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Cabot Oil & Gas

This property was a 148,397 square foot 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 had expired at the time of purchase, but there were twenty years of renewal options at 95% of market rent. The building was purchased at a total cost of $25.5 million, and was sold five years later for $31 million. The Internal Rate of Return was 16.9% per annum over the five-year holding period.

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Cabot Oil & Gas