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Houston Office Tower Trades for $66M
Namdar Realty and Mason Asset Management purchased the 40-story office tower, 601 Jefferson, in downtown Houston for $66 million. Called the KBR Tower, it was owned by Net Lease Office Properties and was 91% leased at the time of sale. 87% of the space is leased by KBR. Previously known as Brown & Root, KBR provides specialized services, including cybersecurity, data analytics, space and military aviation operations, and sustainable energy technologies.
Originally built in 1973, the over one-million-square-foot building was purchased by Net Lease Office Properties in 2012 for $174.6 million.
JLL’s Capital Markets Investment Sales and Advisory team, representing the seller, was led by Kevin McConn and Jeff Hollinden. “The opportunity offered significant immediate yield, resulting in tremendous interest from various private capital sources locally and nationally, including several new-to-market investors,” said McConn.
- ◦Sale/Acquisition
