Stone Mountain Properties has added to its Westchase District portfolio with the purchase of two office buildings, totaling 154,000 square feet. Owners James and Leeshan Birney already own two apartment communities and one office building in Westchase District. With their purchase of 2424 Wilcrest and 2500 Wilcrest, the couple’s Westchase District portfolio is valued at approximately $50 million.
The Birneys live in Westchase District and are always looking for good investment opportunities in the neighborhood. “We like Westchase District and we like to buy in our neighborhood,” said Leeshan. “The newer “A” buildings are too expensive, but a lot of people are coming to the B buildings. The lease rates are more reasonable and we have no problem leasing them.”
Leasing agent Bill McGrath, with LandPark Commercial, agrees. He says leasing demand has been strong since he started representing the buildings in October 2015. “These are solid Class B buildings at a great location. With rents much less than competing A buildings, we’re seeing a lot of demand for the limited space we have available.”
At 7,919 square feet, Literacy Advance of Houston is the largest tenant at 2424 Wilcrest. While the largest tenant at 2500 Wilcrest is NEXT Financial, which occupies 32,569 square feet on the 5th and 6th floors of the building. Regus occupies the entire third floor, offering executive suites and other business services for small businesses and entrepreneurs.