TPG Keeps Pruning With $71M Houston Office Sale

Law360, New York (January 13, 2012, 4:09 PM EST) -- Private real estate investor Thomas Properties Group Inc. has closed the $71 million sale of an 806,000-square-foot, three-building Houston office property to Parmenter Realty Partners Inc. LLC, the latest move in TPG's plan to shift its portfolio to more opportunistic buys, the company said Friday.

Houston-based Parmenter will add the property to its 2.6 million-square-foot portfolio of office properties across the Southeastern and Sunbelt regions.

The sale of the Brookhollow Central property, which a TPG affiliate bought in 2005, is the firm's fourth property sale since...
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