1500 Citywest
Griffin Partners (GP) acquired 1500 Citywest in October 1999. The building is a ten-story office building located in the West Houston submarket known as the Westchase District close to the BMC Campus just off of the Sam Houston Tollway. The property contains 191,467 rentable square feet and has adjacent surface parking and parking garage. The building features a contemporary white steel spandrel and glass exterior. Griffin Partners renovated lobby and elevator cabs and common area between the garage and the building. Major tenants that GP put in the building include Allstate Insurance and GE Capital Loan Services (GEMSA).
This was a value added investment where Griffin Partners purchased an asset that was underperforming due primarily to a poor tenant mix and outdated aesthetics. GP corrected the problem with the tenant mix through the buyout of an undesirable tenant's lease and updated the building's interior and common area architectural appeal. The upgrades, re-tenanting and subsequent lease-up added value to the investment. The property was sold in March 2005.