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SANTA ANA, Calif., Nov. 10 /PRNewswire-FirstCall/ -- Grubb & Ellis Realty Investors, LLC today announced the acquisition of Oak Park Office Center III, a Class A office building in Houston, on behalf of tenant-in-common investors.

Oak Park Office Center III, an approximately 151,000-square-foot building, is located within Oak Park at Westchase, a 225-acre master-planned office park. Situated on more than 11 acres, the building is adjacent Sam Houston Parkway (Beltway 8). Oak Park Office Center III features a two-story atrium complete with marble walls, wood accents, and both cove and pendant lighting. The building has open floor plans, card key access, two electric vehicle fueling stations and security cameras at all entries.

"Oak Park Office Center III is a brand new facility situated in a location that offers high visibility for its tenant," said Jeff Hanson, president and chief investment officer of Grubb & Ellis Realty Investors. "The property is an excellent addition to Grubb & Ellis Realty Investors' portfolio of assets under management."

The property offers ample parking with 855 spaces, an overall ratio of 5.7 spaces per 1,000 rentable square feet. It is located 30 minutes from both of Houston's major airports and 10 minutes from the Houston Galleria.

Jacobs Engineering Group Inc. is the sole occupant of Oak Park Office Center III and operates the building under a long-term triple net lease. Jacobs was founded in 1947 and has since evolved into one of the world's largest and most diverse engineering service firms. A Fortune 500 company, Jacobs Engineering Group was ranked third among others in the engineering and construction industry. With annual revenues in excess of $9.0 billion, the company employs 54,000 individuals spread throughout 160 offices in 20 countries and offers full-spectrum support to industrial, commercial and government clients across multiple markets

According to Grubb & Ellis Company's most recent Office Market Trends Houston report, overall full-service asking rents continued their upward trek and increased across the board, rising by $0.31 to $26.44 per square foot per year. Class A asking rents within Houston's CBD now stand at $39.29 per square foot per year as Class A vacancy still remains low at 6.8 percent.

Grubb & Ellis Realty Investors purchased Oak Park Office Center III from Realty Associates Oak Park, L.P., represented by Robert Williamson and Jeff Hollinden of Holliday Fenoglio Fowler.

About Grubb & Ellis Realty Investors

Grubb & Ellis Realty Investors, LLC is the real estate investment and asset management subsidiary of Grubb & Ellis Company (NYSE: GBE), a leading real estate services and investment firm. Grubb & Ellis Realty Investors and affiliates manage a growing portfolio of assets valued in excess of $6.7 billion located throughout 30 states. One of the nation's most active buyers and sellers of commercial real estate, Grubb & Ellis Realty Investors has completed acquisition and disposition volume totaling more than $11.5 billion on behalf of program investors since its founding in 1998; in excess of $8.5 billion of this volume has been transacted since Jan.1, 2005.

Grubb & Ellis Realty Investors and affiliates are currently buying and selling properties throughout the United States, offering a full range of commercial real estate investment programs, including tenant-in-common (TIC) programs for investors structuring tax-deferred (like-kind) exchanges under Section 1031 of the Internal Revenue Code, non-traded public real estate investment trusts (REITs), multi-member limited liability companies (LLCs) and institutional investments. Through the Grubb & Ellis Wealth Management program, Grubb & Ellis Realty Investors also offers high net worth investors a comprehensive program to build or expand their commercial real estate portfolio, whether their investment objectives are 1031 exchange driven or not.