Houston-based Fuller Realty Partners has added another west Houston office building to its portfolio and will turn to fill the substantially vacant property.

It’s Fuller Westchase Place affiliate bought Westchase Place, a six-story office building at 11200 Richmond from Dallas-based Capstar Real Estate Advisors. The purchase price was not disclosed, but the building is valued at about $14.8 million on Harris County tax records.

The 150,000-square-foot-plus building was built in 1999 and substantially renovated in 2009 and 2013. An on-site garage has a generous parking ratio of 4.4 cars per 1,000 square feet.

“We’re willing to spend money for building improvements to get it leased up,” said Steve Darnall, a principal, and chief operating officer of Fuller Realty Partners. “It’s only 44 percent occupied. The owner purchased this a while back and has lost tenants with the oil and gas downturn.”

Fuller should have an advantage in the market, Darnall said. “We liked it because this building, for its class, is probably the newest and nicest. Given our purchase price, we’re going to be able to compete or undercut rental rates of what we consider lesser properties.”

Rudy Hubbard, Kevin McConn and Rick Goings of JLL marketed the property for Capstar. The property last changed hands in 2013 when oil was riding high and companies were expanding.

The office availability rate, including sublease space, in Westchase reached 27.9 percent in the second quarter, according to commercial real estate firm Transwestern. That compares to 13.7 percent when the building was last sold, in 2013. By comparison, the Houston region overall posted a 23.5 percent availability rate in the second quarter, up from 16.2 percent at the time of the last sale.

Fuller Realty, which will manage and lease the property in-house, plans to break up some of the larger spaces to create speculative suites that will be easier to lease, Darnall said. In addition, the building could accommodate a company that needs up to two floors of contiguous space.

The Westchase submarket, centered around Beltway 8 and Richmond, absorbed 238,212 square feet of office space in the second quarter, according to Transwestern. Large deals included a 114,000-square-foot lease for Honeywell’s relocation to CityWestPlace, a 108,109-square-foot lease by Empyrean Benefits at Pinnacle Westchase, a 90,000-square-foot lease for LJA Engineering at Westchase Park II, a 67,000-square-foot renewal for ABB at Westchase Park I, and a 40,796-square-foot renewal for U.S. Physical Therapy at Briar Forest Crossing.

The deal comes as a number of office buildings have changed hands across the Houston market recently, including 600 Travis, 1616 Voss, 7500 San Felipe, 6363 Woodway and HP’s new campus in Springwoods Village.

“Due to the counter-cyclical nature of Houston’s economy relative to the rest of the country, combined with the overall capital markets environment and historically low-interest rates, the investor demand in Houston office is higher than we’ve seen since 2014,” said Kevin McConn of JLL.

The building is close to the new Trailside Park at the southern end a trail that extends northward to Houston Community College at Westheimer and Hayes. The Westchase District worked with area building owners on the park, which has a picnic table, zip line, chairs, and public art.