Square Mile Capital Management LLC today announced that it has originated a $46 million loan to refinance 1885 St. James Place, a 165,000 square foot, recently completed office building located in the Galleria /Uptown submarket of Houston, Texas.
The financing was provided to the Mission Companies, a premier Houston-based owner, operator, and developer of commercial real estate properties. Mission Companies developed 1885 St. James Place in 2016 and has since leased the property to a diverse array of tenants. Mission Companies manages 1.0 million sf of office and medical office in and around Houston. The transaction, which was used to refinance the property and fund leasing costs, was arranged by John Ream of JLL.
Square Mile Capital Principal Tom Burns said, “This transaction was an exciting opportunity to finance a unique asset for a firm with significant experience owning and operating office properties in the Houston area. The Mission Companies developed a unique, Class-A property and we are confident in their ability to continue their tremendously successful business plan of leasing to high quality tenants and maintaining the buildings status as one of the premier, boutique, office properties in the Galleria submarket.”
With 18,500 square foot floor plates, views of the Houston skyline, and a robust amenity package, 1885 St. James Place has attracted a variety of boutique office tenants in the Galleria / Uptown submarket since its construction in June 2016. The building has nine floors of office space above a six-story garage. The top floors of the property feature tenant balconies and 13’ finished ceilings heights.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s opportunistic equity platform takes a value-oriented approach to its investment activities, with an emphasis on opportunities to acquire or capitalize real estate assets or enterprises that are undervalued, complex or under-capitalized. For more information, visit www.squaremilecapital.com.
