HOUSTON – (Realty News Report) – Chevron Phillips Chemical has sold its eight-story office building in The Woodlands, a master-planned community 27 miles north of Houston, JLL Capital Markets announced.
The property at 10001 Six Pines is a 200,000-square-foot Class A office building completed in 2002.
JLL represented the seller, Chevron Phillips Chemical, and procured the buyer, Beland Properties, LLC.
Founded in 2000 as a joint venture between Chevron Corporation and Phillips 66, Chevron Phillips Chemical occupied the building as its global headquarters. The asset features flexible floorplates, structured parking and 3.4 acres of additional land for future development.
Strategically located about 20 minutes from George Bush Intercontinental Airport, 10001 Six Pines sits adjacent to the Cynthia Woods Mitchell Pavilion and within close proximity to The Waterway, The Woodlands Mall, hotels and nearby residential neighborhoods.
The Woodlands office market continues to show solid fundamentals. Total vacancy is 12.5%, the second-lowest rate within the Houston metropolitan area and below The Woodlands’ five-year quarterly average of 14.4%. Sublease inventory in Q1 2025 declined roughly 30% year-over-year. JLL expects leasing activity to pick up and projects that the submarket will maintain balanced market conditions going forward.
JLL Capital Markets Managing Director Kevin McConn, Brokerage Executive Vice President Jeff Cairns, and Executive Managing Director Brandon Clarke represented the seller in the transaction.
“We had tremendous interest in this offering, particularly from owner-users, a trend we have witnessed throughout the last 24 months,” said McConn. “This was a rare value-add opportunity for the buyer to acquire a very high-quality asset in one of Houston’s strongest office submarkets, with flexibility for lease-up or alternative uses.”
In June 2024, Howard Hughes Holdings, the developer behind significant projects in The Woodlands, acquired Waterway Plaza II, a 142,000-square-foot office building at 10001 Woodloch Forest Drive, for $19.2 million. At the time of sale the building was roughly 55% occupied; Howard Hughes identified vacancy as an upside opportunity to attract additional tenants.
July 14, 2025 Realty News Report Copyright 2025
Image: Jud Haggard Photography
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