News release

Private real estate investment firm buys Houston office park

JLL Capital Markets led the sale and financing of the four-building Chasewood Technology Park in the high-growth submarket of Cypress, Texas 

September 10, 2020

HOUSTON, September 10, 2020 – JLL Capital Markets announced today that they have closed the sale and financing of Chasewood Technology Park, a four-building office campus totaling 463,969 square feet in northwest Houston, Texas.  

JLL represented the seller, The GenCap Group, and procured the buyer, Nitya Capital. Additionally, JLL worked on behalf of the buyer to secure a $46 million loan through Morgan Stanley.

Chasewood Technology Park consists of One, Two, Three and Four Chasewood, which are located at 20333, 20405, 20445 and 20329 State Highway 249, respectively. The 10.44-acre site is strategically positioned in one of Houston’s fastest-growing submarkets near the intersection of State Highway 249 and Louetta Road, equidistant between the Grand Parkway and Sam Houston Tollway. The northwest Houston area has been driven by market-leading population growth given the proximity to the Energy Corridor and The Woodlands. Planned nearby future development includes Class A multi-housing, retail pads and jogging/biking trails along Cypress Creek, which is adjacent to the property. The multi-story buildings are 92.9% leased overall to a diverse array of tenants in the oil and gas, consulting, technology, engineering, architecture, healthcare and food services industries.

The GenCap Group’s first investment at Chasewood Technology Park was the acquisition of Two Chasewood in 1997, followed in the late nineties by the purchase of One Chasewood and the development of Three Chasewood. Four Chasewood was developed and delivered at the start of the 2008 financial crisis. Within a year, the building was more than 85% leased.

“This type of strong demand has been typical during our holding period” said Paul Vangrieken, Executive Vice President with the GenCap Group. “Despite the many challenges, these assets have continuously outperformed the market thanks to a strong ownership sponsor and the dedication of the Transwestern leasing and management team.”

The GenCap Group’s only reason for selling the portfolio is because one of the partners, an undisclosed Dutch pension fund, is divesting all of its U.S. holdings.

The JLL Capital Markets team representing the seller was led by Director Rick Goings and Analyst Ethan Goldberg.

Financing efforts were led by JLL Capital Market’s Senior Director John Ream and Associate Laura Sellingsloh.

“This portfolio is among the first large office trades to occur in the Houston market since COVID-19 hit the U.S.” Goings said. “The pandemic created numerous challenges in bringing this deal across the finish line, but we had the right assets, the right tenancy and the right buyer to get it done. The prior owners did a great job in positioning these buildings to withstand macro-economic events and Nitya understood that value proposition.”

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.

For more news, videos and research resources on JLL, please visit our newsroom.

About JLL

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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About GenCap Group

The GenCap Group is an independent real estate investment advisor and operator based in Dallas, Texas. The firm was founded in 1997 and provides investment advice and real estate investment products to pension funds, endowments, and private investors throughout Europe, Asia and the United States through its subsidiaries Genesis Capital Advisors, LLC and GenCap Partners, Inc. For more information, visit  

About Nitya Capital

Nitya Capital, based in Houston, Texas, is a privately held real estate investment firm that owns and manages ~$2 billion in real estate assets across the U.S. The firm is vertically integrated to have deep focus on acquisitions, asset management and property management. Nitya is focused on the acquisition and management of multifamily, new development and commercial office and retail assets. Since inception, Nitya has acquired nearly 20,000 multifamily units, 1.5 million square feet of commercial office, hundreds of single-family homes and 300,000 square feet of retail/mixed-use.