(Houston, Texas. October 1, 2005) The Houston based commercial realestate company, Griffin Partners, has acquired 1177 West Loop South, formerly owned by Cornerstone Realty Advisors, adding close to 350,000 square feet to Griffin Partners' Texas
office holdings. The property is located in the prominent Houston West Loop/Galleria Submarket, one of the city's most active suburban office markets. The acquisition adds to Griffin Partners’ already significant presence in the Houston and Texas markets. The building is distinct in its prime location and design and offers great potential in Houston’s improving office market. Griffin will undertake a complete renovation of the building lobby and common areas, as well as upgrades around the exterior of the building and garage, according to Griffin Partners President, Edward Griffin. These improvements along with an aggressive marketing campaign are planned to re position this Class A project to new leasing prospects. The building is currently 75% leased with multi-contiguous floors available.
1177 West Loop is an 18-story Class A structure containing 341,947 rentable square feet. The impressive design features a simple parabolic curve wrapped in lightly reflective mirrored glass and polished aluminum sweeping gracefully toward the West Loop. The reverse side is formed by a series of angles, which begins at the northwest tip of the curve and reaches gently out with an unobstructed view of the densely wooded Memorial Park area to the East. The building features onsite security and management, 1st floor conference center, deli, garage parking, convenient adjacent fitness center and excellent access to Houston's Galleria and Downtown markets. This access is being significantly improved by the current improvements to the 610 West Loop scheduled to be completed in late 2005.