LOS ANGELES--(BUSINESS WIRE)--Regent Properties (“Regent”), a real estate development and investment management firm based in Los Angeles, California, today announced the acquisition of Park Towers, a 545,242-square-foot office project in Houston’s Uptown submarket for $89.5 million.
Park Towers is a marquis, Class-A office project which was redeveloped in 2000 and renovated in 2017. It is comprised of two 18-story towers over shared structured parking and prominently located at the northeast corner of I-610/West Loop and Post Oak Boulevard. There is approximately 270,000 square feet of office space for lease, including a contiguous block that contains 120,000 square feet. Its location provides immediate access to Memorial Park and is proximate to Uptown shopping and dining options.
“We could not be more excited to have completed this transaction and add this unique property to Regent’s expanding Sunbelt office portfolio,” stated Eric Fleiss, CEO of Regent. “This project is a perfect example of the firm’s strategy of identifying and executing on value-add investment opportunities with long-term growth potential.”
Park Towers has been infused with $12.8 million of capital to create a best-in-class tenant experience with amenities that include a state-of-the-art fitness center, conference center, and a luxury concierge-style lobby. In addition to these premier amenities, Park Towers also boasts 360-degree views of Uptown, Memorial Park and the Downtown skyline from the efficient 22,250 SF rectangular floor plates. The recent modernization featured attractive lobby and corridor finishes, new luxury restrooms, destination dispatch elevators and system upgrades that merited a LEED EB Gold and Energy Star certifications. Additionally, Park Towers is strategically located in the center of Houston’s most affluent neighborhoods (River Oaks, The Memorial Villages, West University Place and Bellaire) and benefits from unparalleled freeway access/visibility.
Fleiss continued, “On top of the upgrades which have already been completed at the project, we intend to implement the type of changes which have built Regent’s reputation throughout the Sunbelt. For example, we will be bringing exciting new food service amenities to the project, as well as our well-known hands-on management approach. Our investment outlook for Park Towers is further bolstered by its prime location and the fundamental economic attributes of Houston specifically and Texas generally.”
Transwestern Commercial Services (TCS) will provide Agency Leasing services to Regent. Transwestern’s experienced team includes Doug Little, David Baker, Kelli Gault, and Jack Scharnberg.
“Transwestern has a long-standing relationship with Regent Properties,” said Little. “We are excited to work with them to lease up this trophy asset and help them grow in the Houston office market.”
About Regent Properties
Founded in 1989, Regent Properties, LLC is a real estate development and investment management firm based in Los Angeles, California. During its 30-year history, the firm and its principals have acquired, developed, financed and/or managed over $3 billion in real estate transactions nationally, encompassing more than 21 million square feet of retail, commercial, residential and mixed-use projects and 13,000 acres of master planned communities representing 31,000 lots. The firm’s investors include large institutions and high net worth family offices. Regent’s assets under management as of June 30, 2019 totaled more than $1 billion.