Siegen Lane sale recalls pre-recession prices

A 2,420-square-foot office building occupied by Altus Wealth Management sold last week to Paperless Properties LLC for a $420,000, or about $173.50 per square foot. Located in the Versailles Office Park on Siegen Lane, just south of Perkins Road, the building is well-finished, with good quality materials and workmanship, according to Doug Ferris with Re/Max Commercial Properties, who brokered the deal. The relatively high price per square foot is reminiscent of the better real estate economy of 2007, prior to the recession. “We had pretty strong interest in the building, and there appears to be buyers out there now looking for good quality office space,” Ferris says. Paperless Properties currently leases a building across Siegen Lane from its new purchase, and will relocate in the new space. “Paperless Properties was looking to both expand and upgrade the space they were in, and this building allowed them to stay in the same area and do both,” Ferris says. Altus is also expanding and consolidating into space currently under construction on Bluebonnet Boulevard.

Click here to read the article at the Business Report’s website.