HFF Facilitates Sale of Galleria Place
- Sep 16, 2015
Galleria Place, the two Class A office buildings totaling 401,000 square feet and the stand-alone retail site across from the Galleria Mall, has changed owners.
Senior managing director Dan Miller and director Martin Hogan led the HFF investment team.
HFF marketed the property on behalf of the seller, The Carlyle Group and Songy Highroads LLC, and is also engaged to arrange financing for the buyer, Lincoln Property Company. The financial details of the transaction remain undisclosed.
Galleria Place consists of the 11-story, 217,006-square-foot office building Galleria Place I (5251 Westheimer); the 10-story, 178,468-square-foot office building Galleria Place II (5333 Westheimer); the 5,707-square-foot retail building Sage Plaza—which is fully leased to a local high-end salon and tailor; the single-story bank branch Regions Bank and drive-thru connected to Galleria Place I and included in its square footage; and two parking garages totaling 1,361 spaces. Galleria Place is currently 53 percent leased to tenants including Just Energy and HIS. The asset sits on six acres nestled between Sage and Westheimer Road and West Alabama Street.
“Galleria is one of the best office markets in the city, and we positioned Galleria Place to take full advantage of this demand,” Todd Nocerini, COO of Songy Highroads, said in a prepared statement. “With new hotel and retail under development within walking distance, the strength of this property will continue to increase.”