5718 Westheimer Offers Elements Investors are Seeking

5718 Westheimer, a 491,092-square-foot class-A office property in Houston, recently sold to Group RMC for an undisclosed purchase. The 22-story office tower was updated in 2017 and is currently 67.6 percent leased with strong in-place cashflow from a diverse tenant base.

JLL marketed the property on behalf of the seller and procured the buyer. Additionally, JLL secured the three-year floating-rate acquisition loan with Sound Point Capital Management.

The property is positioned in Houston’s Galleria submarket within walking distance to restaurants, hotels and retail as well as the Galleria Mall. In addition, 5718 Westheimer is near Houston’s most prestigious neighborhoods, The Villages, River Oaks and Bellaire, west of Houston’s Inner Loop/Route 610, and north of the Katy and Southwest freeways.

The JLL capital markets team representing the seller was led by Kevin McConn and Rick Goings.

Financing efforts were led by JLL’s John Ream.

“Despite the headwinds associated with the Houston office market, there is still a significant amount of liquidity for the right product,” says McConn. “5718 Westheimer is a great example of what many of these investors are seeking in today’s environment – a well-located high-quality asset with durable in-place cashflow and a diverse tenant mix.”