Investment Overview

Marcus & Millichap, as the exclusive advisor to Nitya Capital, is pleased to present the opportunity to acquire a fee-simple interest in Park Central Plaza at 1111 North Loop West, a 181,671 RSF 11-story, Class A office tower and connected parking garage, strategically located in the heart of the 610 North Loop office corridor. The Class A building’s unique design allows tenants not only flexible floor plans, but also the opportunity to create more corner offices for senior executives than a typical rectangular office building. The building offers unparalleled views of Houston’s Central Business District over a greenbelt of trees throughout The Houston Heights. The office tower, constructed in 1981, includes a striking design with a black and silver glass curtain wall, a recently renovated stylishly appointed and expansive granite and marble first floor lobby, and four (4) high-speed digital elevators with polished marble walls surrounding each elevator’s entry. The first-floor lobby includes a built-in electronic tenant director, a station for the on-site courtesy officer as well as a glass entry/exit with direct access to the poured in place four-level concrete garage. The garage provides a generous 3.75/1000 RSF of covered parking for tenants as well as ample free visitor surface parking surrounding the building’s front entry. The rectangular shaped site, totaling over three (3) acres, offers two (2) ingress/egress points along the three (3) lane feeder road along the 610 North Loop. The Property offers prominent monument signage for major tenants. The Property is 76 percent leased to a professional and diversified roster of 25 tenants. 39 percent (11 tenants) are new to the building, have renewed in place, right sized, or expanded since the start of 2023 offering an investor a committed tenant base with growing momentum for office space in the North Loop Office Submarket. Such provides an investor the opportunity to increase its return via growing occupancy. Furthermore, with an increasing occupancy in the North Loop Submarket for Class A & B office buildings along with quoted rental rates in this submarket of almost $23.25/RSF/YR provides an investor to purchase in an ever-improving office environment in this part of the city. Park Central Plaza, a value-add Class A office investment opportunity, is a prominent office building located in the heart of The Houston Heights/Garden Oaks District. The Property is strategically located along the south side of Houston’s 610 North Loop between Ella Boulevard and N. Shepherd which allows tenants and visitors ease of ingress and egress to the 610 North Loop. Park Central Plaza provides access to all major Houston Freeways via the 610 North Loop that encircles the city. Furthermore, the Property is only 11 minutes to Houston’s landmark Uptown/Galleria Shopping District, 13 minutes to Houston’s Central Business District, and only 23 minutes to George Bush Intercontinental Airport. Park Central Plaza is a proven location for a wide variety of professional based business including insurance, architectural, legal, and an international workplace provider of executive suite/coworking and virtual offices with over 4,000 offices around the globe. Two of the most recent tenants, set to move in during the second half of 2024, have secured 10-year leases for entire floors, offering an investor added income protection with their long-term commitments. Ownership has made capital improvements to the building including lobby renovations, restroom upgrades, elevator cabs upgrades and replacing the fire pump system. Endless shopping and restaurant options for lunch and dinner are available with most being only 5-10 minutes away by car. They include such favorites as Starbucks, Boomtown Coffee Roasters, Rainbow Lodge, Gatlin’s BBQ, Snooze Eatery, Whole Foods 365, HEB Grocery, and numerous other restaurant favorites in The Heights. Today, Park Central Plaza is a unique opportunity for a value-add investor to acquire ownership in a proven office performer. With 11 new tenant signings, expansions, renewals, and rightsizing totaling over 70,000 RSF since January 2023, there is significant leasing momentum, a new leasing team in place, and available financing.