Chron
Real estate transactions: Houston oil
[as originally published on chron.com]
State Venture, a sister company of the recently merged Pioneer Exploration and Atlas Operating, has purchased three office buildings in deals valued at more than $41 million in its quest for a larger headquarters for its growing oil and gas business.
The privately-held company, which operates thousands of wells in seven states, will relocate from 3501 Allen Parkway, a building purchased by Pioneer Exploration last year, to the top floor of the 1900 St. James building in the Galleria area.
State Venture paid nearly $20.8 million for the eight-story office building near the Tanglewood neighborhood, said Yousuf Chaudhary, executive vice president of Atlas Operating. Johnny Kight and Dan Miller of JLL represented the seller, Rockwell Management.
The company acquired two other properties in high-growth areas as long-term investments: 2525 North Loop, purchased from an affiliate of Sean Finn for $12.5 million; and 2425 Fountain View, acquired from Nova Medical Centers, which will remain in the building as a tenant, for $7.75 million.
As for its $2 million, 4,200-square-foot office on Allen Parkway near Dunlavy?
“We’re not willing to sell right now because we think the land value is going to increase,” Chaudhary said.
Chicago-based First Industrial Realty Trust has filled its new 126,250-square-foot First 290 @ Guhn Road development at 6913 Guhn Road in northwest Houston. Iron Mountain, an information management service company, leased 45,990 square feet, while Black Horse Carriers, a third-party logistics company, leased 80,260 square feet. Matteson Hamilton and Jeremy Lumbreras with Stream Realty Partners represented the landlord. John Talhelm and Kevin Erck with JLL represented Iron Mountain. Stephen Schneidau with Cushman & Wakefield represented Black Horse Carriers.
Neutron Holdings has leased 55,826 square feet at 8575 Volta Drive, Humble. John Hornbuckle of Cypressbrook Co. represented the landlord, Nuveen Real Estate. Jim Stark of CBRE represented the tenant.
Buchanan Hauling and Rigging has leased 2,481 square feet in Sugar Creek Place II, 14140 Southwest Freeway. Taylor Scheps of Newmark Knight Frank represented the tenant. represented the tenant. Colliers International represented the landlord… READ MORE