Historic Houston Buildings Win International Honor

[SpaceCity]

The Esperson Buildings received international recognition from the Building Owners and Managers Association last week. It was the winner of the International Office Building of the Year award in the historical building category.

The award, also known as the International TOBY Award, was presented during BOMA's International Conference in Toronto. In May, the Esperson Buildings won the Office Building of the Year award in the historical building category in BOMA's Southeast region, allowing them to compete for international honors against other regional winners from North America.

"It's wonderful to have the recognition from BOMA because it's an endorsement about an investment strategy that we think has paid off," said Ken Perry, chief investment officer of The Swig Co., which has held an ownership position in the Esperson Buildings since the mid-1950s. The San Francisco-based company owns the buildings in partnership with DRA Advisors L.L.C. Transwestern Commercial Services has managed the buildings since 1998.

The buildings benefited from a five-year, multimillion-dollar renovation, including replacement of major mechanical systems such as chillers and pump equipment as well as cosmetic improvements.

Built in two phases, in 1926 and 1941, the Esperson Buildings total 570,000 square feet of space. The buildings are currently about 80 percent leased, with architectural, banking, legal and public relations firms as tenants.

"There are several tenants who have been in the building for more than 20 years," Perry said.

The TOBY Awards evaluate office buildings based on operating efficiency, energy management, physical condition, pride of ownership, community involvement and tenant relations.