Laurus Corporation Completes Acquisition of the Intercontinental Center in Houston, TX

Aug 26, 2011, 19:55 ET from Laurus Corporation

LOS ANGELES, Aug. 26, 2011 /PRNewswire/ -- Laurus Corporation ("Laurus") is pleased to announce that it successfully completed the acquisition of the Intercontinental Center Office Building in Houston, Texas.

The building, an institutional quality, nine-story office building sits on a 5.14 acre site and contains approximately 198,090 square feet of net rentable area.  Strategically located on John F. Kennedy Boulevard on the North side of Houston, it is just seconds away from George Bush Intercontinental Airport, one of the Nation's busiest hubs. The property is located one block North of State Highway Beltway-8 (Sam Houston Toll Road) which provides direct access to Highway 59 (2 miles away), The Hardy Toll Road (3 miles away), and Interstate 45 (5 miles away). Nearly all areas of Houston are immediately accessible via one of these major arteries; one of the key reasons Class A buildings in the area maintain approximately 95% occupancy levels.

The Houston economic marketplace continues to be one of the nation's most resilient in these challenging times. Houston has seen positive job growth over the past consecutive eight months, and  Bloomberg has recently named Houston as its best city for college graduates while Moody's predicts Houston will trail only New York City among major U.S. cities in both population and employment growth to 2013.

The new owners intend to implement a program to further upgrade the building, while exploring additional development opportunities to maximize the site, aiming at providing an overall enhanced atmosphere for tenants and visitors.

15600 JFK Houston Partners, LLC was formed as an investment vehicle to acquire the property. The partners behind the entity have over 40 years of real estate experience which is further supported by an exceptional history as an active principal in banking.

Laurus Corporation is a boutique style domestic and international real estate development company that specializes in office buildings, hotels and resorts, master plan communities, mixed-use properties and multifamily. The Company coordinates activities converting ideas from paper into real property; it creates, manages, develops, and orchestrates key partnerships, achieving exceptional returns for its investors.

SOURCE Laurus Corporation