Lakes on Post Oak

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

Lakes on Post Oak

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. "3040 Post Oak Boulevard." Hines Interests Limited Partnership. Retrieved on January 18, 2009.
  3. "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. 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. "Real estate transactions." Houston Chronicle. May 23, 2009. Retrieved on November 17, 2009.
  9. 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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