Worth & Associates has expanded its local holdings with a four-story office property in the Stone Oak neighborhood.
The firm purchased the 99,600-square-foot office building at 800 East Sonterra Boulevard from Energy Transfer, a Dallas-based midstream energy company, the San Antonio Business Journal reported.
The deal, which closed on Jan. 15, included a loan of $15 million ($151 per square foot) from Chacon Funding, linked to Hurd Enterprises, a local investor. The price wasn’t disclosed.
Stream Realty Partners’ Steve Thomas, Alyse Sellers and Zander Thomas represented Energy Transfer in the transaction. Worth & Associates was represented by the company’s own Shawn Gulley and Lukin King.
The firm already owns six Class A office buildings in the submarket, spanning 638,000 square feet, said Clint Worth, the firm’s president of development and brokerage. The building’s location near amenities, “in a thriving professional community with access to a skilled workforce,” and its high-quality construction inspired the investment, he said.
The building was vacant at the time of the transaction, but the firm quickly landed an unidentified tenant for half of the leasable space; 47,000 square feet is still available.
Worth & Associates rebranded the property from Concord Park I to 800 Sonterra, and it’s also making significant enhancements to both the exterior and interior.
The building’s exterior will be refreshed with a deep cleaning, paint, updated landscaping, a new sign and a reseal and restriping of the parking lot. The company is upgrading the lobby, installing security systems, replacing lighting with energy-efficient LED and enhancing the HVAC system.
The San Antonio office market is going strong while markets around the country are struggling with high vacancy and low demand amid remote-work trends. Vacancy decreased for the first time since 2019, hitting 16.9 percent, according to JLL. Meanwhile, zero office space is in development.
— Andrew Terrell
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