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local investor has acquired the 84% leased Ten Plaza West office building in Houston's Energy Corridor. Paul Rahimian, a California-based investor and founder of Parkview Financial, sold the six-story Class B property after holding it for just over three years. The sale price was not disclosed, but the taxable value of the property is $9.08 million.

    The 105,000-square-foot building, constructed in 1983 and renovated in 2010, features updated amenities such as a conference room and deli. Occupancy increased from 76% at the time of purchase to 84%, following a lease deal with an undisclosed tenant. The property is situated on 3.5 acres in one of Houston's most active submarkets.

    The sale comes amid tightening availability among Class A office properties, which ended the year with a vacancy rate of 21.4%. As a result, companies are increasingly turning to Class B buildings like Ten Plaza West, where the vacancy rate is about 25.3%. JLL's Marty Hogan represented Parkview Financial in the sale, which breaks down to $86 per square foot.