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.”
