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California REIT Purchases Houston Office Property for $48.8M

EL SEGUNDO, CA—Griffin Capital Corp. has purchased a 149,000-sq.-ft., class-A office building in Houston for $48.75 million. The property was acquired on behalf of the Griffin Capital Essential Asset REIT Inc.

"I believe our unblemished track record closing all acquisitions under contract, and our ability to differentiate ourselves from other buyers with respect to deal terms outside of pricing, including a quick due diligence period, allowed us to successfully acquire a very high quality asset in one of the healthiest metro markets in the country,” said Louis Sohn, Griffin Capital's senior vice president of acquisitions, in a statement.

The fully occupied building is 97 percent leased by Schlumberger Technology Corp., a oilfield services company. With this purchase, Griffin Capital Essential Asset REIT now has nearly $500 million in 17 diversified assets located in different geographical locations and across various industries.

"This acquisition provides our investors the trifecta of attributes we actively seek for our portfolio, including: a liquid market with strong fundamentals, excellent tenant credit characteristics and a long-term remaining lease duration with annual rental rate increases,” said Michael Escalante, Griffin Capital's CIO, in a statement.

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