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JLL brokers sale of One Northwind Plaza
HOUSTON, March 6, 2018 – JLL Capital Markets experts today announced the firm completed the sale of One Northwind Plaza, an eight-story, 141,480-square-foot office building in northwest Houston. SkyWalker Properties purchased the asset from Aegon Asset Management.
Rudy Hubbard, Kevin McConn and Rick Goings led the JLL team on the sale.
"We are seeing significant interest in Houston from a broad range of investors, many of whom are seeking attractive fundamentals and solid value-add opportunities in well-located submarkets," said Goings. "In the case of One Northwind Plaza, recent capital improvements, a diverse tenant base and the anticipated benefits of the Highway 290 expansion made this an appealing offering."
Built in 1980, the Class B office building has undergone a variety of capital improvements since 2010 including upgrades to its lobby, elevators, breezeway, lighting and building systems. Amenities of the building include a conference center, deli, on-site management, 24-hour security, dedicated two-story parking garage with covered access to the building, and convenient access to numerous restaurants, hotels and shopping.
Located at 7600 West Tidwell Road in Houston's northwest office submarket, One Northwind Plaza enjoys high visibility and convenient access to West Tidwell Road and Hollister Street, major thoroughfares in the submarket, as well as U.S. Highway 290.
Despite recording negative net absorption of approximately 90,000 square feet, leasing activity in the northwest office submarket totaled 723,000 square feet in 2017. This represents the submarket's highest leasing activity since 2014, according to JLL research.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2017, JLL had revenue of $7.9 billion and fee revenue of $6.7 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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