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Bechtel Departure Dooms Houston Office Owner
Bechtel’s departure from the 19-story 3000 Post Oak Blvd. office building left it 99% vacant, which, of course, means trouble for the owner of the 441,523-square-foot tower. Recently, $80 million in debt matured, and it appears a foreclosure sale may come in the future. The property’s mortgage balance includes three tranches of debt, all held by separate CMBS trusts. The Houston Business Journal reports that AIP Asset Management may be the owner.
Loan reports identified Midland Loan Services of Overland Park, Kansas, as the debt’s master servicer, while LNR Partners, a subsidiary of Starwood Property Trust Inc., was the property’s special servicer.
Bechtel, the nation’s largest privately held company, moved into the CityWestPlace campus across the street from Briarlake Plaza. The company moved 1,500 employees to the new offices.
3000 Post Oak Blvd. was built in 1979 and was last renovated in 2014.
- ◦Sale/Acquisition
