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THE LIONSTONE GROUP SELLS WATERWAY PLAZA BUILDINGS IN THE WOODLANDS


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Copyright © Thomson Reuters 2013. All rights reserved.
2013-07-01 23:10:01 -

HOUSTON, TX, July 1, 2013 - The Lionstone Group (lionstonegroup.com), a national
real estate investor, today announced the sale of Waterway Plaza I and II in The
Woodlands, Texas to Clarion Partners.  Located at 10003 and 10001 Woodloch
Forest Drive, the two, Class A office buildings total 366,074 square feet and
are 98 percent leased with a single anchor tenant occupying more than 50 percent
of the space under a long-term lease. This is the second time in just a decade
that Lionstone has bought and sold the Waterway Plaza properties, having
previously acquired the buildings in December 2003 before selling in April
2005.  In both instances, Lionstone held the assets for less than 18 months.

"We are very pleased to realize outstanding returns for the second time on
behalf 
of our investors," said Lionstone Chief Investment Officer Glenn Lowenstein.  "We acquired the Waterway assets last June with 17 percent pending vacancy but with great conviction on the strength of the market and an irreplaceable location.  Our excellent relationship with the major tenant led to a long term extension of their lease and a talented leasing team at Transwestern Property Company allowed us to raise rents and increase occupancy to 98 percent, all in less than a year." The buildings, which were completed in 2000 and 2001, are located in The Woodlands submarket of Houston--one of the strongest submarkets in the country in terms of occupancy.  "The Waterway Plaza assets have twice confirmed Lionstone's cash flow investment thesis that select properties in high demand locations consistently will generate attractive returns for our investors," noted Lowenstein. HFF marketed the property on behalf of Lionstone Cash Flow Real Estate Partners One (CFRE), a joint venture between Lionstone and a large state pension fund. The HFF investment sales team representing Lionstone was led by senior managing directors Jeff Hollinden and Robert Williamson and director Trent Agnew. According to HFF, Waterway Plaza sold for the highest price per square foot paid to date for suburban property in the Greater Houston Area. Waterway Plaza I and II is situated on a 4.5-acre site along The Woodlands Waterway in Town Center, proximate to Interstate 45 and George Bush Intercontinental Airport about 25 miles north of downtown Houston.  Hollinden said, "Waterway Plaza is a core office project with an unbeatable location within walking distance of several retail, dining, entertainment venues, The Woodlands Mall and residential communities of the Woodlands, plus it is less than two miles from the new four million-square-foot Exxon U.S. Headquarters Campus currently under construction." "Both HFF and The Lionstone Group have a great deal of history with this asset," said Williamson. "Lionstone first purchased Waterway Plaza in December 2003 with more than 50 percent vacancy, and then leased and sold the asset 18 months later for a record suburban sales price.  Lionstone then purchased Waterway Plaza a second time in June 2012 and re-stabilized and extended the rent roll before ultimately selling to Clarion Partners.  Fortunately, HFF handled the sale of the property in each of these four transactions." Founded in 2001, the Lionstone Group is a privately-owned real estate investment firm, which specializes in conceptualizing and executing national investment strategies based on proprietary data interpretation and ideas.  Each Lionstone real estate strategy is implemented by a dedicated team with both discretionary and non-discretionary capital, providing maximum flexibility for investing partners and the fund managers to grow value.  The firm focuses on productivity based investment across three platforms: 1) Cash Flow Investments in high demand cities that deliver safe cash returns with low volatility; 2) Urban Investments in areas where lifestyle, rising incomes and globally competitive businesses increase rental rates and values; and 3) US Land Investments in urban infill land that are priced attractively today and provide opportunities for value creation through rapid appreciation or re-use. Clarion Partners (clarionpartners.com) has been a leading U.S. real estate investment manager for over 30 years. Headquartered in New York, the firm has offices in major markets throughout the U.S., in São Paulo, Brazil and London, England as well as a presence in Mexico. With more than $28 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 200 domestic and international institutional investors. HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF).  HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing.  For more information please visit www.hfflp.com or follow HFF on Twitter at www.twitter.com/hff. ### CONTACTS: JEFF HOLLINDEN 713.852.3500 jhollinden@hfflp.com DAN DUBROWSKI 713.533.5865 dd@lionstonegroup.com This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients. The owner of this announcement warrants that: (i) the releases contained herein are protected by copyright and other applicable laws; and (ii) they are solely responsible for the content, accuracy and originality of the information contained therein. Source: HFF, Inc. via Thomson Reuters ONE [HUG#1713467]


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