Houston, Tx – January 6th, 2019
Houston based commercial real estate development company, MarketSpace Capital, completes investment in Zachry Corp. headquarters building in San Antonio.
MarketSpace Capital, a Houston based private equity real estate firm focusing on ground up developments, value add opportunities, and direct equity investments, announced the investment in a limited partnership interest in the Griffin Partners sale lease back of the iconic Zachry building located on West Loop 1604 in San Antonio.
The three-story, 84,000 square feet facility has been Zachry’s headquarters since 2013 and currently, they are the only tenant in the building. The stellar location in San Antonio as well as the immaculate condition of the building is why we were interested in investing with Griffin Partners on this asset, said David Rodarte, Managing Partner at MarketSpace Capital.
The Class A office building, originally constructed in 2006, was acquired by Zachry in 2012 and under the sale lease back agreement, Zachry will remain in its current office. Although the purchase price was not disclosed, the building was last assed by the Bexar Country Appraisal District for $15.3 million.
Griffin Partners specializes in commercial office development and investment in Texas, Arizona, Colorado, North Caroline and Louisiana. The investment into the Zachry building marks the company’s re-entry into San Antonio following the sale of the bank of America Plaza in 2017.
Zachry Corp., San Antonio’s oldest developers, is a premiere global contractor specializing in transportation, building and heavy civil construction for projects all around the world.
About MarketSpace Capital: MarketSpace Capital is a private equity real estate firm that focuses on ground up developments, value add investments, and acquiring partial interest in commercial real estate assets through the United States. To learn more, visit https://marketspacecapital.com.