The value of the transaction involving the acquisition of this property from ACRON Group has not been disclosed. Executed by Transwestern Investment Management under the direction of Collin Comer, managing director and Jonathan Napper, vice president, this acquisition is a strategic move for its new owner.

“This acquisition provided the opportunity to acquire a true Class A asset in one of Houston’s strongest submarkets. Through this investment, our client will achieve strong returns with the potential for significant upside in the future,” Napper explained.

The Reserve at Westchase was already entirely leased at the time of the acquisition. It is located in one of Houston’s fastest growing submarkets, Briarpark Drive between Westheimer Road and Richmond Avenue, east of Beltway 8.

As part of the transaction, Transwestern Investment Management assumed an existing loan expected to take five to six months.

“TIM and its client were extraordinary in obtaining, organizing and processing the loan servicer’s required due diligence,” said Bernard Branca, senior vice president with CBRE, who represented the seller. “As such they were able to obtain approval from the loan servicer after 44 days of making loan assumption application, which allowed us to close before the end of the year.”

Transwestern Investment Management, a privately held investment advisory firm specializing in designing and executing highly focused investment strategies for corporations, institutional investors and high-net-worth individuals, has thus added a first class commercial property to their asset portfolio. Given the high demand for this future office building and the area where it is located, it will fit well into their investment strategy of providing superior risk-adjusted returns.

Chinese business reps. Image courtesy of Recruiter Poet

Last Wednesday, the group was whisked around the city on a tour of the Empire State Building and One Bryant Park, before being given a crash course on real estate in the city. The tour is just one part of a networking initiative by the Economic Development Corp. in the city, which is attempting to attract high-growth potential businesses from Asia.

Many Chinese businesses are looking to establish themselves in New York right now, according to CB Richard Ellis’ Gregory Kraut, who led the tour.

New York Office. Image courtesy of Morgan Lovell

“Chinese firms really want to get a piece of New York,” said Mr. Kraut. “It’s similar to twenty years ago when the Japanese came here.”

Economic Development Corp. officials have said that it’s very important for the city’s economy that they can attract growing Chinese firms that want to invest abroad, before someone else gets there first.

New York office space in on the rise. Courtesy of Tourist Maker

A number of Chinese businesses have opened up New York offices recently, including the Li & Fung apparel company, which is leasing office space in the Empire State Building, and the China International Capital Corp. investment bank, which opened up a new branch at 350 Park Avenue two years ago.

Zhao Xinlin is one of those presently scouting out office space in the city. The Yangtze River Delta Construction Investment Group chief executive is weighing up the pros and cons of renting space in the Empire State building for his infrastructure construction company, which employs 1,200 people.

Gregory Kraut, Image courtesy of Observer Files

Globelink China Logistics’ Solomon Cai is another chief executive scouring New York for offices. His logistics company, based in Shanghai, already has a base in Miami and is looking to expand to Atlanta, Houston and Los Angeles as well as the Big Apple.

“2011 is a golden time for Chinese companies looking to come to the U.S.,” said Mr. Cai.