Moody National Companies Acquires Fourth Houston Metro Class A Office
Moody National Companies acquired its fourth Class A Houston office building in recent months with Weatherford Plaza, a 216,000 Square Foot asset located in the North Belt/Greenspoint submarket.
Teddy Dykoski, Acquisitions Associate with Moody National Companies, sourced the office acquisition. Ken Page, Executive Director with Cushman & Wakefield, represented the seller, KBS Realty Advisors of Orange County, CA.
Moody National Companies was attracted to Weatherford Plaza because it is a well-maintained asset with strong tenancy and opportunity for rent increase. Weatherford International, the world's fourth largest diversified upstream oilfield service company, occupies 39% of the building with a long-term lease. Other major tenants include FMC Technologies and Kraton Polymers US, both of whom supply services to the energy sector.
Located at 15710 JFK Boulevard, Weatherford Plaza is in close proximity to Bush Intercontinental Airport, Highway 59, I-45, Beltway 8 and the Hardy Toll Road. According to Cushman & Wakefield's Third Quarter 2006 Office Submarket Review, "North Belt has the lowest Class A direct vacancy rate in the Houston area at 1.9% with a direct rental rate of $21.72," making it one of the most vibrant office submarkets in Houston.
Mr. Dykoski indicated that Moody National Companies is actively sourcing additional Class A office opportunities in the East Coast, West Coast and Sunbelt, noting strong technical pressures and high replacement costs.
Moody National Companies declined to disclose the purchase price for Weatherford Plaza.