HOUSTON – (Realty News Report) – Sam Houston Crossing II, a suburban office building in northwest Houston, has reached full occupancy.
TFH Reliability Group signed a lease for 14,861 square feet, bringing the property to 100 percent leased.
Transwestern brokers Doug Little, Louann Pereira and Matthew Seliger represented the landlord, Buchanan Street Properties.
Representing the tenant were Patrick Wolford and Travis Taylor of Lee & Associates, together with Robert Parsley and Chris Nash of Colliers International.
The three-story, 159,000-square-foot building is located at 10344 Sam Houston Park Drive, north of Highway 290 and south of Fallbrook Drive in northwest Houston.
Owned by Buchanan Street Partners, a real estate investment management firm based in Newport Beach, California, the property was originally developed by Duke Realty and acquired by Buchanan Street in 2017.
A Bright Spot
The leasing that brought Buchanan Street’s Sam Houston Crossing II to full occupancy stands out as a rare positive amid a challenging office market.
Citywide office vacancy in Houston is at a two-decade high, with more than 22.7 percent of office space vacant, according to a recent report by NAI Partners. That compares with a 21.6 percent vacancy rate a year earlier, a deterioration of 120 basis points.
In its August report covering year-to-date activity, Houston’s office market showed roughly 3 million square feet of negative absorption.
The local office sector has been affected by the COVID-19 pandemic and by ongoing pressures in the energy industry, which faced a sharp drop in oil prices and reduced drilling activity.
Sept. 15, 2020 Realty News Report. Copyright 2020.
File: Office Building Reaches 100 Percent Occupancy.
File notes: LEED certified; 159,056 SF. Mark Oddo, Senior Vice President, Buchanan Street Partners. Office Building Reaches 100 Percent Occupancy. 9-15-2020.
Recent financing: Buchanan Street Partners secured a five-year loan at 4.0% with East West Bank, arranged by JLL Capital Markets.
