Cabot Oil & Gas
This property was a 148,397 square foot (13,786 square meter) six-story office building completed in September 1999 and located in the western portion of Houston, Texas. The main tenant was Cabot Oil & Gas Corporation, a New York Stock Exchange company with over $700 million in assets. Cabot had its corporate headquarters on the top four floors, as well as a portion of the first floor. The company’s lease expired in September 2009, with twenty years of renewal options at 95% of market rent. The building was purchased in 2000 at a total cost of $25.5 million, and was sold in 2005 for $31 million. The Internal Rate of Return was 16.9% per annum over the five year holding period..