Laurus Corporation Acquires Gateway I & II in Houston, Texas
HOUSTON, April 25, 2013 /PRNewswire/ -- Laurus Corporation, a U.S.-based private real estate investment and development firm, is pleased to announce that it has successfully completed the acquisition of the Gateway I & II Office Buildings in Houston, Texas. Strategically located on JFK Boulevard, this approximately 270,000 square foot Class-A Office property leads directly to the IAH Airport (George Bush Intercontinental), one of the top five airports in the world.
Gateway I & II is comprised of one six-story and one eight-story building, along with a five-story parking structure. These mid-rise buildings feature timeless architecture, extensively landscaped courtyard, beautifully decorated lobbies with vaulted ceilings and marbled floors and walls, as well as a covered driveway leading to the entrances of both building for easy passenger drop-off and pick-up. With excellent exposure facing the Sam Houston Tollway, Gateway I & II is an attractive location for tenants seeking quick access to the entire Houston metro area, through immediate highway access in all directions including I-45 and Highway 59. The acquisition also includes an additional four acres suitable for expansion or a new development project.
"Gateway I & II presented us with a unique opportunity to maximize the properties' potential by infusing the necessary capital to lease-up vacancies," said Philip Cyburt, Chief Executive Officer of Laurus Corporation. "We were very successful with the implementation of our value-add techniques at our nearby property also located on JFK Boulevard, where we were able to achieve 99.5% lease-up."
"By utilizing our established relationships and unmatched expertise in the market, we will work with our local leasing and management to create greater economies of scale and realize even greater risk-adjusted returns," furthered Austin Khan, Chief Investment Officer of Laurus Corporation.
Houston, often known for its heritage in the oil industry, is the fifth largest metropolitan area in the U.S with a population of more than six million people. Ranking first for paycheck worth by Forbes in 2012, Houston's economy has a broad industrial base in energy, manufacturing, aeronautics and transportation, while continuing to lead in health care and building oilfield equipment. The Port of Houston ranks first and second in United States in international waterborne tonnage and total cargo tonnage handle, respectively. Rated as a global city, it is home to 94 foreign consular offices and has experienced faster job growth than any other metro area since 2011, further exemplified in the growth of corporate headquarters. Twenty-three companies on the Fortune 500 list are headquartered in Houston, ranking it third nationally. The IAH Airport serves more than nine million passengers each year and contributes $22 billion to the local economy, while supporting 170,000 local jobs. Gateway I & II already caters to several high-profile tenants, including Siemens, Aeromexico, RAB Law Firm, and Wood Group Power Solutions among other top corporations, and will satisfy the market's continued expansion and demand for Class-A office space.
Located at 15333 John F. Kennedy Drive, additional tenant benefits include: controlled access, fiber optics, T-1 high speed internet, covered garage parking, a full service café and on-site management. Laurus will be investing significant capital to further improve its tenant and visitor experience through capital expenditure upgrades and renovations of the lobby, corridors, and bathroom facilities.
Laurus Corporation is a real estate investment and development company that specializes in hotels and resorts, office buildings, multifamily and mixed-use properties. Laurus employs an entrepreneurial investment strategy designed to consistently achieve attractive risk-adjusted returns by creating capital appreciation opportunities through repositioning, restructuring, re-development and intensive post acquisition asset management. It is affiliated with Ethika Investments, LLC, a real estate investment firm.
1880 Century Park East, Suite 1016
Los Angeles, CA 90067
Phone: (310) 277-8600
Fax: (310) 362-0353
SOURCE Laurus Corporation