Westchase Bank's New Owner Earmarks $1M for Makeover

HOUSTON-Up to $1 million could go into renovations of the 202,294-sf Westchase Bank Building in Houston. The holding at 9801 Westheimer in the Westchase submarket was bought earlier this month by Ersa Grae Corp. of Houston.

The renovation will get under way within 30 days on the lobbies and the elevator system, Webb Wotkyns of PM Realty Group tells GlobeSt.com. PM Realty has held onto its four-year assignment for the property and leasing plus is tasked with overseeing construction. Most often, Ersa Grae manages and leases its properties.

Bill Goeke, PM Realty’s senior vice president and director, says the tenants gave the new owner some good feedback, keeping the assignment intact without a competitive search. The 21-year-old building, assessed at $14.3 million for 2002, is 88% occupied. Major tenants include URS Corp., Abbey Executive Suites and the KRBE radio station. Office space is quoted at $18 per sf. Don Eicholz, PM Realty vice president, has oversight responsibility for the on-site team. Maureen McCarty is the property manager. Wotkyns says the team will not radically change its leasing strategies, but it will “aggressively pursue high-quality tenants.”

This is the second purchase in the area for Ersa Grae Corp. According to published reports, the firm also bought a shopping center adjacent to the building and plans to renovate it as well. Ken Page and David Chuoke of Cushman & Wakefield’s Houston office handled the sale.