North Houston Office Building Sold, Market briefs

In Houston, Colliers reported the finalized sale of a 147,135 SF office building in the North Houston District.

Formation Capital purchased the mid-rise office building which is situated on 3.1 acres at 16666 Northchase Drive in the North Houston District.

The seller, Geosam Capital, was represented by David Carter of Colliers in the transaction.

16666 Northchase Drive is located in the North Houston District of Houston near the intersection of Interstate 45 and North Sam Houston Parkway. The building was built in 1985 and is in excellent condition with ample parking.

The property is located within the North Belt/Greenspoint office submarket, which contains 12.2 million SF of office space that is currently 59.2 percent occupied, as stated by Colliers. The submarket recorded 313,266 SF of leasing activity year-to-date and offers an averaged gross rental rate of $17.86 per sq ft.

Another noteworthy sale occurred in the district in 2020 when an office tower at 363 North Sam Houston Parkway East was sold. That 386,277-SF building opened in 1982.