G REIT downsizes in Houston

Continues liquidation plan

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G REIT Inc. on Friday announced the sale of a 161,000-square-foot Houston office plaza as part of its stockholder-approved liquidation plan. The company sold Two Corporate Plaza to Metro Properties LLC for $18 million; the sale closed on Thursday. The deal features an eight-story, multitenant, class A office building with an attached one-story, multitenant retail center located in the Clear Lake area of Houston. The property, built in 1989, was 89 percent occupied at the time of sale by such tenants as Lockheed Martin, the United States Federal Aviation Administration, and AKZO Nobel Catalysts LLC. G REIT originally purchased the property in November 2002 for $13.5 million, according to a press statement. The company has sold 13 of its properties in the last two years; 14 more are listed for sale. ...