Behringer Harvard has purchased the One BriarLake Plaza Class A office tower in Houston, Texas from Crescent Real Estate Equities for an undisclosed sum.
The 20-story building, sitting on a 9.4-acre site, is located on West Sam Houston Parkway in the Westchase submarket of Houston. It totals 502,410 square feet of space and also includes an attached 2,068-unit parking garage. The property is 94 percent leased.
The deal was closed by the Houston office of real estate services company, Holliday Fenoglio Fowler.
Earlier this month, Dallas, Texas-based Behringer Harvard said it was opening an office in Hamburg, Germany in a bid to help the firm source equity, pursue joint ventures and improve contacts with owners, developers, investors and lenders.
The firm said two senior directors from its European property joint venture partner, HCI Capital, would be running the office. Oliver Georg and Olaf Fortmann worked with the firm in 2006 to set up a $1.3 billion investment vehicle.
Behringer Harvard currently owns and manages around $8 billion of property in the US and internationally.
Fort Worth, Texas-based Crescent Real Estate Equities counts 38 US office buildings in its portfolio, totaling 18 million square feet. It is also invested in resort residential developments in the US.