Investor purchases Class A Houston area office building
JLL Capital Markets led the sale and financing efforts for Galaxy II located in the NASA / Clear Lake submarket of Houston, Texas
HOUSTON, June 24, 2021 – JLL Capital Markets announced today that it has closed the sale of and arranged financing for Galaxy II, a Class A office building totaling 106,168 square feet in Webster, Texas.
JLL represented the seller, Houston-MDL, LLC, and procured the buyer, an investment group led by TRC Capital Partners, LLC. Additionally, JLL worked on behalf of the buyer to secure the five-year, fixed-rate acquisition loan through Independent Financial’s Houston commercial real estate team.
Galaxy II is positioned on 5.87 acres at 455 East Medical Center Blvd. in the NASA / Clear Lake submarket, which is approximately halfway between Houston and Galveston. The property is just east of Interstate 45 providing north south access and is close to numerous demand drivers, including The Medical Center of the South, Johnson Space Center, Kemah and The University of Houston – Clear Lake.
Completed in 2009, Galaxy II is a five-story modern office property with average floor plates of 21,234 square feet. The property is fully leased and home to tenants, including United Fire Group, IBI Group and APNetwork.
The JLL Capital Markets team representing the seller was led by Managing Director Marty Hogan and Director Rick Goings. Financing efforts were led by JLL Capital Markets’ Senior Director James Brolan.
“Galaxy II has benefited from the continued flight to quality and will continue to outperform the market due to minimal Class A supply in the submarket with no new developments on the horizon,” Hogan noted.
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 investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About TRC Capital Partners
TRC Capital Partners, formerly The Redstone Companies, is a Houston based, privately held development and investment firm. Over the past twenty-five years, TRC has invested both private and institutional capital in assets with an aggregate value of over $1.4 billion.