Houston office deal tops $114 million

A joint venture has sold a 25-story office building in Houston for $114.5 million.

The Shidler Group of San Diego, in partnership with Angelo, Gordon & Co., sold the office tower at 1301 Fannin St. to locally based Griffin Properties.

1301 Fannin features 786,400 square feet of office space and a five-level parking garage. Purchased by The Shidler Group in April 1998 from the Octagon Group for $60 million, the property has undergone more than $5.6 million in upgrades, according to a press statement.

At the time of sale, the building was 87 percent occupied, with major tenants including Exxon Mobil, AIM Management Group and JP Morgan Chase Bank NA.