Thomas Properties Group Inc. said Thursday that it has sold the Intercontinental Center office building in suburban Houston for $24.2 million, or $123 per square foot.
Rockville. Md.-based developer Bresler & Reiner Inc. purchased the property in an effort to expand its presence in the Texas market.
The Los Angeles-based real estate investment trust acquired the 197,000 square-foot building two years ago as part of the $281 million acquisition of Equity Office Properties’ Houston developments.
Bresler & Reiner also owns properties in Philadelphia, Washington D.C., Baltimore, Orlando and Tampa, Fla.
Shares in Thomas Properties dropped 27 cents to $16.50 in afternoon trading Friday on the New York Stock Exchange.