Beacon Pursues Texas Properties, Snags One City Centre
- Oct 29, 2012
By Georgiana Mihaila, Associate Editor
Following its purchase last month of Ashford 5, 6 and 7—a 560,000-square-foot office portfolio located in Houston’s Energy Corridor—Beacon Investment Properties has now closed on One City Centre, a Class A office building located in the heart of Houston’s Central Business District.
The Hallandale Beach-based company partnered with Menorah Mivtachim and Psagot, two leading Israeli financial institutions, in the purchase of the 609,000-square-foot tower. Neither buyer Beacon Investment Properties nor seller Behringer Harvard has released any financial details of the transaction.
“The acquisition of One City Centre represents an attractive opportunity and reflects BIP’s strategic decision to expand our existing presence in the major markets in Texas,” said Claudio Dombey, managing partner of Beacon Investment Properties. “We continue to partner with both international institutions and high-net-worth investors in acquiring stable, income-producing assets,” he further commented.
Located at 1021 Main St., connected to the CBD tunnel system and adjacent to the light-rail station, One City Centre is a prestigious address with significant convenience. The 31-floor, extensively renovated office building recently achieved LEED Gold certification. Currently 84 percent occupied, One City Centre is anchored by Waste Management and Energy XXI.
Beacon Investment Properties is a private real estate investment and management operator with a portfolio totaling more than 6 million square feet and valued at $1 billion. Headquartered in Hallandale Beach, Fla., with offices in Dallas, Houston and Charlotte, the firm specializes in the acquisition and management of commercial properties located in the submarkets of large MSAs in the Southeast and Midwest.
The most recent acquisition is meant to highlight Beacon Investment Properties’ long-term commitment to the Texas office market.
Image courtesy of Beacon Investment Properties