Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of and acquisition financing for Norfolk Tower, a 207,562-square-foot office building in Houston’s Greenway submarket.
The HFF team represented the seller, TA Realty, and procured the buyer, Nitya Capital. The property was sold free and clear of debt. Additionally, the HFF team procured floating-rate acquisition financing on the new owner’s behalf. Nitya Capital has plans to upgrade the building and rebrand it as Nitya Tower.
Norfolk Tower is situated on 2.36 acres at 2211 Norfolk Street at the intersection of Greenbriar Drive just north of Interstate 69. The property’s location in the Greenway submarket places it in one of Houston’s most sought-after infill submarkets, and provides a true live-work-play environment with its accessibility to nearby retail, fine dining, luxury hotels and residential towers. The 11-story tower is 82.6 percent leased.
The HFF investment advisory team representing the seller included senior managing director H. Dan Miller, senior director Martin Hogan and analyst Wesley Hightower.
HFF’s debt placement team representing the buyer included senior managing director Susan Hill and senior director Kelly Layne.
Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, is a Texas licensed real estate broker.
About Nitya Capital
Nitya Capital is a privately held real estate investment firm based in Houston, Texas, that focuses on the acquisition and management of opportunistic and value-add multifamily properties. The firm specializes in repositioning well-located assets with significant value-add potential through the successful execution of a detailed investment strategy and business plan. Since inception, Nitya has acquired over 10,000 units throughout Texas and currently has ~$800 million of assets under management. The firm’s leadership has decades of experience in global real estate investing and multi-sector investing through business cycles including recessionary environments.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.