9.25%.
The buildings, at 808 Travis Street and 815 Walker Avenue, are 74% occupied. Expert firms make up the majority of the hire roll, which has little coverage to your boom-and-bust energy sector. The tenants include general public relations firm Vollmer,
Office Enterprise 2007 Key, telecommunications firm Colo.com and law firm Troy Phillips. Vollmer is leasing 27,000 sf by means of following 12 months. Colo.com is occupying 19,000 sf by way of 2012. And Troy Phillips has a lease for 17,000 sf by way of 2010. Asking rents are $18-$25/sf. The home incorporates about 30,000 sf of retail area and a 600-car garage.
The buildings, which are being marketed jointly,
Windows 7 X64, have been constructed in 1927 and 1941 by Mellie Esperson, the widow of local businessman Niels Esperson. They can be amid Houston's most distinctive buildings, featuring Italian Renaissance architecture, thorough with columns and terraces.
San Francisco based Swig has owned a 50% stake inside the home since 1956. DRA, functioning on behalf of the company pension fund,
Windows 7 Download, acquired its 50% stake in 1998 from Wells Fargo, which had assumed the stake via its earlier acquisition of 1st Interstate Lender. The DRA-Swig team has put in more than $6 million on renovations because 1998.