May 24, 2022
By Parimal Rohit
Silver Creek Realty Advisors Acquires 1717 St. James Place From Accesso Partners
Accesso Partners has offloaded 1717 St. James Place to a Houston-based real estate firm. (CoStar)
A Florida-based real estate company has sold its second mid-rise office building in Houston in the past month.
Accesso Partners sold the six-story building at 1717 St. James Place to Houston-based Silver Creek Realty Advisors. The sales price was not disclosed.
In April, Accesso Partners offloaded One Park 10, an eight-story office building in Houston’s Energy Corridor.
“The sales of One Park 10 and 1717 St. James Place were strategic decisions and part of our long-term strategy to dispose of some smaller, non-core assets and devote our attention to our larger, institutional-quality properties. We plan to use part of the proceeds from the sales to reinvest in our portfolio as well as look at acquiring additional Class A office buildings in our target markets, including Houston,” said Ariel Bentata, founding and managing partner of investments with Accesso Partners, in an email.
The boutique office building at 1717 St. James Place occupies 110,452 square feet on 2.34 acres on the south side of San Felipe Street in Houston’s Uptown-Galleria area.
Adjacent to the 1717 St. James Place building is the Tanglewood neighborhood, an upscale residential area.
The 1717 St. James Place office building, which was built in 1975, is 70.5% leased. Tenants include ABIP Advisors, Tahirih Justice Center, Watermark Solutions, Re/Max and Gessner Wealth Strategies. On-site amenities include conference rooms, a newly renovated cafeteria and a 120-vehicle parking structure.
Accesso Partners still has a presence in Houston despite the sale of 1717 St. James Place and One Park 10. Bentata said Accesso Partners does not have any plans to sell additional assets in Houston.
“We are devoted to this market, and, especially with the rebound in oil and energy prices, we feel there will be strong demand for office space in both the near- and long-term,” Bentata said. “We plan to continue investing in our existing assets to further improve the tenant experience while maintaining a very high level of customer service. This strategy is already leading to increased occupancy throughout our portfolio in Houston.
Other buildings within the company’s Houston portfolio are 1021 Main St. Downtown, Ashford 5 at 14701 St. Marys Lane in the Energy Corridor, Ashford 6 at 1155 Dairy Ashford Lane in the Energy Corridor, Ashford 7 at 900 Threadneedle St. in the Energy Corridor, 10333 Richmond Ave. in Westchase, 3900 Essex Lane in River Oaks, Atrium at Park Ten at 16340 Park Ten Place Drive in the Energy Corridor, Yorktown at 1776 Yorktown St. in Uptown and 6330 West Loop South in Bellaire.
Accesso Partners recently unveiled a tenant lounge and conference space at Atrium at Park Ten, built an outdoor patio and spec suits at 3900 Essex and has new amenities in the works at 10333 Richmond, Bentata said.
JLL’s Capital Markets team represented Accesso Partners and procured the buyer. JLL’s managing directors Marty Hogan and Kevin McConn represented Accesso Partners.
Accesso, in a separate announcement, signed two leases at Ashford 6. Houston Research Institute and Houston Medical Imaging combined for 19,000 square feet of office space at the eight-story office building. Both tenants will move into their respective spaces in August, according to an Accesso spokesperson.
Silver Creek Realty Advisors is a real estate services provider founded by Howard L. Heald, according to the company’s website.