342K-SF 1177 West Loop South Sells to JV

Hicks Ventures teamed up with Taconic Capital Advisors to acquire 1177 West Loop South, a 342,000-square-foot, 18-story office building in Houston’s Galleria/West Loop submarket. Spire Realty Group, the seller, ended its seven-year hold on the asset with the transaction. Dan Miller, Martin Hogan and Johnny Kight with HFF represented the seller in negotiations.

The multi-tenant building opened in 1979 on 4.4 acres, with significant back-of-house upgrades completed between 2014-2017. “We are very pleased to be handing the asset to Pat (Hicks with Hicks Ventures) and his team,” said Spire’s Jon Ruff. “I am certain that their planned improvements to the building will continue its upward trajectory; we are excited to see their success.”

The new partnership is planning an aggressive leasing strategy, as well as a significant capital improvement plan. Improvements will be made to common areas, and the owners will add a fitness center, conference facility and tenant lounge area.

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