History
Hines Interests Limited Partnership developed Lakes on Post Oak as an integrated office project between 1979 and 1981. The 44,200-square-foot (4,110 m2) 3040 Post Oak Boulevard building opened in 1982. The buildings were originally owned by Hines.
In 1997 Cottonwood Partners, a Dallas-based company, bought a portion of Lakes on Post Oak, consisting of 3000 Post Oak Boulevard and 3050 Post Oak Boulevard In 1997 the combined value of all of the buildings in Lakes of Post Oak were between $138 million to $150 million ($110–120 per square foot). Logan Brown, an office broker of Grubb & Ellis, said that the complex's "unique views of the lake, proximity to the Galleria and the fact that the lakes have become a gathering place during the day and in the evenings" make the complex "the only one in Houston that is widely appealing to office and non-office users."
Before 2002, 3040 Post Oak Boulevard was owned by Nippon Life. In 2002 Koger Equity, Inc. acquired the entire Lakes on Post Oak project for $102 million ($85 per square foot) from Cottonwood and Nippon Life, reunifying the complex. Thomas Crocker, the Chief Executive Officer of Koger Equity, said Its 'suburban in-fill' characteristics combined with the fact that the properties were purchased at a significant discount to replacement cost integrates perfectly with our long-term investment strategy." As of 2002 the Lakes on Post Oak complex was 75% occupied. In 2003 Koger announced that Trammell Crow would manage and lease units in the complex.
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