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Lakes on Post Oak

Lakes on Post Oak

Lakes on Post Oak is a commercial complex located in Uptown Houston, Texas, United States.

The complex includes the 19-story 3000 Post Oak Boulevard, the 22-story 3040 Post Oak Boulevard, and the 17-story 3050 Post Oak Boulevard. Each building has a dedicated parking garage.[1] Together the buildings, on a 23-acre (93,000 m2) site, have 1,200,000 square feet (110,000 m2) of Class A office space.[2][3]

History

Hines Interests Limited Partnership developed Lakes on Post Oak as an integrated office project between 1979 and 1981.[3] The 44,200-square-foot (4,110 m2) 3040 Post Oak Boulevard building opened in 1982.[2] The buildings were originally owned by Hines.[4]

In 1997 Cottonwood Partners, a Dallas-based company, bought a portion of Lakes on Post Oak,[5] consisting of 3000 Post Oak Boulevard and 3050 Post Oak Boulevard[3] In 1997 the combined value of all of the buildings in Lakes of Post Oak were between $138 million to $150 million ($110–120 per square foot). Logan Brown, an office broker of Grubb & Ellis, said that the complex's "unique views of the lake, proximity to the Galleria and the fact that the lakes have become a gathering place during the day and in the evenings" make the complex "the only one in Houston that is widely appealing to office and non-office users."[5]

Before 2002, 3040 Post Oak Boulevard was owned by Nippon Life. In 2002 Koger Equity, Inc. acquired the entire Lakes on Post Oak project for $102 million ($85 per square foot) from Cottonwood and Nippon Life, reunifying the complex. Thomas Crocker, the Chief Executive Officer of Koger Equity, said Its 'suburban in-fill' characteristics combined with the fact that the properties were purchased at a significant discount to replacement cost integrates perfectly with our long-term investment strategy." As of 2002 the Lakes on Post Oak complex was 75% occupied.[3] In 2003 Koger announced that Trammell Crow would manage and lease units in the complex.[6]

Buildings

3000 Post Oak Boulevard

3000 Post Oak has about 450,000 square feet (42,000 m2) of space. In 1997 3000 Post Oak Boulevard was 100% occupied and housed Bechtel.[5]

3040 Post Oak Boulevard

3040 Post Oak has about 450,000 square feet (42,000 m2) of space. In 1997 3040 Post Oak Boulevard was 95% occupied.[5] The Consulate-General of Angola is in Suite 780.[7] In 2009 Opicoil Houston renewed and expanded its lease at 3040 Post Oak Boulevard.[8]

3050 Post Oak Boulevard

3050 Post Oak has about 350,000 square feet (33,000 m2) of space. In 1997 3050 Post Oak Boulevard was 97% occupied.[5] In 2009 Galway Group renewed and expanded its lease in 3050 Post Oak Boulevard.[8] The Consulate-General of Argentina was formerly located in Suite 1625[9] - As of June 2, 2009 it is located in a different facility in Uptown.[9][10]

See also

References

  1. ^ Home page. Lakes on Post Oak. Retrieved on January 18, 2009.
  2. ^ a b "3040 Post Oak Boulevard." Hines Interests Limited Partnership. Retrieved on January 18, 2009.
  3. ^ a b c d "Koger Equity Closes The Lakes on Post Oak Acquisition in Houston, Texas." Business Wire. December 10, 2002. Retrieved on November 17, 2009.
  4. ^ "Koger to buy three office buildings in Lakes on Post Oak development." Houston Business Journal. Friday November 29, 2002. Retrieved on November 17, 2009.
  5. ^ a b c d e Stromberg, Laura A. "Portion of The Lakes on Post Oak bought by Dallas real estate firm." Houston Business Journal. Friday October 24, 1997. 1. Retrieved on November 17, 2009.
  6. ^ "Trammell Crow Company to Manage and Lease The Lakes on Post Oak." Business Wire. February 3, 2003. Retrieved on November 17, 2009.
  7. ^ "Consular General Archived 2011-05-27 at the Wayback Machine." Embassy of Angola in Washington, DC. Retrieved on January 18, 2009.
  8. ^ a b "Real estate transactions." Houston Chronicle. May 23, 2009. Retrieved on November 17, 2009.
  9. ^ a b Home page. Consulate-General of Argentina in Houston. Retrieved on July 30, 2009.
  10. ^ "Consulado General en Houston Archived 2009-05-29 at the Wayback Machine." Embassy of Argentina in Washington D.C.. Retrieved on July 30, 2009.
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29°44′02″N 95°27′47″W / 29.734°N 95.463°W / 29.734; -95.463

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