IDV Sells GE Oil & Gas Building

IDV Sells GE Oil & Gas Building

An industrial building that GE Oil & Gas — now part of Baker Hughes, A GE Company — has occupied for five years has a new landlord.

GBP Properties, a real estate investment firm based out of Monterrey, Mexico, bought the property at 11150 Equity Drive from Houston-based Investment & Development Ventures LLC. The 30,000-square-foot building is in Westway Park just off of Beltway 8 north of Clay Road, according to a press release from CBRE.

CBRE’s Tom Lynch and Mark Redlingshafer represented the seller, per the release.

“This investment property generated a significant amount of interest from local, regional and national private buyers due to its irreplaceable location with easy access to Beltway 8 and a tenant with strong credit,” CBRE Executive Vice President Tom Lynch said in the release.

London-based GE Oil & Gas had a major presence in Houston even before it merged with Houston-based Baker Hughes Inc. last summer to form Baker Hughes, A GE Company (NYSE: BHGE). The combined company has dual headquarters in Houston and London, and it had 64,000 employees as of Dec. 31, the majority of whom are based outside of the U.S, according to a filing with the Securities and Exchange Commission. The company’s consolidated revenue for 2017 was nearly $17.26 billion, per the filing.

Meanwhile, CBRE expects “the strong appetite for Houston industrial product to continue,” Redlingshafer noted in the release.

“According to CBRE research, there is a strong demand for industrial space in the northwest and southeast Houston submarkets; more than half of the absorption for the first quarter of 2018 came from those two submarkets,” the release states. “In addition, vacancy rates in the Houston industrial market are the lowest they have been in over a year at 5.2 percent.”

Source: Houston Business Journal