Increased investor interest in Houston’s Energy Corridor prompts sale of office asset
JLL Capital Markets completes sale of 15810 Park Ten Place.
HOUSTON, February 18, 2019 – JLL Capital Markets experts announced today the successful sale of 15810 Park Ten Place, an 85,050-square-foot Class B office property located in Houston’s renowned Energy Corridor.
JLL Capital Markets’ Kevin McConn, Rudy Hubbard and Rick Goings led the sales efforts on behalf of the seller, a joint venture between Dallas-based Chief Partners and the Houston office of Stream Realty Partners. The new owner is a joint venture between Belvoir Real Estate Group and Mission Companies.
“We’ve seen a significant uptick in investor interest over the past several quarters with the recent stabilization of energy prices rejuvenating office product in the Energy Corridor,” said McConn. “The asset’s accessibility and visibility paired with market activity provided a great opportunity for both the buyer and seller. We’re proud to play a role in securing this transition.”
“We are thrilled to execute another successful Houston office investment. The investment represented a unique opportunity to buy an asset at an attractive basis in the highly sought-after Energy Corridor submarket,” said Mathew Volz with Stream Realty Partners. “To deliver the results we achieved, throughout one of the worst office markets in Houston in decades, is a true testament to the strength of the Stream platform, which combines extensive market research and an experienced leasing background to identify investment opportunities within the market. We are very excited about the future of the Houston office market and there will be many more of these to come.”
“As a Texas-based commercial real estate firm, we’re delighted to represent another example of Houston’s ongoing office market recovery, especially in the Energy Corridor,” added Matthew Goldsby, Managing Director of Belvoir. “We feel the timing of this acquisition was very opportunistic, given the current stage in the office market’s recovery cycle. Additionally, we are very excited about our new joint venture with the Mission Companies, and feel that will be a fruitful partnership for years to come.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’ 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 2017 alone, the firm’s 2,400 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
For more, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
For more content including videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 90,000 as of December 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com