Hallandale Beach-based Beacon Investment Properties has closed on the acquisition of One City Centre, a 609,000 square feet class A office building located at 1021 Main Street, in the heart of Houston's central business district.

This property, purchased from Behringer Harvard, was completed by Beacon in a joint venture with Menorah Mivtachim and Psagot, two Israeli financial institutions.

"The acquisition of One City Centre represents an attractive opportunity and reflects BIP's strategic decision to expand our existing presence in the major markets in Texas," says Claudio Dombey, managing partner of Beacon Investment Properties. "We continue to partner with both international institutions and high net-worth investors in acquiring stable, income producing assets.”

Located at Main Street Corridor, connected to the CBD tunnel system and adjacent to the light rail station, One City Centre is a prestigious address with significant convenience. The 31-floor extensively renovated office building recently achieved LEED Gold Certification. Currently 84 per cent occupied, One City Centre is anchored by Waste Management and Energy XXI.

This acquisition represents the firm's second acquisition in Houston in the past 30 days. Last month, Beacon Investment Properties purchased Ashford 5, 6, & 7, a 560,000 square feet office portfolio located in Houston's Energy Corridor.