JLL completes sale and financing of Houston office building
HOUSTON, December 11, 2019 – JLL announced today that it has closed the sale and arranged financing for 1311 Broadfield Boulevard, a 155,407-square-foot, Class A office building in West Houston, Texas.
JLL represented the seller and procured the buyer, an affiliate of Rycore Capital. Additionally, JLL worked on behalf of Rycore to secure the three-year, floating-rate acquisition loan through Crossharbor Capital Partners.
1311 Broadfield Boulevard is positioned on a 3.88-acre site within the Park 10 Regional Business Center in the heart of Houston’s Energy Corridor. Well-located along Interstate 10 and equidistant from Sam Houston Parkway and Grand Parkway, the property offers convenient access to Houston’s premier residential communities, CityCentre, Memorial City, Westchase and both of Houston’s airports. 1311 Broadfield Boulevard was completed in 2000 and offers efficient rectangular floor plates. On-site amenities include a parking garage, fitness center, conference facilities and a digital energy management system. The property is 66% occupied with long-term leases secured by companies in the real estate, engineering and energy industries.
The JLL Capital Markets team representing the seller was led by Senior Vice President Kevin McConn, Managing Director Rudy Hubbard and Vice President Rick Goings.
JLL’s Capital Markets team representing the borrower included Senior Managing Director Matt Kafka, Managing Director Cameron Cureton and Director Michael Johnson.
“We had tremendous interest in this property due to the value-add profile of the opportunity,” said Goings. “Investors are currently being more selective for Houston office product and this building checked a lot of boxes for investors seeking high-quality, value-add opportunities in Houston today.”
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. 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 more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Rycore Capital LP is a real estate investment management firm specializing in the acquisition, leasing and asset management of value-add office, industrial, retail and healthcare related properties across the US. For more information, please visit: rycorecapital.com.