Greenway Office Tower Purchased

In Houston, Sugar Land-based DML Capital has purchased a 15-story office building at 3555 Timmons in the Greenway Plaza area in Houston’s Inner Loop.

The seller of the building, Novel Office of Dallas, purchased the 227,064-SF building in 2023, then renovated the tower.

Funding for the purchase was arranged by a JLL Capital Markets team led by Managing Director Michael Johnson and Director Michael King supported by Analysts Scot Sarlin and James Lovell.

The tower, built in 1982, is 95 percent leased, with the Houston-Galveston Area Council occupying 34% of the building, which is north of Richmond Avenue and west of Buffalo Speedway.

“3555 Timmons represents the type of office asset that continues to attract both tenants and capital in today’s market, a building with excellent bones that has been thoughtfully upgraded to meet modern workplace standards,” said JLL’s Johnson. “The property’s position in the heart of Greenway Plaza, surrounded by Houston’s most desirable residential neighborhoods and with unmatched highway accessibility, provides tenants with an ideal business address. The strong lease-up activity and rent growth we’re seeing in this submarket demonstrate the ongoing flight-to-quality trend favoring premier locations with contemporary amenities.”

In the last year, numerous Houston office towers have been sold.