An affiliate of Detroit-based Seligman & Associates has purchased downtown's historic Esperson Buildings.
Seligman Western Enterprises purchased the buildings from the Denver-based Amstar Group and Cameron Management of Houston. A source close to the deal pegs the purchase price at close to $96 million, or around $160 per square foot.
The Niels and Mellie Esperson Buildings at 808 Travis and 815 Walker have nearly 600,000 square feet of space that is 75 percent leased.
Cameron and partner Amstar acquired the buildings in 2004 when downtown's office vacancy rate was more than 20 percent, said Dougal Cameron, CEO of Cameron Management. Downtown's vacancy is now at around 10 percent, he said.
Richard Rudd of CB Richard Ellis, who marketed the buildings along with Kent Peters and Jared Chua, said in a news release that there were multiple offers from investors that had not previously pursued Houston assets.
source:www.chron.com
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