LM Buys Energy Corridor Office Building, Market briefs

In Houston, LM & Associates, a Houston investment firm affiliated with Lewis Marks, has purchased Timberway One, an office property located in Houston’s Energy Corridor submarket, JLL Capital Markets reported.

The Energy Corridor office market has seen a marked improvement in activity over the last year or so.

The Energy Corridor, located on the west side of Houston along Interstate 10, is home to hundreds of energy-related firms. The Energy Corridor brand is recognized around the globe, including the Middle East.

The Timberway One, a 93,578-SF office property is located at 15990 North Barkers Landing Road

JLL represented seller, Banyan Street Capital, in the sale to LM & Associates. The Banyan Street Capital purchased the property in 2014 as part of a 2.2-million-SF portfolio from Parkway Properties.

Timberway One is a three-story building and is currently 92% leased to a diverse tenant roster across nine industries, with major tenants including thyssenkrupp, 2H Offshore and Medical Care Center.

The Energy Corridor has seen significant leasing activity over the past 18 months as major corporations relocate to be closer to Houston’s growing westward population center

The JLL Capital Markets team was led by Managing Director Marty Hogan.

“Timberway One presented an excellent opportunity to acquire a well-leased, stabilized asset in Houston’s top-performing office submarket,” said Hogan. “The Energy Corridor continues to see strong leasing momentum as companies prioritize high-quality space in amenity-rich locations near their employee bases. We expect this westward migration trend to persist, positioning assets like Timberway One for long-term growth.”

In Founded in 2012, Banyan Street Capital is a minority, owned real estate investment firm with its headquarters in Miami and regional offices in New York City, Atlanta, and Jacksonville, Fla.

In another recent Energy Corridor deal, Capital Commercial Investments purchased the Energy Crossing II office building at 15011 Katy Freeway. JLL Capital Markets represented the seller of the 327,404 SF Crossing II building.