Trophy Class-A Office Towers

500-550 W Texas Avenue Midland, TX 79701

  • 421,546 Square Feet
  • Office
  • For Sale

Summary Description

Colliers International is pleased to exclusively offer to qualified investors the opportunity to purchase Fasken Center, the premier office complex located in the central business district of Midland, TX (the “Property”). Fasken Center is a 421,546 square foot, Class A, two-tower,fourteen-story, multi-tenant office building complex ideally located in downtown Midland, Texas, the operating center of the Permian Basin, the Oil Capital of America™. At 99.2 percent leased, Fasken Center still offers the opportunity to increase revenue while the existing rent roll provides stable cash flow with contractual rent at below market rates. Fasken Center has remained over 99% leased for more than ten years through oil market rallies and “crashes”. The Midland class A and B office market of buildings over 100,000 square feet has averaged above 98% occupancy for the past ten years. Despite these high occupancy levels, rents remain well below the level required to justify new construction, limiting the development of new competitive product. The majority of the new development has been concentrated in build-to-suit, single-user product required due to of the lack of big-block space for the larger firms.

Area Available: 421,546 Square Feet

Building Size:

421,546 SF

Number of Buildings:

2 Class-A Office Bulidings

Occupancy:

99.2%

Projected 2018 NOI:

$8,634,420

Features:

  • Stable and Growing Tenant Base
  • Exceptional Visibility and Accessibility
  • Strong Upside Potential
  • High Yield Opportunity
  • Minimal Future Capital Investment Required.
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