Houston, TX -- Mesa West Capital has provided two principals of the alliantgroup with $84.9 million in non-recourse first mortgage debt for its off-market purchase of 3009 Post Oak Boulevard in the Galleria submarket of Houston, TX from Skanska Commercial Development.
The buyers, Dhaval R. Jadav, CEO of alliantgroup and Shane T. Frank COO of alliantgroup, exercised their option to purchase the recently completed 302,000-square-foot, 20-story glass curtain wall building, which was negotiated in the 125,000 square-foot lease alliantgroup executed in June 2013. The building was 67 percent pre-leased at the time of acquisition. Other tenants at the Property include Datacert, Skanska and Becker Financial.
Located at the corner of Post Oak Boulevard and Hidalgo, with frontage on the 610 W. Loop, the pre-certified LEED Platinum building is one of two speculative Class A office developments in the Galleria submarket in 30 years. The building features 12 stories of office space above an eight-story parking garage.
In addition to capitalizing on an improving market, the buyers wanted to be in a better position to control their expansion rights and facilities costs by acquiring the building, according to Mesa West Capital Principal Steve Fried who originated the financing.
“Mesa West is excited about the opportunity to finance a best-of-class office building in a strong submarket with increasing rents and a single-digit Class-A vacancy rate,” said Fried. “As the one of the first new buildings to be completed, 3009 Post Oak is well positioned in the Galleria submarket as a first-to-lease asset.”
The financing, which was provided through Mesa West Capital’s Core Debt Fund, was arranged by David Aaronson and John Fenoglio with CBRE Capital Markets Debt and Equity Finance Group.
About Mesa West Capital, LLC
Los Angeles-based Mesa West Capital (www.mesawestcapital.com) is a privately held portfolio lender with a current capital base of approximately $3.5 billion. Mesa West has an established debt platform that continues to provide flexible and reliable capital for real estate acquisitions, re-financings and re-capitalizations on office, retail, industrial, multifamily and hotels in the United States.