HOUSTON – A Houston-based commercial real estate firm, Boxer Property, recently acquired a long-standing landmark MOB and office building on a highly visible location in the city just off U.S. Interstate 45 at U.S. Highway 59.
One of the reasons the St. Joseph Professional Building, at 200 Crawford St., has been so well known over the years is that it is adorned by large white crosses on two sides of the building.
Those crosses, which almost stretch the full 18 stories of the 135,586 square foot structure, are illuminated at night, making the building even more visible and recognizable.
The price that Boxer paid has not been disclosed, nor was it listed in data from real estate research firm Real Capital Analytics, which indicates that the seller was a joint venture of Baltimore-based Alex Brown Realty and Houston-based The Mission Cos.
The last time the building traded was in March 2008 for $7.5 million, according to RCA, which indicates the occupancy is 58 percent.
Boxer Property said in a news release that Andre Pereira, its director of acquisitions, represented the firm in the transaction. Rudy Hubbard, Kevin McConn and Rick Goings of JLL represented the seller.
Renovations prior to Boxer’s acquisition include upgraded elevator cabs, lobby, restrooms, lighting, and boilers/chillers. Boxer Property says it intends to make additional improvements to the property’s interior and exterior “in the near future.”
It has not been publicized how much of the building is used as medical offices, even though the facility is connected to St. Joseph Medical Center, part of Boston based Steward Health Care.
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