A 3-story, 20,000 square foot office building located in The Woodlands, Texas, formerly known as a Maharishi Peace Palace, has a new owner.
The Town Center office building sits on two lake-front acres and is located at 10210 Grogans Mill Road. The sale was facilitated by Rob Banzhaf and Ryan Dierker with Newcor Commercial Real Estate on behalf of the Seller, Upstream Exploration.
The office building has always been one of the most unique and distinctive buildings in a community that is known for its confining and regulatory architectural and design restrictions. Although renovated for pure office space use a few years ago, the building was originally designed under the guiding principles of Vedic Architecture to promote enlightenment, good health, and peace through the practice of Transcendental Meditation. The original developer used the top two floors as the corporate headquarters for his company, RAAM Global, an oil and gas company that filed bankruptcy in late 2015.
“The rare opportunity to sell such a well-positioned office building in The Woodlands was one that we approached aggressively. After generating over 10 offers on the property we were able to secure a 1031 exchange buyer that closed on the property at a strong price and a quick timeline,” stated Banzhaf.
The undisclosed buyer was an individual represented by Bill Burge with Newmark Grubb Knight Frank. His plan with the building is to lease small suites to local firms and professionals who will utilize the common conference and kitchen areas similar to co-working spaces and executive suites.
For More Information, Contact Rob Banzhaf: 281.210.0093