Houston bank’s high-end headquarters building gets a new owner
A new Uptown office building has an even newer owner.
BBVA Compass Plaza, which opened at 2200 Post Oak Blvd. in April 2013, was purchased by a Spain-based private investor, Masaveu Post Oak Houston Delaware. The sales price was not disclosed.
The property was sold by a joint venture partnership of Stream Realty Partners, TRC Capital Partners, formerly known as The Redstone Cos., and an institutional client of L&B Realty Advisors. HFF marketed the property on behalf of the sellers, led by Scott Galloway, Dan Miller, Matt Kafka, Colby Mueckand Trent Agnew.
The sale demonstrates the continued interest of foreign capital in Class A product in locations such as Houston.
The 22-story building was the first to to rise in the Galleria area in almost 30 years. In 2014, the Houston Business Journal named the building a Landmark Award winner.
The property is 83 percent leased, with its namesake, Houston-based BBVA Compass Bancshares Inc., occupying 58 percent of the space.
In addition to the corporate workplace, the campus houses executive offices, executive dining, a private banking center, a retail banking facility, as well as an employee cafe and high-end fitness facility. The property also includes a parking garage, adjacent green space and two restaurants: Hugo Ortega's seafood-centric "Mexican coastal kitchen" Caracol and recently opened Asian-fusion concept Oka, which took over the former Osteria Mazzantini space.
BBVA Compass is one of many Houston workplaces embracing innovative wellness options to attract and maintain employees.
The company also is the ninth-largest Uptown employer, according to HBJ research, and the fourth-largest bank in Houston in terms of deposits. Manolo Sanchez, CEO at BBVA Compass, recently told HBJ that he plans to increase those deposits and unseat his company's rival, North Carolina-based Bank of America Corp. (NYSE: BAC), from the No. 3 spot.
BBVA Compass Bancshares Inc. is a subsidiary of Spain-based Banco Bilbao Vizcaya Argentaria SA (NYSE: BBVA) and has its operational headquarters in Houston at the BBVA Compass Plaza.
Source: Houston Business Journal