HOUSTON (Bisnow) – July 31, 2017
Houston Center — 4.2M SF
The four-building, 4.2M SF Downtown Houston office complex Houston Center just hit the selling block, making it the largest office asset for sale in the entire Houston MSA. With the help of JLL and Avison Young, BISNOW rounded up the biggest.
Greenspoint Place — 2M SF
Greenspoint Place is a 36-acre mixed-use development in North Houston that consists of six office buildings and three connecting retail centers. It is known for being the former home of a large portion of Exxon’s Houston operations. When Exxon left to consolidate in Springwoods, Greenspoint Place took a major hit and has yet to recover. Sitting at 40% occupancy, the asset is owned by the lender, Northwestern Mutual.
Esperson — 599K SF
Investors looking to enter the Houston office market could own a piece of history. Esperson consists of the 32-story Niels Esperson building, completed in 1927, and the adjacent 19-story Mellie Esperson building, completed in 1941. Five years after purchasing the building, Cameron Management is looking to sell the renovated Downtown icon.
Halliburton Oak Park Campus — 568K SF
Halliburton’s 48-acre former home is just west of the intersection of the Sam Houston Tollway and Bellaire Boulevard. The site includes a 568K SF office building, an 18K SF fitness center, a daycare center, a central plant and a five-level parking garage. Halliburton took good care of the structure built in 1979, making many cosmetic, mechanical and electric upgrades. The asset’s location makes it prime for a redevelopment play.
5959 Corporate — 567K SF
Prescott Group has developed 5959 Corporate into a premier Class-A telecommunications asset in terms of power, fiber and power systems. Features include a generator farm, two separate utility feeders providing 10,000 KVA of electricity power, multiple fiber optic entries, four 500-ton chillers backed up by two 1,400 KW generators and a 2,600-ton cooling tower. In addition, the property has a 20,000-gallon fiberglass tank for diesel fuel and a 20,000-gallon reserve water tank.
Sugar Creek On The Lake – 515K SF
Sugar Creek On The Lake is an 88.9% leased headquarters-quality office building just south of 59 between Sugar Creek Boulevard and Williams Trace Boulevard. Built in 2008, the asset is one of the newest assets on the list. The building was 100% leased by Chevron until 2010. Since then, it has had ups and downs. PMRG purchased the asset in 2012, and together with PCCP and Fuller Realty put $13M into capital improvements.
Pin Oak Park — 504K SF
The Offices at Pin Oak Park is a 504K SF office complex consisting of five buildings in a 12-acre campus that fronts Houston’s West Loop in Bellaire. The project is close to the Galleria and the Texas Med Center. Pin Oak Park is the only Class-B asset on the list.
Westway Plaza — 313K SF – Triple NNN Deal
Open in 2015, Westway Plaza is the newest building on the list. On nine acres just northwest of the Energy Corridor, Westway Plaza is leased primarily (70%) by General Electric. The asset was developed by Transwestern and is 100% leased to three tenants with long-term triple-net leases.