Greater Houston has the most vacant office space of any major U.S. city, but investors are still making a play for Bayou City class-A office buildings.
Investors picking up Houston office properties usually announce their intention to amenitize them in an effort to adapt to the so-called “flight to quality” office space trend.
David Z. Mafrige Interests (DZMI), which just purchased World Houston Place, at 15710 John F. Kennedy Boulevard, is no exception to that trend.
Houston-based DZMI recently completed renovations at the eight-story Class A office building near George Bush Intercontinental Airport.
The firm, which specializes in Greater Houston commercial property, said it has renovated World Place’s lobby and plans to upgrade common areas and add a tenant lounge and fitness center.
“DZMI has completed numerous improvements to World Houston Place, and our basis allows us to offer the Class A, North Belt asset at very attractive rates compared to the rest of the market,” Andrew Clark, president of DZMI, said in a release.
World Houston Place offers signage opportunities, a high garage parking ratio, on-site courtesy officer, controlled 24-hour access, deli and outdoor courtyard area, DZMI said.
Availability at World Houston Place ranges from 1,488 square feet to 122,286 square feet.
DZMI chose Stream Realty Partners to lease and market the property. Stream Houston’s Matt Asvestas and Danielle Rothchild will serve as the leasing agents for the property, which has an appraised market value of $9.5 million, according to Harris County Appraisal District records.
The terms of DZMI’s purchase were not disclosed.