BEHRINGER HARVARD SELLS INTEREST IN 171,000-SQUARE-FOOT OFFICE BUILDING
HOUSTON — Behringer Harvard has sold a controlling interest in Enclave on the Lake, an approximately 171,000-square-foot office building located in the Energy Corridor of Houston. The six-story building is situated on 6.7 acres at 1255 Enclave Pkwy. It is currently 100 percent leased to SBM Atlantia, a subsidiary of SBM Offshore. Behringer Harvard completed the sale on behalf of Behringer Harvard REIT I, which acquired a 36 percent interest in the property in 2004 with other tenant-in-common (TIC) investors. The disposition will provide the REIT and its TIC investors with an overall yield during the cash holding period of more than 80 percent, as well as an annualized cash-on-cash return of approximately 19 percent. The sale price and the buyer were not disclosed.