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OfficeTexas

TRANSWESTERN HOUSTON BEGINS CONSTRUCTION ON 700,000-SQUARE-FOOT OFFICE PROJ

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HOUSTON — Transwestern Houston has begun construction on a 700,000-square-foot office project located 1 mile south of Interstate 10 at the intersection of Eldridge and Enclave parkways in Houston. The property, called Eldridge Oaks, is a Class A, LEED-registered office project that will be built in two phases on 21 acres. The first phase will comprise a 350,000-square-foot office tower and the second phase, which will be built on the remaining land after Phase I construction is complete, will be either a build-to-suit project or a second office tower. The project’s first phase is scheduled for completion in September 2009.

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OfficeTexas

OAKS DEVELOPMENT GROUP COMPLETES PURCHASE OF 29,724-SQUARE-FOOT MEDICAL BUI

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AUSTIN, TEXAS — North Carolina-based Oaks Development Group has finalized the purchase of a medical building located on Park Bend Drive behind St. David Medical Center in Austin. The 29,724-square-foot property, called Post Oak Center North Building 1, is a Class A medical office building that the buyer will lease in a tenant-ownership model. Oaks Development Group purchased the building from an undisclosed seller, and MSL Investments will handle leasing for the property.

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OfficeWestern

KENNEDY WILSON ACQUIRES THREE-BUILDING OFFICE PORTFOLIO FOR $94.1 MILLION

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BURBANK, CALIF. — Kennedy Wilson sponsored funds, KW Property Fund II and KW Property Fund III, have acquired a three-building office portfolio in Burbank for $94.1 million. The portfolio includes 303 North Glenoaks Avenue, a 10-story, 176,813-square-foot property; the six-story, 86,703-square-foot 333 North Glenoaks Avenue building; and 300 East Magnolia, also known as Burbank Executive Plaza, a six-story, 63,899-square-foot property. Major tenants of the portfolio properties include Turner Broadcasting, Front Porch Communities, Universal Music and Video, and BDC Travel. The seller was not disclosed.

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OfficeSoutheast

OFFICE BUILDING CHANGES HANDS IN WINTER PARK

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WINTER PARK, FLA. — 2303 Partners has purchased Lakeview Office Building, a 48,963-square-foot property in Winter Park, from Santa Fe, N.M.-based BGK Group, for an undisclosed amount. The building is situated on 5 acres at 2302 N. Semoran Blvd. Joseph Rossi and Bret Felberg of Grubb & Ellis | Commercial Florida’s Orlando, Fla., office represented the seller, and the buyer was represented by Geoff Rogers of Winter Park-based Silver City Partners.

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OfficeTexas

GE REAL ESTATE PROVIDES $71.35 MILLION FOR OFFICE COMPLEX

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HOUSTON — GE Real Estate has provided $71.35 million in financing Newport, Calif.-based Chase Merritt for the acquisition and renovation of Four Corners, a Class B office park located at the southeast intersection of Westheimer and Sage roads in Houston. The mixed-use office property is located adjacent to the Galleria shopping center, and includes 395,473 square feet of office space, 29,920 square feet of retail and two parking structures. This marks the second transaction between GE Real Estate and Chase Merritt in Houston’s Galleria West Loop submarket in the past 6 months.

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