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Situation: Harris County, Texas published a request for proposals for the lease/purchase of a minimum of 94,000 net usable square feet of office space to accommodate the needs of Children’s Protective Services (CPS), Harris County Juvenile Probation Department, and related county agencies.

Solution: Once again, Public Realty Capital teamed with a local developer to provide a financing component to the developer that satisfied the county’s financial needs. Our solution proposed renovation of an existing building based on county specifications on a site in an area desired by the county.

The county awarded the transaction to our developer and a Lease-purchase Agreement was executed. Proceeds from our financing solution allowed the developer to acquire the selected site and Public Realty Capital provided to the developer 100% of the renovation costs to complete the building based on the scope of work.

The results provided a win-win transaction. By using a lease-purchase solution, the delivery of the renovated building exceeded expectations, the county’s lease payments were below market and will remain level during the term of the lease, and the county will own the building at the end of the lease term.

Lessor: Murworth I, LLC (a Public Realty Capital special purpose corporation)
Lessee: Harris County, Texas

Project: 94,000 net usable square foot office building Occupied by the Harris County Children’s Protective Services, the Texas Department of Protective and Regulatory Services and the Juvenile Probation Department.

What the Client Had to Say " The Murworth project provided to us the results you stated.

By executing a tax-exempt Lease with Option to Purchase lease, we not only achieved an accelerated delivery of the Murworth project while avoiding the construction risk associated with such a large renovation but have the flexibility of ownership in the future.

We were able to achieve significant rental savings and equity benefits, both not available under the previous operating leases."

Michael Yancey
Director, Facilities and Property Management
Harris County
Houston, Texas

City of Houston, Texas

Sempra Energy/University of Colorado

Houston Community College