Intercontinental Acquires Sawyer Heights Lofts for $61.6M; Construction Underway on Phillips 66 Corporate Campus
- Dec 02, 2013
Boston-based Intercontinental Real Estate Corp. acquired the Sawyer Heights Lofts, a 326-unit apartment community in Houston’s Downtown/West Inner Loop, for $61.6 million.
“We are thrilled to have another property investment in Houston,” said Intercontinental CEO Peter Palandjian. “The Houston metro area has become an important target market for Intercontinental because of its impressive commercial resiliency, its vibrancy and diverse economic engine.”
The acquisition was made on behalf of Intercontinental’s U.S. Real Estate Investment Fund L.L.C. which partnered with Greystar Real Estate Partners for the deal, the company said in a statement.
Constructed in 2008, the building is situated adjacent to Interstate 10 and the Central Business District. It was 99 percent leased at the time of closing.
Sawyer Heights Lofts offers a mix of one- and two-bedroom floor plans with high-end finishes, 10-foot ceilings, walk-in closets, washer/dryer units and sweeping city views. Common amenities include a 24-hour fitness facility with yoga and pilates rooms, a resort-style pool with heated spa, a meditation garden, a gourmet kitchen, a latte lounge and a billiards room. Additionally, the 307,402-square-foot property features a six-story parking garage with 567 spaces.
Meanwhile, construction has begun on a new 1.1 million-square-foot headquarters campus for Phillips 66 in West Houston.
The multibuilding campus will be located on a 14.2-acre site off Beltway 8 West between Westheimer Road and Briar Forest Drive in the Westchase District. Amenities will include a cafeteria, a fitness center, a credit union, covered parking and a training and development center.
St. Louis-based design, architecture and engineering firm HOK is the project architect, while W.S. Bellows Construction of Houston serves as general contractor, according to the Houston Business Journal.
The company plans to relocate all of its 1,800 Houston-area employees to the new headquarters once the project is complete. Construction is expected to take 24 to 36 months.
Phillips 66 will join other notable energy companies that have chosen Houston’s Westchase District as their corporate home, including Chevron, Exxon Mobil, Anadarko, Noble Energy, Southwestern Energy, ConocoPhillips and BHP Billiton.
Photo Credits: Sawyer Heights Lofts courtesy of Intercontinental Real Estate Corp.; Rendering of Phillips 66 Headquarters via HOK.