One Westchase Center 10777 Westheimer Rd

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, 12-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 fifth-largest office market, comprising almost 15 million 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 is only a one-minute drive to Beltway 8, the Sam Houston Parkway.

One Westchase Center is approximately 68% leased to a professional, 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, an increasing occupancy in the Westchase office submarket for Class A and B office buildings, along with quoted rental rates in this submarket of $27.69/RSF/YR Gross for Class A and B office product, provides an investor to purchase 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. This freeway encircles the city, allowing tenants and visitors access to all parts of Houston. Furthermore, 10777 Westheimer Road is only 20 minutes to Houston’s landmark Uptown/Galleria Shopping District, with direct access to George Bush Intercontinental Airport and William P. Hobby Airport via the Sam Houston Parkway. The office tower was constructed in 1982 and has been upgraded by renovations, reportedly totaling approximately $6.5 million, performed by the prior ownership through 2019. They include but are not limited to a renovated building atrium, ADA-compliant restrooms, an outdoor fountain, updated building sprinkler systems, an extensively 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 directory 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 businesses, 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 five minutes away by car. They include such favorites as Walgreens, Whole Foods, Target, Office Depot, Chase Bank, Beck’s Prime, Dimassi’s Mediterranean, Panera Bread, Salata, Torchy’s Tacos, and CAVA, to name a few. Today, One Westchase Center 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 right-sizing totaling over 123,000 rentable square feet since January 2023, there is strong leasing momentum, a new leasing team in place, and available financing for this asset.