Investment Overview

6222 Richmond Avenue aka Richmond Place offers an investor an opportunity to purchase a unique office investment composed of tenants exclusively in the jewelry industry. The subject property is not only located less than two miles from the Uptown/Galleria as well as the Galleria Shopping Mall, a 2.4 Million square foot world renowned shopping complex, but also is located on Richmond Avenue, a major East/West traffic corridor. Additionally, the building is less than a mile to I-59/69 and the Westpark Tollway, both major freeway corridors in Houston. The 119,648 RSF glass clad office tower is unique in the sense of the overall tenant makeup. Jewelers and related vendors make up 100 percent of the tenant base which have been a fixture at Richmond Place for over 20 years. A new owner is well positioned to reap the cash flow benefits of this asset. With 78 tenants in the building, the average tenant size is approximately 1,250 RSF. Therefore, an investor is not susceptible to any one tenant’s non-renewal having a dramatic affect on occupancy or cashflow. The type of as well as the long-term nature of the tenant base, has allowed ownership protection from not only occupancy volatility, but also competition from sublease space within its own building during economic downturns. Therefore, the tenant makeup and longevity allows an investor more certainty of cash flow and cash-on-cash return on one's investment. Richmond Place is achieving +/-40 percent higher published asking rents (per CoStar) than 20,000 RSF or greater office buildings in the Fountain View / Richmond Office Submarket. Due to the tenant base and synergy among the tenants, an investor should be able to continue to realize such premium rents as current ownership has realized for many years. The Work From Home (“WFH/Hybrid”) phenomenon has proven irrelevant to Richmond Place as the tenants are sole proprietorships. It is critical for these businesses to be in their shops; i.e., the building, to transact with their walk-in customers as well as manufacture their wares.