Rosemont Realty Expands Portfolio in Houston with Acquisition of Kirkwood Tower

Acquisition brings company's total footprint to nearly 2.5 million square feet in Houston metro market

News provided by

Dec 10, 2014, 12:22 ET

SANTA FE, N.M., Dec. 10, 2014 /PRNewswire/ -- Rosemont Realty, LLC, a leading commercial real estate investment company with holdings of approximately 16.1 million square feet of commercial office space, has acquired Kirkwood Tower in Houston, Texas.

The acquisition of the 15-story tower adds 285,682 rentable square feet of Class A office space to Rosemont Realty's portfolio. It brings the company's total square footage in the greater Houston area to nearly 2.5 million square feet, including Kirkwood Atrium II next door.

Kirkwood Tower, Houston, Texas -- Rosemont Realty

Rosemont Realty purchased the office building in a joint venture with new Rosemont investor Central Properties. The seller was a joint venture between Denver-based Amstar and Dallas-based Frontier Equity. The sales price was not disclosed.

"The addition of Kirkwood continues our overall strategy of expanding in key markets where we have a substantial presence," said Michael Mahony, chief executive officer of Rosemont Realty. "Adding Kirkwood to our portfolio bolsters our existing footprint in Houston, where we have the support and infrastructure in place to provide first class, full-service asset and property management, and leasing services."

Kirkwood Tower, at 11757 Katy Freeway, is an institutional quality Class A office building in the heart of Houston's highly-desirable Energy Corridor submarket, providing tenants with convenient access to global energy giants such as BP, ConocoPhilips, Dow Chemical and Shell. The building was built in 1984, with major capital projects completed between 2008 and 2010, and in 2012 through 2013.

"Kirkwood represents the kind of opportunity that was right for Rosemont and our joint venture partner," said Don Henry, chief investment officer for Rosemont Realty. "Kirkwood meets our investment criteria; it is a high-quality, Class A, institutionally-maintained building strategically located in a well-performing submarket."

The Kirkwood Tower is currently 92 percent occupied. Tenants include Texon LP, Skyline Executive Suites, Ltd., KCA Deutag, LLC, First Solar, Inc., Greene's Energy Group, LLC, and Mac Haik Holding Company, Inc., among others.

For more information, please visit RosemontRealty.com

Photo - http://photos.prnewswire.com/prnh/20141210/163606

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/rosemont-realty-expands-portfolio-in-houston-with-acquisition-of-kirkwood-tower-300007849.html

SOURCE Rosemont Realty, LLC