Seattle investor buys Houston office for $445m
Seattle-based Metzler Real Estate is under contract to purchase Reliant Energy Plaza, an office building in the Houston CBD, for approximately $445 million, according to Real Capital Analytics. The seller is an Invesco Real Estate partnership.
According to previous media articles, the 36-story office attracted a bidding war, drawing a number of buyers, including LaSalle Investment Management, J.P. Morgan and KBS Realty. Hines in a partnership with a Korean investor was also a serious contender.
The property at 1000 Main St. totals 837,130 square feet. Major tenants include Shell Oil, which occupies 303, 000 square feet, as well as GenOn Energy, Marsh USA and UBS. The asset includes street retail and a 1,566-space garage.
The property was developed by Richard Everett of Century Development and Pinto Realty and opened in 2003. The Invesco R