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<\/p>\nA 632K SF office building at 5400 Westheimer Court is listed for sale after its sole tenant moved out and the owner turned it over to the lender.<\/p>\n
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\n Bisnow\/Maddy McCarty\n <\/p>\n
\n 5400 Westheimer Court\n <\/p>\n
The nine-story building was formerly known as the Spectra Energy<\/a> Headquarters and served as such until Spectra was acquired by pipeline company Enbridge Inc. in 2017. Enbridge<\/a>\u00a0occupied 620K SF of the building until it moved to a much smaller space in the Energy Corridor<\/a> in 2022.<\/p>\n Enbridge\u2019s lease officially expired in April this year, after the $52.5M loan on the property had been transferred to special servicing<\/a> in January, according to special servicer comments provided by Morningstar Credit<\/a>. Ladder Capital Finance<\/a> provided the loan to the building’s owner, PTAD Realty.<\/p>\n PTAD is an entity controlled by the DiMare family of DiMare Fresh food distributors, according to CoStar News<\/a>.<\/p>\n PTAD wished to transition the building to the lender in an orderly fashion, according to the comments from Argentic, the special servicer. The foreclosure sale occurred June 2, and JLL<\/a> is now marketing the property for sale<\/a> on behalf of the lender.\u00a0<\/p>\n Meanwhile, 5400 Westheimer Court\u2019s value has been slashed by 75%, according to Morningstar. The new appraised value is $20.7M, down from $84.5M when the loan was originated in 2014.\u00a0<\/p>\n \u201cWith submarket vacancy still in the mid-20% range, leasing up even a significant portion of the 614,000 square feet at the subject is going to be a daunting task,\u201d Morningstar said in a CMBS<\/a> Newsflash on Monday.\u00a0<\/p>\n The office building was built in 1981 and sits on 6.4 acres, according to the sale listing.\u00a0<\/p>\n An entity called Tanglewood Manor LP in May bought a 3-acre tract at Westheimer Court and Yorktown Street that was previously part of the office building\u2019s parking lot, according to Harris County<\/a> records. A replat request filed with the city indicates a townhome development may be planned for that site.\u00a0<\/p>\n Attempts to reach PTAD Realty, Argentic and Ladder Capital<\/a> Finance for comment were unsuccessful.\u00a0<\/p>\n Spectra Energy Headquarters\u2019 story mirrors that of 3000 Post Oak, a 442K SF office building about a mile away. That building was left vacant by Bechtel<\/a> Energy\u2019s departure in 2022.<\/p>\n