An office building in Houston’s Greater Greenspoint neighborhood has hit the market for almost $29 million.
The expansive office building is on Sam Houston Parkway, approximately 10 miles north of downtown Houston.
The property comprises 386,277 square feet of leasable space connecting to a parking structure in the North Houston District.
The 3.79-acre property is owned by Realty Com North Belt LLC. California-based broker Marcus & Millichap is acting exclusive advisor to the owner. The firm is marketing the property as a value-add opportunity as it currently only has 39.2 percent occupancy.
Improvements were made to the building in 1982 and it’s had at least $8 million in renovations and upgrades over the last 15 years. Such renovations include installing building sprinklers, elevators modernization, cooling towers replacement, main lobby renovations, a new fitness center, main bus riser replacement and deli modernization.
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Amazon, Sysco, Nabors Drilling, Red Bull, The Reynolds Company and Schlumberger number amongst the building’s corporate neighbors.
Recently, Houston has experienced a massive wave of office sales. ExxonMobil, which posted a $4.8 billion profit in the fourth quarter, is moving its headquarters to its City Place campus in Houston, from Irving, Texas. Otherwise, Skanska USA, the U.S. subsidiary of the Swedish construction company, is currently building 1550 on the Green which they intend to be the greenest office project in Texas.
Flex-office space has also become increasingly popular in the Texas city. It was also the only large city studied in a recent CBRE report to show any expansion in the flex-space sector from the fourth quarter of 2020 through the third quarter of 2021. Flex space accounted for 1.4 percent of office space in the city, which was about 3.1 million square feet at the end of the study period.