Los Angeles-based real estate development and investment management firm Regent Properties announced that it has acquired Park Towers, a 545,242-square-foot Class-A office project in Houston’s Uptown submarket for $89.5 million.
Park Towers is a marquis, Class-A office project which was redeveloped in 2000 and renovated in 2017. It is comprised of two 18-story towers over shared structured parking and prominently located at the northeast corner of I-610/West Loop and Post Oak Boulevard.
There is approximately 270,000 square feet of office space for lease, including a contiguous block that contains 120,000 square feet. Its location provides immediate access to Memorial Park and is proximate to Uptown shopping and dining options.
“We could not be more excited to have completed this transaction and add this unique property to Regent’s expanding Sunbelt office portfolio.This project is a perfect example of the firm’s strategy of identifying and executing on value-add investment opportunities with long-term growth potential,” stated Eric Fleiss, CEO of Regent Properties.
Fleiss continued, “On top of the upgrades which have already been completed at the project, we intend to implement the type of changes which have built Regent’s reputation throughout the Sunbelt. For example, we will be bringing exciting new food service amenities to the project, as well as our well-known hands-on management approach. Our investment outlook for Park Towers is further bolstered by its prime location and the fundamental economic attributes of Houston specifically and Texas generally.”