Lingerfelt Buys Houston Office Building for $52M
Burns&McDonnell Plaza (courtesy of Yardi Matrix)
Richmond, Va.-based commercial real estate investment firm Lingerfelt Commonwealth Partners announced it has purchased the Burns & McDonnell Plaza in Houston, for $52 million.
The 15-story Uptown Houston office building is located at 1700 West Loop South and includes an adjacent 786-space parking garage.
Anchored by international engineering, architectural and consulting firm Burns & McDonnell, the 272,941-square-foot office property is currently 81% occupied.
Lingerfelt will operate the building through its vertically integrated operating platform. Commonwealth Commercial Partners will handle property management and Avison Young will be in charge of marketing and leasing.
Jay Kraft, senior VP with Lingerfelt, stated: “Our company is excited to enter Houston at this time. We have been tracking the market and believe the basic fundamentals are strengthening. We look forward to exploring other opportunities and expanding our presence.”
Ioana Ginsac
Senior Content Writer, Industry News & Reports
Ioana is a content writer who has been covering all-things-CRE (and more) for several Yardi network publications since 2017. You will find her byline regularly in industry news and market reports, but also on articles covering sustainable development, green urbanism, and innovation, all of which she has been passionately learning about for more than a decade. Her work has been referenced by publications including AmericanInno, Bisnow, BusinessInsider, Commercial Property Executive, Curbed, Fast Company, Forbes, GlobeSt.
