Woodforest Buys two Montgomery County Office Buildings, Sells one

The Woodlands-based bank sold the two-story, 25,700-square-foot office building at 1710 West Lake Houston Parkway to Fire King Holdings. It bought the Town Center I and II office buildings at 1450 and 1330 Lake Robbins Drive, next to The Woodlands Mall, from AFL-CIO Building Investment Trust, the Houston Business Journal reported.

Jeff Beard with SVN J. Beard Real Estate Greater Houston represented Woodforest in the deals, and the firm will handle leasing of the Woodlands buildings. SVN J. Beard’s Bonnie Pfrenger represented the buyer of the Kingwood property. JLL’s Kevin McConn, Jack Moody and Sherri Rollins represented the seller of the Woodlands buildings.

Details of the transactions, including prices, weren’t disclosed.

Montgomery County Appraisal District records show the Kingwood building was valued last year at $3.7 million, and the Woodlands buildings at more than $58 million combined.

Woodforest, which developed the Kingwood property on about 2 acres in 2007, will maintain a presence in the building.

The Town Center buildings total almost 278,000 square feet across six stories on more than 7 acres. Each has an adjacent three-story parking garage. The buildings are 86 percent occupied by 27 companies.

The bank’s headquarters have been located in the Town Center II building at 1330 Lake Robbins Drive since it was built in 1999.

The decision to sell the Kingwood property came as the bank has been scaling back its presence in the building over the years to the point where it currently occupies less than 2,000 square feet for retail banking.

— Victoria Pruitt