Investment Overview

Marcus & Millichap, as the exclusive advisor to Nitya Capital, is pleased to present the opportunity to acquire a fee-simple interest in One Westchase Center at 10777 Westheimer Road, a 466,025 RSF twelve story, Class A office tower and connected parking garage strategically located in the heart of the Westchase Office submarket. The Westchase office submarket is Houston’s 5th largest office market comprised of almost 15 MM RSF. The Class A building’s unique half-moon design allows tenants to not only be in an iconic suburban office tower, but also the opportunity to be in a property with a hotel-like environment due to the soaring 12-story open atrium with a water feature. The building offers unparalleled views of Houston’s west side and only a one-minute drive to Beltway 8 aka the Sam Houston Parkway. The Property is approximately 68% leased to a professional and diversified roster of 34 tenants. 26% (17 tenants totaling over 123,000 RSF) 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 Westchase Office Submarket. Such provides an investor the opportunity to increase its return via growing occupancy. Furthermore, with an increasing occupancy in the Westchase office submarket for Class A & B office buildings along with quoted rental rates in this submarket of $27.69/RSF/YR Gross for Class A & B office product, provides an investor to purchase in an improving office environment in Westchase. One Westchase Center, a value-add Class A office investment opportunity, is a prominent office building located in the heart of Westchase. The Property is strategically located along Westheimer Road and only a minute’s drive to Sam Houston Parkway West, a freeway that encircles the City thereby allowing tenants and visitors access to all parts of the City. Furthermore, the Property is only 20 minutes to Houston’s landmark Uptown/Galleria Shopping District with direct access to George Bush Intercontinental Airport and Houston Hobby Airports via the Sam Houston Parkway. The office tower, constructed in 1981 with renovations reportedly totaling approximately $6.5 MM and performed by the prior ownership through 2019. They include but are not limited to a renovated building atrium, ADA restrooms, an outdoor fountain, updated building sprinkler systems, extensive upgraded building conference facility and security desk, and modernization of 12 high-speed digital elevators. The first-floor lobby includes a built-in electronic tenant director and a station for the on-site courtesy officer. The garage provides a generous 3.5/1000 RSF of covered parking for tenants and visitors. The rectangular shaped site, totaling approximately 5.25 acres, offers separate ingress/egress points to the garage along Walnut Bend including a separate drop off entrance for those arriving or departing via Uber or Lyft. The Property also offers prominent monument signage for major tenants. One Westchase Center is a proven location for a wide variety of professional based business including engineering, staffing, financial, legal and an international workplace provider of executive suite/coworking and virtual offices with over 4,000 offices around the globe. Endless shopping and restaurant options for lunch and dinner are available with most being only 5 minutes away by car. They include such favorites as Walgreens, Whole Foods Market, Target, Office Depot, Chase Bank, Beck’s Prime, Dimassi’s Mediterranean, Panera, Salata, Torchy Tacos, and CAVA Coffee to name a few. Today, One Westchase Central is a unique opportunity for a value-add investor to acquire ownership in a proven office performer. With 17 new tenant signings, expansions, renewals, and rightsizing totaling over 123,000 RSF since January 2023, there is strong leasing momentum, a new leasing team in place, and available financing for this asset.